741 Colonel Ledyard Highway

Ledyard, Connecticut 06339

TOWN OF LEDYARD

Retirement Board

Meeting Minutes

Chairman

John Rodolico

Regular Meeting

Tuesday, March 18, 2025

10:00 AM

Council Chambers - Hybrid Format

CALL TO ORDER

The Regular Meeting was called to order by Chairman Rodolico at 10:00 a.m.

II.

ROLL CALL

Board Member William Thorne

Chairman John Rodolico

Present

Board Member Roger Codding

Board Member Sharon Wadecki

Also in attendance:

Naomi Rodriguez, Town Council Chairperson.

Staff Present:

Mayor Fred Allyn III

Christine Dias, Human Resource Director

Matt Bonin, Finance Director

Ian Stammel, Assistant Finance Director (via Zoom)

Christina Hostetler, Town Hall Assistant

Chairman Rodolico announced that Minna DeGaetano has officially resigned due to work

constraints and that the Board is seeking another Regular Member to fill that position.

III.

PRESENTATIONS

None.

IV.

REVIEW AND APPROVAL OF MINUTES

Motion to APPROVE Regular Meeting Minutes from February 18, 2025, as written.

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

John Rodolico

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

DIRECTOR OF HUMAN RESOURCES UPDATE

Director of Human Resources update.

None.

VI.

FINANCE DIRECTOR'S REPORTS

Finance Director’s Report.

Matt Bonin, Finance Director, said the only update was a trade execution a few weeks ago.

VII. OLD BUSINESS

Discussion and vote on Amendment 2015-1 to the 401(a) Plan.

Mr. Thorne said at the last Board meeting the members were in a agreement to delete paragraph

2 (under "Employees eligible for Matching Contributions") after discussions that the following

paragraph is detrimental to retaining skilled/experienced employees.

"Employees who were participants in or drawing benefits from the Retirement Plan for full-time

Employees of the Town of Ledyard (Defined Benefit Plan) who are rehired are NOT eligible for

Matching Contributions under the Plan".

Motion to APPROVE recommendation to the Town Council of amendment 2025-1 to the Town

of Ledyard 401(a) Plan.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

Any Other Old Business to come before the Board.

None.

VIII. NEW BUSINESS

Discussion and possible vote on USI Plan Compliance Services Proposal.

Mr. Thorne said the last time the plan was restated was in 2012 and it's due time to have a

thorough review and restatement completed. Mr. Thorne read a portion of the USI proposal "will

not act as a fiduciary of the Plan, nor render any legal, accounting, or tax advice". Mr. Thorne

said the Board should receive legal advice and suggested asking Attorney Bruce Barth for an

estimate.

Mr. Thorne said the proposal also mentions an IRS determination letter may be needed which

would cost additional fees:

"Also note that if the Plan does not currently have an IRS Determination Letter, we would

generally recommend submitting the Plan to the IRS to obtain one. If you decide to submit the

Plan to the IRS, additional fees are required for the preparation and submission of Determination

Letter filing to the IRS - $2,500 for the preparation and $2,700 for the IRS filing fee".

Mr. Thorne said the Board should anticipate extra costs for the IRS determination letter since

one would most likely need to be completed. Ms. Wadecki said Attorney Bruce Barth would be

able to answer the IRS related questions. Chairman Rodolico agreed that the Board should

request an estimate from Attorney Bruce Barth.

CONTINUE

RESULT:

Motion to APPROVE an authorized signer to approve the continuation of payments for the

designated beneficiary in the event of the death of the previously approved (by this Board) Town

of Ledyard retiree.

Chairman Rodolico asked for explanation of the motion. Christine Dias, Human Resource

Director said there was a pension recipient who passed away in January. The recipient's pension

had joint and survivor benefit. When she submitted the paperwork to the bank so the survivor

could receive a continuation of payments the bank required something from the Board that

would approve an authorized signer (Finance Director) to continue the benefits. Ms. Dias

explained that not many recipients select the joint and survivor plan option, usually the cash out

option is selected. She added that if the Board approves an authorized signer today, future

survivor benefits would not have to come before the Board again and there would be less

disruption in the survivor's payments. Lastly Ms. Dias emphasized that there is no change to the

benefit plan since it was already approved, it's simply a continuation of the benefits to the

survivor.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

William Thorne

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

Motion to APPROVE payment of invoice #609_03312025, to Fiducient Advisors, dated March

12, 2025, in the amount of $12,849.65, for consulting costs for the Town of Ledyard Defined

Benefit Pension Plan for the billing period January 1, 2025, to March 31, 2025.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

Motion to APPROVE payment of USI invoice #90107670, dated February 28, 2025, in the

amount of $800.00, for benefit calculations for Rick McSwain and Sheryl Trocchio ($400.00 for

each calculation).

Mr. Thorne asked if the Board has already viewed these calculations. Christine Dias, Human

Resource Director answered that the Board has reviewed Sheryl Trocchio's calculations but

added that Rick McSwain's calculations have not come forward yet. Chairman Rodolico asked if

Mr. McSwain is a Police Officer, Mayor Fred Allyn III confirmed that he is.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER: