Retirement Commission Special Meeting Materials (linked)

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TOWN OF WATERFORD
FY2024 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 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 trust was set up and funded
in February 2017.

TOWN OF WATERFORD
FY2024 BUDGET REQUEST
DEPARTMENT: RETIREMENT COMMISSION (10116)
BUDGET SUMMARY
The proposed FY24 budget of $7,049,737 is 11.320% higher than FY23. The increased OPEB
and MERS Pension contributions are the main drivers for the Budget increase in Fiscal Year
2024.
51930 HEART/HYPERTENSION BENEFITS
The Town is currently paying benefits to two individuals (one widow of a former police officer,
one widow of a former firefighter) in accordance with judgments of the worker's 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 H & H administrator.
There is no COLA adjustment for FY24. The decrease is for an expected reduction in the treatment
medication expenditures.
51940 PENSION CONTRIBUTIONS
Overall Budget is up by 10.43%. 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 under which
there are twelve retirees presently receiving benefits and one terminated vested
employee.
The employer contribution rates for MERF B for fiscal year 2024 have not been released
to date. Rates used are based on expected rates for FY23 received from the State of
Connecticut Retirement Division. Payroll has been estimated based on 2022-2023
projected payroll using staffing levels as of November 2022. The employee
contribution rate for fiscal year 2023-2024 is 4.25% of payroll and is provided for
informational purposes only.
The proposed budget includes an administrative assessment fees for all active and retired
employees of $130.00 per member. The 2023-2024 administrative fee of $81,380 is based
on 342 active participants and 284 retirees.

TOWN OF WATERFORD
FY2024 BUDGET REQUEST
DEPARTMENT: RETIREMENT COMMISSION (10116)
BUDGET SUMMARY (continued)
The Public Employees Retirement System Fund (PERS) currently has 7 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,
2021 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 $198,424 and required an annual municipal contribution in
the amount of $27,280.
The next PERS valuation will be completed in June 2023.
51945 RETIREE HEALTH BENEFITS
Overall Budget is down 9.39%. The main driver is the decrease in actual monthly cost to the Town.
The Town currently has fourteen (14) retirees who receive post-retirement healthcare benefits. In
addition, there are another 32 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)
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. The Retirement Commission voted to appoint an Investment Manager
in April 2016 for both the pension trust and the OPEB trust fund.The trust was set up and funded in
February 2017.

TOWN OF WATERFORD
FY2024 BUDGET REQUEST
DEPARTMENT: RETIREMENT COMMISSION (10116)
BUDGET SUMMARY (continued)
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 ifthe 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.
Proposed Budget for Fiscal Year 2024 contains an increase of 11.32%.
As of the July 1, 2022 actuarial OPEB valuation, the Town's Unfunded Actuarial Accrued Liability is
$20,686,668. The annual required contribution (ARC) for FY2024 is $2,505,310. This contribution is
funded in several account lines in the annual budget (10116-51949, 10116-51945, and 10112-52251).

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STATE of
CONNECTICUT RETIREMENT SERVICES Division
; mee OFFICE ofshe STATE COMPTROLLER
; 165 Capirol Ave.
RETIREMENT SERVICES Hartford, CT 06106
Drviston
March 4, 2022
Ms, Joyce Sauchuk
’ Director of HR.
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
jsauchuk@waiterfordct.org
RE: Waterford Local 1303 152-B
- Dear Ms. Sauchuk:
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, 2022, The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2022 to June 30, 2023 fiscal year.
* Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 7.25%
Unfunded Accrued Liability . 19.30%
Total ‘17,55%
We project the contribution payment, as a percentage of payroll, will increase in future annual valuations to an
estimated rate of 18.02% for fiscal year ending Jume 30,2025. The estimated schedule of future employer contribution
rates is provided in the June 30, 2021 valuation.
« 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, 2022, the
employee contribution rates for members covered by Social Security will increase from 3.75% to 4.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.00%.
e There is no annual amortization payment for prior service.
* The CMERS administrative charge is $17,810. This charge is based on $130 per active and retired member. Our most
; recent files show 69 active members and 68 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 17.55% at its February 17, 2022
meeting. A copy of the June 30, 2021 actuarial valuation report can be found on the Office of the State Comptroiler’s website
at https://www.osc.ct.zov/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 “oes RETIREMENT SYSTEM
“BY:
John Herrington, Director
Retirement Services Division

