Representative Town Meeting Budget Hearing and Special Meeting Day 2 (linked)

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TOWN OF WATERFORD
FY2026 BUDGET REQUEST
DEPARTMENT: RETIREMENT COMMISSION (10116)
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 two retirement plans on an actuarially sound basis. These costs include our
current-year contributions required by the state and certain health benefits, as well as, annual
contributions to the two trust funds established by the RTM to address the Town’s unfunded
pension liability.
Fiducient Advisors manages the investment of the trust fund contributions and provides
quarterly performance reviews — which to date, show that return targets are consistently
met. Our actuarial firm, USI Consulting Group, provides biennial valuations of each trust’s
accrued unfunded pension liability, which must be reported on all Town financial
statements and calculated following guidelines issued by the Government Accounting
Standards Board (GASB). The firm also provides the annual required contribution needed
to cover current-year costs and chip away at the unfunded pension liability.
BUDGET SUMMARY
The proposed FY26 budget of $7,760,257 represents a zero increase over FY25.
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 USI Consulting Group.
51940 PENSION CONTRIBUTIONS
All general employees, police, and firefighters are covered by the Municipal Employees
Retirement System (MERS), the State-administered plan. Employees who retired prior to
the Town joining the MERS are covered by the Town-administered Public Employees
Retirement System (PERS) defined benefit pension plan. This line item reflects the
employer contributions required for both plans.

7 in \WOUS THY, . Sn
TOWN OF WATERFORD
FY2026 BUDGET REQUEST
DEPARTMENT: RETIREMENT COMMISSION (10116)
This budget line decreased by 9.53% for FY26 due to an anticipated reduction in the MERS
contribution.
To date, the state has not released the FY26 MERS employer contribution rates, so the FY25
rates were used to estimate projected costs. Payroll was estimated based on 2024-25
projected payroll using staffing levels as of November 2024. The employee contribution
rate for the fiscal year 2025-2026 is 4.75% of payroll and is provided for informational
purposes only.
The proposed budget includes a MERS administrative assessment fee of $130 per member.
The 2025-26 administrative fee of $81,120 is based on 342 active participants and 282
retirees.
The PES plan currently has 6 active participants. Effective FY24, 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 lined to the CPI-U was approved with a cap of 5%
per year. The most recent Actuarial Valuation Report determined that our PERS unfunded
pension liability was $163,286 as of July 1, 2023. The next valuation will be determined as
of July 1, 2025.
51945 RETIREE HEALTH BENEFITS
This budget line is down 1.87%. The Town currently has 16 retirees who receive post-retirement
healthcare benefits. In addition, another 30 employees in the Over-65 classification 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 this line item. The
annual cost of this excess, s ick-time accrual is included in the respective employee’s department
budget.
51949 OTHER POST EMPLOYMENT BENEFITS (OPEB)
In addition to retirement, death and disability benefits, the Town is required to fund other post-
employment benefits (OPEB) such as healthcare. GASB Statement 45 requires that OPEB costs be
recognized in the year earned (when employee is working) rather than when paid (during retirement). In
addition, the Town must record a liability (implicit rate subsidy) for retirees that remain on the Town’s
plan at their own cost. The cost of similar benefits for these employees would be greater if the retiree
was not part of the group, so GASB requires the recording of the liability for the difference.
The proposed OPEB budget for Fiscal Year 2026 contains an increase of 35.62%.

TOWN OF WATERFORD
FY2026 BUDGET REQUEST
DEPARTMENT: RETIREMENT COMMISSION (10116)
As of the July 1, 2024, OPEB valuation, the Town’s unfunded accrued liability if $20,902,949. The
Actuarially Determined Employer Contribution (ADEC) for FY26 is $2,804,332. If fully funded, this
contribution would be allocated between the FY26 Retirement Commission and Insurance budgets as
follows:
Trust Contribution (10116-51949) 2,281,709
Retiree Health Benefits (10116-51945) 421,094
Over 65 - fully insured (10112-52251) 101,529
2,804,332
In August 2024, the Board of Finance approved a transfer of FY24 Pension Contribution (51940) surplus
funds to make an additional payment of $556,754 into the Town’s OPEB account (51949). With that in
mind, and with a goal of presenting a zero-increase proposed budget, the Commission reduced the FY26
OPEB trust contribution to $1,945,506.

TOWN OF WATERFORD
GENERAL FUND
2025-2026 PROPOSED BUDGET
NCY: 10116 RETIREMENT COMMISSION
2025/2026 2025/2026
hay EPT/ | APPROVED | Depart D
2023/2024 2024/2025 EXPEND & D epartment | Department
NE ACTUAL 2024/2025 | ADDITIONAL/ |ENCUMBASOF| AGENCY | BD/COMM. | Request$ | Request %
RIPTION EXPENDED |RTMAPPROP.| TRANSFERS 11/19/24 REQUEST (1/21/25) Increase Increase
T DISEASE 233,021 234,084 91,089 270,639 270,639 36,555 15.62%
IBUTIONS 4,261,880} 5,662,552 1,672,142 5,123,018 5,123,018 (539,534) -9.53%
ENEFITS 419,788 429,140 105,982 421,094 421,094 (8,046) -1.87%
ONTRIBUTION 1,463,505} 1,434,481 1,994,210 1,945,506 1,945,506 511,025 35.62%
SUBTOTAL| 6,378,194 | 7,760,257 0 3,863,423 7,760,257 7,760,257 0 0.00%
TAL 6,378,194 | 7,760,257 0 3,863,423 7,760,257 7,760,257 0 0.00%
ution is currently based on the July 2024 OPEB valuation. The valuation report provides an FY26 ADEC (Actuarially Determined
) figure of $2,804,332. The town budgets on a "pay as you go" basis and if fully funded, this contribution would be alocated
nt Commission and Insurance budgets as follows:
Trust Contribution (10116-51949)
Retiree Health Benefits (10116-51945)
Over 65 - fully insured (10112-52251)
2,281,709
421,094
101,529
2,804,332 FY26 ADEC
ard of Finance approved a transfer of FY24 Pension Contribution (51940) surplus funds to make an additional payment of
n's OPEB account (51949). With that in mind, the Commission reduced the FY26 OPEB trust contribution to $1,945,506.

