741 Colonel Ledyard Highway

Ledyard, Connecticut 06339

TOWN OF LEDYARD

Retirement Board

Meeting Minutes

Chairman

John Rodolico

Regular Meeting

Tuesday, June 20, 2023

10:00 AM

Council Chambers - Hybrid Format

CALL TO ORDER

There were technical difficulties with Zoom, therefore the meeting was not recorded.

II.

ROLL CALL

Board Member William Thorne

Board Member Roger Codding

Board Member Sharon Wadecki

Chairman John Rodolico

Present

Board Member Daniel Panosky

Staff present:

Mayor Fred Allyn III

Marisa Iannella Rodriguez

Matt Bonin

Ian Stammel

Christina Hostetler

III.

PRESENTATIONS

None this month.

IV.

APPROVAL OF MINUTES

Motion to APPROVE the regular Meeting Minutes from May 16, 2023, as written.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

William Thorne

SECONDER:

Thorne Codding Rodolico Panosky

Wadecki

AYE

ABSTAIN

DIRECTOR OF HUMAN RESOURCES UPDATE

Director of Human Resources update.

No report this month.

VI.

FINANCE DIRECTOR'S REPORT

Finance Director’s Report.

Mr. Thorne asked if the recent trade recommendations discussed at last month's meeting were

made. Mr. Bonin confirmed that they were completed.

DISCUSSED

RESULT:

VII. OLD BUSINESS

Any other Old Business to come before the Board.

None.

VIII. NEW BUSINESS

Motion to APPROVE payment of invoice #609_06302023, to Fiducient Advisors, dated June 6,

2023, in the amount of $12,112.03, for consulting costs for billing period April 1, 2023, to June

30, 2023.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Wadecki Rodolico Panosky

AYE

Any other New Business to come before the Board.

Mayor Allyn III said the Town received preliminary questions from Sean Scanlon, Connecticut

State Comptroller in preparation for Connecticut Municipal Employees Retirement System

(CMERS) 2.0 participation. Questions included how many members are in the Town pension

plan vs the defined Contribution plan. In the past the Town held off from participating in

CMERS because the plan was expensive even though it's promoted as a cost savings. CMERS

had a high discount rate and unfavorable returns. Mr. Panosky asked if the Town could be forced

legislatively to participate, it was answered no. Mr. Thorne asked if the plan is only for Defined

benefit plans, it was answered yes. Mayor Allyn III compared CMERS to the State's Municipal

Employees Health Insurance Program (MEHIP) which is also promoted as a cost savings plan.

Ms. Wadecki added that the City of New London participates in CMERS and is trying to

withdraw. Mayor Allyn III said CMERS is more difficult to withdraw from than MEHIP. The

full questionnaire is expected within the next two months. Mr. Thorne requested that the Board

is given the opportunity to review the questionnaire.

DISCUSSED

RESULT:

IX.

ADJOURNMENT

Motion to ADJOURN the Regular Meeting at 10:10 a.m.

A motion was made by Board Member Wadecki, seconded by Chairman Rodolico, that this be

Approved and so declared. The motion carried by the following vote:

APPROVED AND SO DECLARED

RESULT: