Board of Selectmen - 63 (02/09/2022)

TOWN OF WATERFORD
GENERAL FUND
2022-2023 PROPOSED BUDGET
DEPT/AGENCY: 
10116 
RETIREMENT COMMISSION
51930 
HYPERTENSION/ HEART DISEASE 
173,096 
181,448 
92,229 
173,820 
173,820 
(7,628) 
-4.20%
51940 
PENSION CONTRIBUTIONS 
4,207,520 
4,348,776 
2,272,244 
4,727,807 
4,581,338 
232,562 
5.35%
51945 
RETIREE HEALTH BENEFITS 
387,045 
402,682 
189,804 
434,598 
434,598 
31,916 
7.93%
51949
OPEB TRUST FUND CONTRIBUTION 
:
1,101,967]
OE
757,100]
Sit
eg 
eh

TOWN OF WATERFORD
GENERAL FUND
2022-2023 PROPOSED BUDGET
DEPT/AGENCY: 
10116 
RETIREMENT COMMISSION
ACTUAL
= 
EXPEND.& |. 2022/2023
2020/2021. | 2021/2022 |. 2021/2022 .| ENCUMB AS 
DEPT/ 
2022/2023 _ | Department | Department
LINE 
ACTUAL 
RTM 
ADDITIONAL/ 
OF 
AGENCY 
APPROVED 
Request $ 
Request %
ITEM 
DESCRIPTION 
EXPENDED} 
APPROP. 
TRANSFERS 
11/19/21 
REQUEST 
BD/COMM. 
Increase 
Increase
PERSONNEL COSTS
51930 
|HYPERTENSION/ HEART DISEASE 
173,096 
181,448 
69,390 
173,820 
724 
~4.20%
51940 
|PENSION CONTRIBUTIONS 
4,207,520} 
4,348,776 
1,638,214 
4,581,338 
373,818 
5.35%
51945 
|RETIREE HEALTH BENEFITS 
387,045 
402,682 
135,154 
434,598 
47,553 
7.93%
51949 
|/OPEB TRUST FUND CONTRIBUTION 
1,101,967 
750,000 
757,100 
1,143,311 
41,344 
52.44%
SUBTOTAL! 
5,869,628 | 5,682,906 
0} 
°2,599,858 
6,333,067 
0 
463,439 
11.44%
DEPARTMENT TOTAL 
5,869,628 |. 5,682,906 
0} 
. 2,599,858 
6,333,067 
0 
463,439 
11.44%
Note:
The OPEB Trust contribution is based on the FY20 OPEB valuation (next one due is 7/1/2022). The valuation report provides an ADEC (Actuarially
Determined Employer Contribution) figure of $2,231,121. The town budgets on a "pay as you go" basis and funds the ADEC in various budgets as
follows:
Trust Contribution (10116-51949)
Retiree Health Benefits (10116-51945)
Over 65 - fully insured (10112-52251)
1,143,311
434,598
653,212
2,231,121

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.

BUDGET SUMMARY
The proposed FY23 budget of $6,333,067 is 11.44% higher than FY22. The increased OPEB
and MERS Pension contributions are the main drivers for the Budget increase in Fiscal Year
2023.
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 FY23. The decrease is for an expected reduction in the treatment
medication expenditures.
51940 PENSION CONTRIBUTIONS
Overall Budget is up by 5.35%. 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 2023 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 2020-2021
projected payroll using staffing levels as of November 2021. The employee
contribution rate for fiscal year 2021-2022 is 2.25% 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 2022-2023 administrative fee of $81,380 is based
on 342 active participants and 284 retirees.

BUDGET SUMMARY (continued)
The Public Employees Retirement System Fund (PERS) currently has 7 actlve 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.
51945 RETIREE HEALTH BENEFITS
Overall Budget is up 7.93%. The main driver is an increase in actual monthly cost to the Town. The
Town currently has eighteen (18) 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.

