741 Colonel Ledyard Highway

Ledyard, Connecticut 06339

TOWN OF LEDYARD

Retirement Board

Meeting Minutes

Chairman

John Rodolico

Regular Meeting

Tuesday, November 18, 2025

10:00 AM

Council Chambers - Hybrid Format

CALL TO ORDER

Chairman Rodolico called the Regular Meeting to order at 10:00 a.m.

Staff Present:

Mayor Fred Allyn III

Christine Dias, Human Resource Director

Matt Bonin, Finance Director

Ian Stammel, Assistant Finance Director

Christina Hostetler, Town Hall Assistant

II.

ROLL CALL

Board Member William Thorne

Chairperson John Rodolico

Present

Board Member Roger Codding

Board Member Sharon Wadecki

III.

PRESENTATIONS

Frederica Daniels, USI Actuaries will be discussing the Annual Audit Disclosure.

Frederica Daniels, USI Actuaries reported that an actuarially determined contribution (ADC)

between $700,000 - $750,000 is still reasonable.

Historically the way the Town has set the budget is to use the current year’s results and applying

the assumption for payroll for the upcoming fiscal year. Ms. Daniels added that this is a typical

method used by most Connecticut Towns.

Large increases in the market value funded ratio were reported coming out of the last two to

three fiscal years.

Ms. Daniels believes that recommendation of using between 6.25% - 6.50% long term expected

rate of return is still reasonable. No changes recommended. She added that given the expectation

of hitting 6.25% and making the actuarial determined contribution each year the Town should

expect to see the funded ratio grow each year.

After USI performed a study three years ago the amortization was refreshed. There are many

assumptions that come into play, but the cost of the plan is based on experiences which depends

on employee termination, retirement, payment information and mortality. Although USI works

with the Town to set realistic assumptions but there will always be slight gains or losses. Every

12-15 years the amortization base needs to be refreshed, as of the current valuation date it is

down to eight years. At the four to five years mark the amortization needs to be reviewed.

The plan is closed and there are no new participants. Currently the number of retired or inactive

participants is approximately four times the number of active participants. There is a negative

cash flow since more benefits payments are going out than there are contributions are coming in.

A negative cash flow was expected and funded for.

Ms. Daniels stated that overall, the plan is in great shape. There is less than 0.3% in liability

losses.

Every five years the Society of Actuaries creates and updates mortality table which has been

incorporated into the plan. Ms. Daniels explained that the naming convention for that table is

deceiving because it’s titled “2026” but includes a ten-year study from 2011 to 2019. USI reports

will continue to use this table until the Society creates a new one in five years. Mr. Thorne asked

why the 1951 Group Annuity Mortality Table is still being used. Ms. Daniels answered that she

would not recommend removing the table until there is legislature stating to do so.

Ms. Daniels said it is not advised to keep non-vested participants in the plan and there are

measures that can be followed to encourage these participants to roll over their contributions to

IRAs, etc.

GASB Report -

This report was created to fulfill a statutory requirement. The GASB report is very similar to the

actuary report with one difference; the GASB report did not incorporate the new mortality table

because it’s a year-end report which was completed before the 2016 mortality table was created.

IV.

REVIEW AND APPROVAL OF MINUTES

Motion to APPROVE Regular Meeting Minutes from September 16, 2025, as written.

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

William Thorne

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

DIRECTOR OF HUMAN RESOURCES UPDATE

Director of Human Resources Update.

Christine Dias, Human Resource Director, said there is no report since she has not received any

retirement applications. Chairman Rodolico asked how many job openings there are in the

Town. Mayor Fred Allyn III answered that are four openings, one for a Police Officer and two in

the Public Works Department. Ms. Dias added that there is also one opening in the Parks &

Recreation Department and gave an update that someone was just hired yesterday for the library,

and all three library positions have now been filled.

DISCUSSED

RESULT:

VI.

FINANCE DIRECTOR'S REPORT

Finance Director’s Report.

Matt Bonin, Finance Director said there was no report just a heads up that Chris Rowlins from

Fiducient Advisors will be presenting in December.

DISCUSSED

RESULT:

VII. OLD BUSINESS

Retirement Plan for Full-Time Employees of the Town of Ledyard (Defined Benefit Plan)

revision update.

Mr. Thorne has suggested the following changes to the Retirement Plan for Full-Time

Employees.

Changing the title of the document from “Retirement Plan for Full-Time Employees of the Town

of Ledyard” to “Defined Benefit Plan Document for Eligible Employees of the Town of

Ledyard”. Back when the document was first generated, it did cover all full-time employees but

that is not the case anymore.

Addition of revision history on the first page in similar fashion to other documents generated.

The amendment processed previously used did not work and caused a disconnect between the

amendments and the document.

Moving all contract specific information from the main document to the appropriate appendices.

Adding applicable contract dates to the appendices and amending the main document to allow

contract dates to be changed in the appendices, without Town Council approval, if the new

contract doesn’t change the appendices.

Adding member eligibility dates to the appendices.

Adding union contract specific wording to the appendices.

Changing the non-certified BoE appendix to Custodians and Maintenance. Custodians and

Maintenance personnel have their own union contract but not their own appendix in the original

document.

There was much discussion on whether to put the union details in the appendixes (which would

require updating after each union negotiation) or to refer directly to the contracts. Chairman

Rodolico suggesting tabling the decision to allow the Board Members to give it more thought.

TABLED

RESULT:

Any Other Old Business to come before the Board.

None.

VIII. NEW BUSINESS

Motion to APPROVE the Retirement Board 2026 Calendar Year Meeting Schedule as written.

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

John Rodolico

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

Any Other New Business to come before the Board.

Motion to APPROVE payment of USI invoice #1003385, dated October 31, 2025, in the amount

of $400.00, for annual pension liability breakout for WPCA members.

Mr. Thorne asked what the invoice was for, Mr. Bonin answered it is required for the audit.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

IX.

ADJOURNMENT

Motion to ADJOURN the Regular Meeting at 11:07 a.m.

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

John Rodolico

SECONDER:

Thorne Rodolico Codding Wadecki

AYE

DISCLAIMER: Although we try to be timely and accurate these are not official records of the

Town.