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CONNECTICUT RETIREMENT SERVICES Divisio
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
Drvision
February 29, 2024
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, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 8.21%
Unfunded Accrued Liability 15.89%
Total 24.10%
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, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
e There is no annual amortization payment for prior service.
e The CMERS administrative charge is $2,600. This charge is based on $130 per active and retired member. Our most
recent files show 12 active members and 8 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 24.10% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller’s website
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
John Herrington, Director
Retirement Services Division

StaTE of
MENT SERVICE. IVISION
CONNECTICUT RETIRE Services Divisio
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
DIvIsIONn
February 29, 2024
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgrege@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, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
¢ Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.08%
Total 16.68%
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, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
e There is no annual amortization payment for prior service.
e The CMERS administrative charge is $10,790. This charge is based on $130 per active and retired member. Our most
recent files show 39 active members and 44 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.68% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller’s website
at oly ov! rbsd/' ‘index.htm.
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
John Herrington, Director
Retirement Services Division _

Stare of
ReTIREMENT SERVICES DiviISION
CONNECTICUT
OFFICE ofthe STATE COMPTROLLER
165 Capirol Ave.
RETIREMENT SERVICES Hartford, CT 06106
Drvision
February 29, 2024
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, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11,089
vel wrepee
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, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%, Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
e There is no annual amortization payment for prior service.
e The CMERS administrative charge is $7,020. This charge is based on $130 per active and retired member. Our most
recent files show 22 active members and 32 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.68% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller’s website
at hitps:/www.osc.ct.zov/rbsd/reports/index.html.
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860}702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
OT OLE
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
February 29, 2024
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, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
e Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.08%
Total 16.68%
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, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
e There is no annual amortization payment for prior service.
e The CMERS administrative charge is $18,460. This charge is based on $130 per active and retired member. Our most
recent files show 64 active members and 78 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.68% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller’s website
at hy
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
OT LES
John Herrington, Director
Retirement Services Division

StaTE of
Conmerieuy RETIREMENT SERVICES DIVISION
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
Division
February 29, 2024
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, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 8.21%
Unfunded Accrued Liability 15.89%
Total 24.10% ©
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, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
e There is no annual amortization payment for prior service.
e The CMERS administrative charge is $13,000. This charge is based on $130 per active and retired member. Our most
recent files show 47 active members and 53 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 24.10% at its February 15, 2024
meeting. A copy of the June 30, 2023 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 Kathryn Balut, a CMERS staff
member, at (860)702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
St ofe—
John Herrington, Director
Retirement Services Division

Stare of |
CONNECTICUT RETIREMENT SERVICES DIvISION
| OFFICE ofc STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hartford, CT 06106
Drvision
February 29, 2024
Ms. Christy Gregg
Director of HR
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
cgregg@waterfordct.org
RE: Waterford Non-upion Educ 152-S
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, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2024 to June 30, 2025 fiscal year.
¢ Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 5.60%
Unfunded Accrued Liability 11.08%
Total 16.68%
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, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to 5.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
e There is no annual amortization payment for prior service,
¢ The CMERS administrative charge is $8,060. This charge is based on $130 per active and retired member. Our most
recent files show 39 active members and 23 retired members. |
The State Employees Retirement Commission approved the above total contribution rate of 16.68% at its February 15, 2024
meeting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller’s website
If you have any questions regarding the information provided in this letter, please contact Kathryn Balut, a CMERS staff
member, at (860)702-3565.
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
John Herrington, Director
Retirement Services Division

“Ve VS
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD RETIREMENT PLAN €
Executive Summary
July 1, 2023 July 2, 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 717,948 786,600
Actuarial accrued liabllity 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)
Fiscal year ending 2025 2023
ADEC 22,450 27,280
Fiscal year ending 2026 2024
ADEC 22,450 27,280
Hooker & Holcombe, now part of USI Consulting Group | HHCONSULTANTS.COM | US! M 1

Executive Summary
OPES
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD OPEB PLAN
July 1, 2024 July 1, 2022
Number of members .
Active members 414 368
Retired members and dependents 168 179
Total 582 547
Covered employee payroll 31,264,486 29,029,526
Average plan salary 75,518 78,885
Actuarial present value of future benefits 36,779,727 32,284,998
Actuarial accrued liability 34,097,347 30,074,765
Plan assets
Market value of assets 13,311,529 8,465,847
Actuarial value of assets 13,194,398 9,206,097
Unfunded accrued liability 20,902,949 20,868,668
Funded ratio 38.7% 30.6%
Actuarially determined employer contribution (ADEC)
Fiscal year ending D026 » 2024
Fiscal year ending 2027 2025
ADEC 2,818,488 2,516,833
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