RTM Budget Agenda - DAY 4 Final Action (linked)

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BUDGET FUNCTION
The Retirement Commission is charged with the management of the retirement program for
the Town. This budget represents the Commission's estimate of the employer cost required
to fund our retirement plans on an actuarially sound basis.
The Retirement Commission voted to appoint an Investment Manager in April 2016 for
both the pension trust and the OPEB trust fund. The trusts were set up in February 2017
and were funded for the first time in FY2018.

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BUDGET SUMMARY
The proposed FY25 budget of $7,760,257 is 10.08% higher than FY24. The main driver of
this increase is the State’s decision to significantly increase employer contribution rates in
an effort to stem the burgeoning CMERS pension debt which has tripled in the past six years.
51930 HEART/HYPERTENSION BENEFITS
The Town is currently paying benefits to three individuals (one widow of a former police officer, one
widow of a former firefighter, and one retired fire services employee) in accordance with judgments of
the workers’ compensation commission based upon Connecticut State Statute. In addition, the Town
pays for treatment medications for several active police officers. A cost of living adjustment (COLA) is
provided annually in October based on information provided by our actuary firm, Hooker & Holcombe.
51940 PENSION CONTRIBUTIONS
Overall Budget is up by 12.80%. All general employees, police, and firefighters are covered
by MERF B, a State administered plan. Employees who retired prior to the Town joining
the MERF system are covered by the Town administered plan.
The employer contribution rates for MERF B for fiscal year 2025 have not been released to
date. Rates used are based on expected rates for FY24 received from the State of
Connecticut Retirement Division. Payroll has been estimated based on 2023-2024
projected payroll using staffing levels as of November 2023. The employee contribution
rate for fiscal year 2024-2025 is 4.75% of payroll and is provided for informational
purposes only.
The proposed budget includes an administrative assessment fee for all active and retired
employees of $130.00 per member. The 2024-2025 administrative fee of $81,120 is based
on 342 active participants and 282 retirees.

BUDGET REQUEST
: RETIREMENT COMMI
BUDGET SUMMARY (continued)
The Public Employees Retirement System Fund (PERS) currently has 6 active participants.
Effective fiscal year 2004, the RTM approved a change in benefit allowing for a minimum
pension of $6,000 annually and offered a one-time $5,000 bonus. An annual increase
linked to the CPI-U was approved with a cap of five (5%) percent per year. The June 30,
2023 Actuarial Valuation Report performed by Hooker & Holcombe, Inc. indicated that
based upon the current population and the approved changes to the plan, the fund will
carry an unfunded liability of $163,286 in FY2025.
51945 RETIREE HEALTH BENEFITS
Overall Budget is up 8.98%. The main driver for the increase is actual monthly cost to the Town for
Retirees under 65. The Town currently has sixteen (16) retirees who receive post-retirement
healthcare benefits. In addition, there are another 30 employees inthe Over 65 classification that
receive post-employment healthcare benefits. The current GGA contract allows for a buy-out of
accrued sick time hours in excess of 1,400 per year for deposit into a Health Retirement Account to
be used by the employee for medical costs incurred following retirement.
The cost of the third party administration of the HRA has been included in the line item. The annual
cost of this excess, sick time accrual is included in the respective employee's department budget.
OTHER POST EMPLOYMENT BENEFITS (OPEB)
The Governmental Accounting Standards Board (GASB) issued a Statement 45 requiring the cost of
Other Post-Employment Benefits (OPEB) to be recognized in the year earned (when the employee is
working) rather than when paid (when the employee retires). In addition, the Statement also
requires the recording of a liability (implicit rate subsidy) for those retirees that remain on the
Town's plan at their own cost. Since the cost of similar benefits for these employees would be
greater if the retiree was not part of the group, the statement requires the recording of the liability
for the difference. The effective date of Statement 45 was July 1, 2006.
On December 1, 2014, the RTM approved the establishment of a trust fund to account for the OPEB
contributions. The Retirement Commission is responsible for the oversight and recommended
funding of the OPEB Trust and appointed an Investment Manager in April 2016 for both the pension
trust and the OPEB trust fund.

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Proposed Budget for Fiscal Year 2025 contains an increase of 10.08%.
As of the July 1, 2022, actuarial OPEB valuation, the Town's Unfunded Actuarial Accrued Liability is
$20,868,668. The annual required contribution (ARC) for FY2025 is $2,516,833. This contribution is
funded in the annual budgets of the Retirement Commission and Insurance Budgets as follows:
Trust Contribution (10116-51949) 1,434,481
Retiree Health Benefits (10116-51945) 429,140
Over 65 - fully insured (10112-52251) 653,212
2,516,833

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STATE of
RETIREMENT SERVICES DIVISION
CONNECTICUT
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
DIvISION
March 3, 2023
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Local 1303 152-B
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 7.50%
Unfunded Accrued Liability 12.07%
Total 19.57%
As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
There is no annual amortization payment for prior service.
The CMERS administrative charge is $18,200. This charge is based on $130 per active and retired member. Our most
recent files show 69 active members and 71 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 19.57% at its February 16, 2023
meeting. A copy of the June 30, 2022 actuarial valuation report can be found on the Office of the State Comptroller’s website
at https://www.osc.ct.gov/rbsd/reports/index.html.
If you have any questions regarding the information provided in this letter, please contact Rudolph Nelson, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
Se GLO
John Herrington, Director
Retirement Services Division

