741 Colonel Ledyard Highway

Ledyard, Connecticut 06339

TOWN OF LEDYARD

Retirement Board

Meeting Minutes

Chairman

John Rodolico

Tuesday, August 16, 2022

9:00 AM

Council Chambers - Hybrid Format

CALL TO ORDER

Chairman Rodolico called the meeting to order at 9:00 a.m. at the Council Chambers, Town Hall

Annex Building.

Chairman Rodolico welcomed all to the Hybrid Meeting.

ROLL CALL

Board Member William Thorne

Board Member Roger Codding

Board Member Sharon Wadecki

Chair John Rodolico

Present

Board Member Daniel P. Panosky

Mr. Panosky attended the meeting via Zoom

In addition, the following were present:

Chris Rowlins, Fiducient Advisors

Staff present:

Mayor Fred Allyn III

Don Steinhoff

Mathew Bodin

Christina Hostetler

Staff Absent:

Ian Stammel

III.

PRESENTATIONS

Chris Rowlins, Fiducient Advisors

· Capital markets continued to exhibit high volatility as investors contend with the rising

odds of a recession. Returns across asset classes were broadly negative for the quarter.

· The Fed’s more hawkish stance and intensified commitment to combat high inflation

comes at the risk of accelerating the onset of an economic slowdown.

· Recessions and the volatility that typically accompanies them often sets the stage for

better forward-looking opportunities in the market with lower entry prices.

· Covid is still an issue in China and around the globe affecting supply chains.

· There are signs that inflation has peaked in the US.

· Invesco had a strong July.

· Core fixed income, as measured by the total return of Bloomberg US Aggregate Index,

has experienced its worst start on record year-to-date through June 30th.

· Aside from cash, there have been few places for fixed income investors to hide in this

environment, as Treasury yields have risen sharply amidst inflationary pressures and

central bank actions and credit spreads have widened rapidly in the risk-off market.

· Portfolio was up 5.3% for the month of July.

· The job market is strong. Unemployment is just over 3%.

Fredrica Daniels, USI Actuaries will attend the October meeting.

IV.

REVIEW AND APPROVAL OF MINUTES

Motion to APPROVE Regular Meeting Minutes from June 21, 2022

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

William Thorne

SECONDER:

Thorne Wadecki Rodolico

Codding Panosky

AYE

ABSTAIN

Motion to APPROVE Regular Meeting Minutes from July 19, 2022

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Wadecki Rodolico Panosky

AYE

DIRECTOR OF HUMAN SERVICE UPDATE

Director of Human Services Report

· Three retirement benefit calculations were identified as being incorrectly calculated by

Segal. The individuals identified are Ernest Bailey, Michael Ravenelle and Daniel

Gagnon. The calculations were not made using the required 130% base pay.

· Mr. Steinhoff will continue to look for the original contract signed with Segal. He

believes that their contract would have been written in a way that would protect Segal

from recourse unless the miscalculations were willful or negligent.

· Mr. Steinhoff made a recommendation to recalculate the monthly payments going

forward but not to recuperate the previous payments.

· The Board will ask Segal to recalculate the pensions at no cost to the Town.

· The individuals will be sent a certified letter with the new calculations.

Motion to APPROVE recalculations of the three Officer’s pensions by Segal with the intention

of not taking overpayments back. In the event that Segal will not perform the recalculations the

Board will use USI for the recalculations.

..end

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

John Rodolico

SECONDER:

Thorne Codding Wadecki Rodolico

Panosky

AYE

EXCUSED

VI.

FINANCE DIRECTOR'S REPORTS

Finance Director’s Report

Mr. Bonin reminded the Board that Frederica Daniels, USI Actuaries will be presenting at the

September meeting. She will be discussing the pension disclosures for the audit in addition to an

update on the Board’s future budget needs for the pension contributions.

VII. OLD BUSINESS

Any Other Old Business to Come before the Board

Motion to APPROVE the Fiducient recommendations on pages 1, 6 and 7 of the investment policy

statement with the change to the Real Assets' Benchmark Index to be the S&P real Assets.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Wadecki Rodolico

Panosky

AYE

EXCUSED

XIII. NEW BUSINESS

Motion to APPROVE payment for USI invoice #90068159 dated 6-30-22 in the amount of

$4,250.00 for $400.00 per benefit calculation for Thomas Bray, Donna Young (Alternate Payee)

and Therese Roush, $250.00 for review of QDRO for Guy Young to complete participant and

alternate payee calculations and $2,800 for core installment fee for actuarial services plan year

2022.

APPROVED AND SO DECLARED

John Rodolico

RESULT:

MOVER:

Sharon Wadecki

SECONDER:

Thorne Codding Wadecki Rodolico Panosky

AYE

Motion to APPROVE Fiducient Advisors invoice # 609_06302022 dated 7-26-22 in the amount

of $11,759.25 for April 1, 2022 to June 30, 2022, consulting fees.

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

None.

IX.

ADJOURNMENT

Motion to ADJOURN the Regular Meeting at 10:14 a.m.

APPROVED AND SO DECLARED

Sharon Wadecki

RESULT:

MOVER:

William Thorne

SECONDER:

Thorne Codding Wadecki Rodolico

Panosky

AYE

EXCUSED