741 Colonel Ledyard Highway

Ledyard, Connecticut 06339

TOWN OF LEDYARD

Retirement Board

Meeting Minutes

Chairman

John Rodolico

Regular Meeting

Tuesday, June 18, 2024

10:00 AM

Council Chambers - Hybrid Format

CALL TO ORDER

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

II.

ROLL CALL

Board Member Roger Codding

Board Member Sharon Wadecki

Chairman John Rodolico

Present

Alternate Member Minna DeGaetano

Board Member William Thorne

Board Member Daniel Panosky

Excused

Also in attendance:

Naomi Rodriguez, Town Council Chairperson.

Staff Present:

Matt Bonin, Finance Director

Marisa Iannella Rodriguez, Human Resource Director

Ian Stammel, Assistant Finance Director

Christina Hostetler, Town Hall Assistant

Staff Excused:

Mayor Fred Allyn III

Minna DeGaetano was appointed as a voting member

III.

PRESENTATIONS

Chris Rowlins, Fiducient Advisors - First Quarter 2024 review.

Chris Rowlins, Fiducient Advisors was unable to attend the meeting. Chris Kachmar, Fiducient

Advisors presented the First Quarter Review.

Mr. Kachmar started by saying that Mr. Rowlins sends his regrets and provided a guideline and

framework to catch the Board up on the portfolio.

Highlights - In terms of governance the task is twofold. One is the investment review. The

Board's Investment Policy Statement (IPS) is in good working order and abides by all the

statements put forth by Fiducient Advisors. The only edits that are suggested are confined to the

recent re-allocation the Board approved and is undertaking (considering higher interest rates the

Board moved a bit more into fixed income). Mr. Kachmar suggested bringing the allocation

exhibit table up to the new targets. The second is governance oversight. Mr. Kachmar said the

Board is in good working order from a governance standpoint and follows all best practices. The

Board is engaged, meets regularly, takes minutes, and follows the governance calendar and

protocols. No action is needed to improve best practices.

Markets - This was an interesting year in markets. 2023 ended with a good deal of momentum in

both the equity and fixed income markets, with a very strong fourth quarter. There was a lot of

expectation that the momentum would continue for 2024. However, the narrative around the

Feds changed completely. In the beginning of the year thoughts were that four or five interest

rate cuts would occur, but it may only prove to be a single rate cut at the end of the calendar

year, if at all. Although inflation rates started to calm down, it's still not at the 2% level that Feds

targeted. The economy has proven to be more resilient. Fixed income markets were under a bit

of stress over the quarter. Global equity markets continued to do well, especially AI related

companies. April was a difficult month; May was good, and June is faring well to date.

Portfolio - The quarter is up just under 4%, the fiscal year to date is up approximately 9%, the

one-year number is up close to 12%. The portfolio has investment gains of around $2.4 million

for the fiscal year and $3.2 million for the one-year mark. Longer-term returns align well with

the Board's actuarial expectation of 6.25%. Mr. Kachmar said that Mr. Rowlins intends to speak

to the Board about the complexion of the International Equity Program. T. Rowe has been

elevated to watch status after the announcement that Ray Mills, Portfolio Manager is retiring.

Chairman Rodolico said he was very pleased with the report. He then asked for

recommendations regarding T. Rowe. Mr. Kachmar said no action needs to be taken at this

point, but Mr. Rowlins will make recommendations in the next quarter. He added that the

Manager retirement isn't occurring until the end of the calendar year.

IV.

REVIEW AND APPROVAL OF MINUTES

Motion to APPROVE Regular Meeting Minutes from April 16, 2024, as written.

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

Minna DeGaetano

SECONDER:

Codding Wadecki Rodolico DeGaetano

Thorne Panosky

AYE

EXCUSED

DIRECTOR OF HUMAN RESOURCE UPDATE

Director of Human Resources update.

Marisa Iannella Rodriguez, Human Resource Director said a brainstorming session is being

formed to discuss Connecticut Municipal Employees Retirement System, (CMERS), pension

and 457 options with the Unions. She is looking for a volunteer from the Board to participate.

Once the group has been formed a session date will be determined collaboratively. The session

will be held prior to January 2025.

DISCUSSED

RESULT:

VI.

FINANCE DIRECTOR'S REPORT

Finance Director’s Report.

Matt Bonin, Finance Director reported that the FY24 contribution check was cut last week. Once

Webster receives the check, they will meet with Mr. Rowlins to determine how to allocate it

accordingly.

DISCUSSED

VII. OLD BUSINESS

RESULT:

Discussion on a review of applicable labor contracts and retirement documents for Town of

Ledyard employee groups with applicability to retirement eligibility and benefits continued.

Chairman Rodolico said since Mr. Thorne is absent this item will be put on hold until the next

meeting.

Any Other Old Business to come before the Board.

None.

VIII. NEW BUSINESS

Motion to APPROVE payment of invoice #609_06302024, to Fiducient Advisors, dated June 6,

2024, in the amount of $12,475.39, for consulting costs for the Town of Ledyard Defined

Benefit Pension Plan for the billing period April 1, 2024, to June 30, 2024.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Codding Wadecki Rodolico DeGaetano

Thorne Panosky

AYE

EXCUSED

Motion to approve a monthly retirement benefit for Karen Goetchius in the amount of $3,207.60

as of September 1, 2024, payable in the normal form of a Modified Cash Refund Annuity based

on her service and earnings through this retirement date .

RESULT:

MOVER:

APPROVED AND SO DECLARED

John Rodolico

SECONDER: Sharon Wadecki

AYE

Codding Wadecki Rodolico DeGaetano

Thorne Panosky

EXCUSED

Ms. Wadecki said this calculation has a caveat that the calculations are based on expected pay

and contributions and may need to be recalculated. She suggested that the Board wait to vote on

the retirement benefit until closer to the actual retirement date. Ms. Iannella Rodriguez said that

Ms. Goetchius is a fixed salary not an hourly employee. Ms. Wadecki added that normally votes

are held closer to the retirement date, not three months in advance. After this discussion

Chairman Rodolico held a vote to table the vote until August.

Chairman Rodolico asked Ms. Iannella Rodriguez if she reviews the calculations once she

receives it from the actuaries. She answered that she does not perform calculations but verifies

that the actuary used the data that she provided to them, and that the data aligns correctly.

Motion to TABLE the vote until Board's meeting on August 20, 2024.

TABLED

RESULT:

John Rodolico

Sharon Wadecki

MOVER:

SECONDER:

Codding Wadecki Rodolico DeGaetano

Thorne Panosky

AYE

EXCUSED

Any other New Business to come before the Board.

None.

IX.

ADJOURNMENT

Motion to ADJOURN the Regular Meeting at 10:27 a.m.

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

John Rodolico

SECONDER:

Codding Wadecki Rodolico DeGaetano

Thorne Panosky

AYE

EXCUSED

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

Town.