741 Colonel Ledyard Highway  
Ledyard, Connecticut 06339  
TOWN OF LEDYARD  
Retirement Board  
Meeting Minutes  
Chairman  
John Rodolico  
Regular Meeting  
Tuesday, September 17, 2024  
10:00 AM  
Council Chambers - Hybrid Format  
I.  
CALL TO ORDER  
The meeting was called to order by Chairman Rodolico at 10:04 a.m.  
Board Member William Thorne  
Board Member Roger Codding  
Chairman John Rodolico  
Present  
Board Member Daniel Panosky  
Alternate Member Minna DeGaetano  
Board Member Sharon Wadecki  
Excused  
II.  
ROLL CALL  
Board Member William Thorne  
Present  
Board Member Roger Codding  
Chairman John Rodolico  
Board Member Daniel Panosky  
Alternate Member Minna DeGaetano  
Board Member Sharon Wadecki  
Excused  
Minna DeGaetano was present via Zoom.  
Staff Present:  
Mayor Fred Allyn III  
Christine Dias, Human Resource Director  
Ian Stammel, Assistant Finance Director  
Christina Hostetler, Town Hall Assistant  
Staff Excused:  
Matt Bonin, Finance Director  
III.  
1.  
PRESENTATIONS  
Chris Rowlins, Fiducient Advisors - Fee Structure and Performance History of Recommended  
Managers.  
Chris Rowlins, Fiducient Advisors presented an August 2024 Flash report with an International  
Equity Allocation Analysis as a follow up to last month's recommended changes to the  
International underlying manager structure.  
Mr. Rowlins started with a quick market summary:  
- Fixed income is one of the better performing asset classes.  
- The Feds will most likely have a rate cut later this month probably around 25 basis points,  
anything larger than that may suggest that the economy is weaker than the market suggested  
which could cause some turbulence.  
- The yield on the 10-year dropped from 4.09 to 3.91.  
- Mixed performance amongst capitalizations. US Large cap companies performed a bit better  
than small cap.  
- International markets had a good month. Developed markets such as Europe and Japan were up  
about 3.3% while emerging markets such as India, China and Latin America were up about  
1.6%.  
- Real Assets gained some nice traction after a slow start.  
- Portfolio in August, performance was up about 1.6%, which equates close to $500,000.00.  
- Asset allocation snapshot - fixed income is targeted at 41% and came in at 41.3%.  
- Black Rock has been a great addition to the portfolio.  
International market - no recommendation to change the overall allocation since it should remain at  
21.5% but rather a change to the underlying manager structure. Specifically, to move away from T.  
Rowe and replace with Dodge & Cox which adds a value tilt and to replace Invesco with John  
Hancock which adds a growth tilt. Lastly recommendation to reduce passive allocation in favor  
of active management given historical return advantage. Currently Vanguard Total International  
is at 8.1% allocation the recommendation is to change it to 3.5%, redeploying this money to  
Dodge & Cox and John Hancock.  
After a Board discussion it was decided to close out T.Rowe Price Overseas and move to John  
Hancock (6%) and the remanding 1.4% move to the Vanguard Index fund. Any residual will go  
to the cash fund (which is a money market account used for benefit payments). The Board will  
hold out on investing in the other recommended managers for now. Mr. Rowlins said he will  
return to the Board with some other manager recommendations that have a longer history and  
lower expense ratios.  
IV.  
1.  
REVIEW AND APPROVAL OF MINUTES  
Motion to APPROVE the Regular Meeting Minutes from June 18, 2024, as written.  
*This vote was tabled during the August 20, 2024, meeting.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Roger Codding  
SECONDER:  
5
1
Thorne Codding Rodolico Panosky DeGaetano  
Wadecki  
AYE  
EXCUSED  
Motion to APPROVE the Regular Meeting Minutes from August 20, 2024, as written.  
2.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
Roger Codding  
SECONDER:  
5
1
Thorne Codding Rodolico Panosky DeGaetano  
Wadecki  
AYE  
EXCUSED  
V.  
1.  
DIRECTOR OF HUMAN RESOURCES UPDATE  
Director of Human Resources update.  
Mayor Allyn, III introduced Christine Dias, Human Resource Director to the Board, he said that  
Ms. Dias has a Master's degree in Public Administration with a Finance background and really  
enjoys the Human Resource aspect. He added that Ms. Dias is a great addition to the Town. The  
Board welcomed Ms. Dias and said they look forward to working with her.  
VI.  
1.  
FINANCE DIRECTOR'S REPORT  
Finance Director’s Report.  
Matt Bonin, Finance Director was not present since he was attending a New England States  
Government Finance Officers Association (NESGFOA) conference. Mr. Bonin had a couple of  
items which were passed to Ms. Dias which in turn she gave to Chairman Rodolico to be voted  
on during Any Other New Business. Mr. Thorne asked Mayor Allyn about the CMERS meeting.  
He answered that the meeting will need to happen before the end of the year, and he will put it  
on Ms. Dias radar.  
VII. OLD BUSINESS  
Discussion on a review of applicable labor contracts and retirement documents for Town of  
1.  
Ledyard employee groups with applicability to retirement eligibility and benefits continued.  
Chairman Rodolico said this is an ongoing project which Mr. Thorne is still working on. Mr.  
Thorne recommended holding a separate meeting dedicated to discussing all the proposed  
changes. Chairman Rodolico agreed.  
DISCUSSED  
RESULT:  
Any Other Old Business to come before the Board.  
None.  
2.  
VIII. NEW BUSINESS  
Motion to APPROVE payment of death benefit for David Browning's accumulated balance with  
1.  
interest in the amount of $35,485.68 as a cash disbursement.  
Chairman Rodolico said this is the first time he has seen a death benefit like this. Mayor Allyn  
explained that Mr. Browning was employed by Public Works from 1989-2002 and contributed to  
his retirement. He suddenly passed away in 2022. His wife, Tammy Browning recently reached  
out to the Town to inquire if Mr. Browning had a retirement plan with Ledyard which he did.  
Marisa Iannella Rodriguez, the Human Resource Director at the time requested calculations from  
USI. Mr. Thorne said he is not sure how calculations were performed since he has never seen one of  
these death benefits before and suggested that the Board gets more details before voting. The Board  
said the calculation looks completely different than the typical benefit calculation the Board is used  
to seeing from USI. Mayor Allyn pointed out that there are some next step recommendations from  
Frederica Daniels, USI Actuaries such as a finalizing letter, sending it to Ms. Browning, a follow up  
phone call to be sure she received the letter and applications, and elections for payment from the  
plan trust which would be in the form of a check or an EFT. Chairman Rodolico asked Ms. Dias to  
review the death benefit before moving forward. The motion was withdrawn.  
WITHDRAWN  
John Rodolico  
Roger Codding  
RESULT:  
MOVER:  
SECONDER:  
5
1
Thorne Codding Rodolico Panosky DeGaetano  
Wadecki  
AYE  
EXCUSED  
Discuss Amendment 2015-1 to the Retirement Plan for Full-Time Employees of the Town of  
Ledyard.  
2.  
Mr. Thorne said he interprets amendment 201501 to read that when an employee retires but stays  
employed with the Town their defined benefit payments are suspended unless they are employed  
in another department. He added that a couple of employees recently retired but stayed in the  
same department and this amendment would imply that they should not be paid benefit plans, he  
doesn't believe that is what anybody on the Board would want. Two of the three recent retirees  
who returned to work are employed in the same department the other is not. Mr. Thorne's  
recommendation is to do away with the amendment. Mr. Thorne said he will write up something  
to recommend to the Town Council and to submit to the Unions.  
DISCUSSED  
RESULT:  
Any Other New Business to come before the Board.  
3.  
Approved payment of invoice #609_09302024, to Fiducient Advisors, dated September 16, 2024,  
in the amount of $12,475.39, for consulting costs for the Town of Ledyard Defined Benefit Pension  
Plan for the billing period July 1, 2024, to September 30, 2024.  
RESULT:  
MOVER:  
APPROVED AND SO DECLARED  
John Rodolico  
SECONDER: William Thorne  
AYE  
EXCUSED  
5
1
Thorne Codding Rodolico Panosky DeGaetano  
Wadecki  
Approved payment of USI invoice #90100392, dated August 30, 2024, in the amount of  
$1,200.00, for benefit calculations for Mark Yeulls, Tammy Browning (death benefit) and one  
benefit calculation for Brian Pepin, (the second calculation will be paid by the employee).  
APPROVED AND SO DECLARED  
RESULT:  
John Rodolico  
MOVER:  
William Thorne  
SECONDER:  
5
1
Thorne Codding Rodolico Panosky DeGaetano  
Wadecki  
AYE  
EXCUSED  
IX.  
ADJOURNMENT  
The Regular meeting was ADJOURNED at 11:16 a.m.  
APPROVED AND SO DECLARED  
John Rodolico  
RESULT:  
MOVER:  
William Thorne  
SECONDER:  
5
1
Thorne Codding Rodolico Panosky DeGaetano  
Wadecki  
AYE  
EXCUSED  
DISCLAIMER: Although we try to be timely and accurate these are not official records of the  
Town.