Srare of
CONNECTICUT RETIREMENT SERVICES DIVISION
OFFICE gfthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES Hareford, CT 06106
DIVISION
March 4, 2022
Ms. Joyce Sauchuk
Director of HR
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
jsauchuk@waterfordct.org
RE: Waterford Police 152-P
Dear Ms. Sauchuk:
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, 2022. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2022 to June 30, 2023 fiscal year.
* Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 10.60% _
Unfunded Accrued Liability 12.51%
Total —-B.11%
We project the contribution payment, as a percentage of payroll, will increase in future annual valuations to an
estimated rate of 23.32% for fiscal year ending June 30, 2025. The estimated schedule of future employer contribution
rates is provided in the June 30, 2021 valuation.
* As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in employes contributions to MERS in each of the six subsequent fiscal years, Therefore, effective July 1, 2022, the
employee contribution rates for members covered by Social Security will increase from 3.75% to 4.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.00%.
« There is no annual amortization payment for prior service,
¢ The CMERS administrative charge is $12,350. This charge is based on $130 per active and retired member, Our most
recent files show 48 active members and 47 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 23, 11% at its February 17, 2022
meeting, A copy of the June 30, 2021 actuarial valuation report can be found on the Office of the State Comptroller's $ website
at hitos://www.ose.ct, ovitbsd/re orts/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
John Herrington, Director
Retirement Services Division

Srare of
: EMENT SERVICES DivisION
Connecricur RETIREMENT SER
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
Hartford, CT 06106
RETIREMENT SERVICES
Drvision
March 4, 2022
Ms. Joyce Sauchuk
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385 _
jsauchuk@waterfordct.org
RE: Waterford Town 152-W
Dear Ms. Sauchuk:
The purpose of this letter is to advise you of the costs for the above referenced unit fo participate in the Connecticut Municipal
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2022. The State of Connecticut Retirement
Commission has authorized the contributions rates below to. be effective for the July 1, 2022 to June 30, 2023 fiscal year.
* Monthly contribution payments, as a percentage of payroll, will be as follows:
-Normal Cost ‘ 1.25%
Unfunded Accrued Liability 19.30%
Total , 17.55%
We project the contribution payment, as a percentage of payroll, will increase in future annual valuations to an
estimated rate of 18.02% for fiscal year ending June 30,2025, The estimated schedule of future employer contribution
rates is provided in the June 36, 2021 valuation.
« 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, 2022, the
employee contribution rates for members covered by Social Security will increase from 3.75% to 4.25%. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 7.00%.
e There is no annual amortization payment for prior service.
* The CMERS administrative charge is $9,490, This charge is based on $130 per active and retired member. Our most
recent files show 35 active members and 38 retired members,
The State Employees Retirement Commission approved the above total contribution rate of 17.55% at its February 17, 2022
meeting. A copy of the June 30, 2021 actuarial valuation report can be found on the Office of the State Comptroller’s website
at httys:/Avww.ose.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 EMPLOYERS RETIREMENT SYSTEM
John Herrington, Director
’ Retirement Services Division

PERS
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD RETIREMENT PLAN
Executive Summary
July 1, 2021
July 1, 2019
Number of members
Active employees 0 0
Terminated vested members 0 0
Retired, disabled and beneficiaries 7 10
~ Total 7 10
Covered employee payroll N/A N/A
Average plan salary N/A N/A
Actuarial present value of future benefits 786,000 1,019,984.
Actuarial accrued liability 786,000 1,019,984
Plan assets
Market value of assets ~ 639,050 535,281
Actuarial value of assets 587,576 553,774
Unfunded accrued liability 198,424 466,210
Funded ratio 74.8% 54.3%
Actuarially determined employer contribution (ADEC)
Fiscal year ending 2023 2021
ADEC 27,280 59,870
Fiscal year ending QO20R -2022
ADEC 27,280 | 59,870
HOOKER & HOLCOMBE | HHCONSULTANTS.COM

Executive Summary
OPES
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 2074 | 2022
ADEC ag 5057310. 2,217,688
Fiscal year ending 2025 2023
ADEC 2,516,833 2,231,121
HOOKER & HOLCOMBE | HHCONSULTANTS.COM
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