Retirement Commission - Minutes - 01/21/2025

FIFTEEN ROPE FERRY ROAD
PHONE: 860-442-0553
WATERFORD, CT 06385-2886
www. waterfordetorg
Retirement Commission Tuesday, January 21, 2025
Special Meeting Minutes 7:00pm Waterford Town Hall
Present: Susan Driscoll, Craig Merriman, Michael Rocchetti, Rob Brule, Paul Goldstein
Other: Abbas Danesh, Town Treasurer
Absent: James Dimmock Ss 2
Staff: Kimberly Allen, Director of Finance; Rebecca Hall, Secretary & 28
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1. Meeting called to order at 7:00pm. = aa
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2. Election of Commission Chair for 2025: Outgoing Chair Driscoll asked for nominafions.- SS
Motion by Rocchetti and seconded by Goldstein to nominate Driscoll as ae 52
Vote: 4-1-0 No: Driscoll Motion Passed A. ag
8
3. Public Comment: None e 8
4. Approval and acceptance of minutes of Special Meeting on March 27, 2024.
Motion by Goldstein and seconded by Brule to approve the minutes as presented.
Vote: 4-0-1 Abstain: Rocchetti Motion: Passed
5. Consideration of and action on the proposed FY26 Retirement Commission budget. Chair Driscoll opened
discussion by detailing proposed amendments that included fixing typos in dates and amounts, correcting
backup worksheet FY2S figures that conflicted with proposed budget totals and variances, and edits to.
the Budget Summary to update/clarify information and reflect any other amendments the Commission
might approve. Questions and comments arose regarding the payments to OPES for FY25 and FY26.
Motion by Rocchetti and seconded by Merriman to reduce payment to OPEB by $336,203 in Line #51949
with a recommendation that the commission meet in early June 2025 to consider and take possible action
on an additional payment to OPEB.
Vote: 4-1-0 No: Driscoll Motion: Passed
‘Motion by Rocchetti and seconded by Merriman to approve the budget as amended with a total of
$7,760,257 and all editorial corrections made during the meeting.
Vote: 5-0-0 Motion: Passed
6. New Business: Chair advised members that the next meeting would be in late February to review the
latest quarterly report on pension fund investments.
7. Adjournment:
Motion by Rocchetti and seconded by Goldstein to adjourn at 8:12pm.
Vote: 5-0-0 , Motion: Passed
Respectfully submitted,