StaTE of
EME E Divi
CONNECTICUT RETIREMENT SERVICES DIVISION
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
DIVISION
March 3, 2023
Ms. Christy Gregg
Director of HR
Waterford Fire Department
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Fire 152-F
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 10.73%
Unfunded Accrued Liability 14.96%
Total 25.69%
As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
There is no annual amortization payment for prior service.
The CMERS administrative charge is $2,470. This charge is based on $130 per active and retired member. Our most
recent files show 12 active members and 7 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 25.69% at its February 16, 2023
meeting. A copy of the June 30, 2022 actuarial valuation report can be found on the Office of the State Comptroller’s website
at https://www.osc.ct.gov/rbsd/reports/index.html,
If you have any questions regarding the information provided in this letter, please contact Rudolph Nelson, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
S20 OL
John Herrington, Director
Retirement Services Division

STATE of
CONNECTICUT RETIREMENT SERVICES DIVISION
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
DIVISION
March 3, 2023
Ms. Christy Gregg
Director of HR
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Police 152-P
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 10.73%
Unfunded Accrued Liability 14.96%
Total 25.69%
As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
There is no annual amortization payment for prior service.
The CMERS administrative charge is $12,610. This charge is based on $130 per active and retired member. Our most
recent files show 47 active members and 50 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 25.69% at its February 16, 2023
meeting. A copy of the June 30, 2022 actuarial valuation report can be found on the Office of the State Comptroller’s website
at https://www.osc.ct.gov/rbsd/reports/index.html.
If you have any questions regarding the information provided in this letter, please contact Rudolph Nelson, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
St Le
John Herrington, Director
Retirement Services Division

State of
CONNECTICUT RETIREMENT SERVICES D1vISION
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
Division
March 3, 2023
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Gen Gov Admin 152-T
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 7.50%
Unfunded Accrued Liability 12.07%
Total 19.57%
As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
There is no annual amortization payment for prior service.
The CMERS administrative charge is $6,370. This charge is based on $130 per active and retired member. Our most
recent files show 19 active members and 30 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 19.57% at its February 16, 2023
meeting. A copy of the June 30, 2022 actuarial valuation report can be found on the Office of the State Comptroller’s website
at https://www.osc.ct.gov/rbsd/reports/index.html.
If you have any questions regarding the information provided in this letter, please contact Rudolph Nelson, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
Sc ofa
John Herrington, Director
Retirement Services Division

STATE of
CONNECTICUT RETIREMENT SERVICES DIVISION
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
DIVISION
March 3, 2023
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Town 152-W
Dear Ms. Gregg:
The purpose of this letter is to advise you of the costs for the above referenced unit to participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2023. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2023 to June 30, 2024 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 7.50%
Unfunded Accrued Liability 12.07%
Total 19.57%
e As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employee contributions to MERS in each of the six subsequent fiscal years. Therefore, effective July 1, 2023, the
employee contribution rates for members covered by Social Security will increase from 4.25% to 4.75%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.50%.
e There is no annual amortization payment for prior service.
e The CMERS administrative charge is $9,880. This charge is based on $130 per active and retired member. Our most
recent files show 38 active members and 38 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 19.57% at its February 16, 2023
meeting. A copy of the June 30, 2022 actuarial valuation report can be found on the Office of the State Comptroller’s website
at https://www.osc.ct.gov/rbsd/reports/index.html.
If you have any questions regarding the information provided in this letter, please contact Rudolph Nelson, a CMERS staff
member, at (860)702-3502.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
Scot
John Herrington, Director
Retirement Services Division

‘fers
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD RETIREMENT PLAN
Executive Summary
July 1, 2023 July 1, 2021
Number of members
Active employees 0 0
Terminated vested members 0 0
Retired, disabled and beneficiaries 6 7
Total 6 7
Covered employee payroll N/A N/A
Average plan salary N/A N/A
Actuarial present value of future benefits 717,948 786,000
Actuarial accrued liability 717,948 786,000
Plan assets
Market value of assets 509,200 639,050
Actuarial value of assets 554,662 587,576
Unfunded accrued liability 163,286 198,424
Funded ratio 77.3% 74.8%
Actuarially determined employer contribution (ADEC)
2025) 2023
22,450 © 27,280
Fiscal year ending 2026 2024
ADEC 22,450 27,280
Hooker & Holcombe, now part of USI Consulting Group | HHCONSULTANTS.COM | USICG.COM 1

Executive Summary
Opeb
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD OPEB PLAN
July 1, 2022 July 1, 2020
Number of members
Active members 368 404
Retired members and dependents 179 119
Total 547 523
Covered employee payroll 29,029,526 31,115,420
Average plan salary 78,885 77,018
Actuarial present value of future benefits 32,284,998 27,947,165
Actuarial accrued liability 30,074,765 25,386,650
Plan assets
Market value of assets 8,465,847 6,109,331
Actuarial value of assets 9,206,097 6,109,331
Unfunded accrued liability 20,868,668 19,277,319
Funded ratio 30.6% 24.1%
Actuarially determined employer contribution (ADEC)
Fiscal year ending 2024 2022
ADEC 2,505,310 2,217,688
ADE | 2,516,833 2,231,121
HOOKER & HOLCOMBE | HHCONSULTANTS.COM
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