Pay
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 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.
Proposed Budget for Fiscal Year 2023 contains an increase of 11.44%.
As of the July 1, 2020 actuarial OPEB valuation, the Town's Unfunded Actuarial Accrued Liability is
$19,277,319. The annual required contribution (ARC) for FY2023 is $2,231,121. This contribution is
funded in several account lines in the annual budget (10116-51949, 10116-51945, and 10112-52251).
ry
Yn 
‘i
io \
1%

10116-51945 - RETIREE HEALTH
RETIREES - OVER 65
RETIREES - UNDER 65
NON BCBS SUPPLEMENT
PROSPECTIVE RETIREES
ADMINISTRATIVE COST - HRA
TOTAL
AMOUNT TO BUDGET
2021-2022 ADOPTED BUDGET
PERCENT DECREASE OVER P/Y
BENEFITS
MONTHLY
COST
$7,783.87
$22,346.07
$4,008.96
$1,977.60
$100.00
$36,216.50
‘ Budget calculation based on October 2021 monthly cost to Town.
2 Budget calculation based on October 2021 rates.
3 In 2020-21, 16 retirees were reimbursed for Non-BCBS
supplement. The total reimbursement was $45,243.65. The
retiree must submit copies of paid invoices to receive the
TOWN OF WATERFORD
RETIREE HEALTH BENEFITS -SUMMARY SHEET
2022-2023 PROPOSED BUDGET
NO. OF
MONTHS 
ANNUAL COST
12
12
12
12
12
reimbursement.
$93,406.44
$268,152.84
$48,107.52
$23,731.20
$1,200.00
$434,598.00
434,598
402,682
7.93%
a 
b&b 
Ow 
NH 
=
* There is currently 1 employee that is eligible to retire under the plan, budget is created using the 2-
person rate.
5 Third party fee for the administration of the HRA accounts allowed for in the current GGA contract.
Third party vendor is Flores & Associates.
51945-RETIREE HEALTH BENEFITS

TOWN OF WATERFORD
HEART/HYPERTENSION 2022-2023 FISCAL YEAR PROPOSED BUDGET
2021-2022 
2022-2023
2018-2019 
2019-2020 
2020-2021 
ACTUAL @ 
2021-2022 
PROPOSED
HEART/HYPERTENSION 
ACTUAL 
ACTUAL 
ACTUAL 
as of Nov13 
BUDGETED 
BUDGET
WAGES ! 
203,002.00 
163,225.33 
167,099.92 
64,269.20 
171,448 
167,820
TREATMENT MEDICATION 2 
14,185.89 
4,066.39 
5,996.45 
1,907.30 
10,000 
6,000
TOTALS 
217,187.89 
167,291.72 
173,096.37 
66,176.50 
181,448.00 
173,820.00
NOTES:
1COLA rates used as of October 1, 2021 
Note. That the COLA decreased this year but weekly rates were not decreased.
2Treatment medication is based on prior year actual.
51930 heart-hypertension

TOWN OF WATERFORD
PENSION CONTRIBUTIONS
2022-2023 FISCAL YEAR PROPOSED BUDGET
INCREASE/ 
% INCREASE/
2017-2018 
2018-2019 
2019-2020 
2020-2021 
2021-2022 
2022-2023 
(DECREASE) 
(DECREASE)
PENSION CONTRIBUTIONS 
ACTUAL 
ACTUAL 
ACTUAL 
ACTUAL 
BUDGETED 
PROPOSED 
OVER P/Y 
OVER P/Y
TOWN OF WATERFORD PLAN
EMPLOYER CONTRIBUTIONS 
81,493.00 
81,131.00 
82,000.00 
82,000.00 
83,000.00 
27,280.00 
(55,720.00) 
-67.13%
ACTUARIAL FEE 
4,500.00 
5,395.01 
7,953.00 
7,100.00 
5,957.91 
7,100.00 
1,242.09 
19.17%
85,993.00 
86,526.01 
89,953.00 
89,100.00 
88,957.91 
34,380.00 
(54,577.91) 
-61.35%
MERS
EMPLOYER CONTRIBUTIONS 
2,645,182.00 
2,735,169.99 
3,797,638.44 
3,615,776.00 
3,839,599.51 
4,072,161.22 
232,561.71 
6.06%
AMORTIZATION/ADMIN COST 
507,956.00 
497,704.00 
497,704.00 
502,644.00 
420,218.58 
509,176.76 
88,958.18 
21.17%
3,153,138.00 
3,232,873.99 
4,295,342.44 
4,118,420.00 
4,259,818.09 
4,581,337.98 
321,519.89 
7.55%
TOTALS 
3,239,131.00 
3,319,400.00 
4,385,295.44 
4,207,520.00 
4,348,776.00 
4,615,717.98 
266,941.98 
6.14%
51940- pension contributions

TOWN OF WATERFORD
PROJECTED MERF CONTRIBUTION - ACTUAL 2020-2021 WAGES
2022-2023 FISCAL YEAR
PROJECTED 2021-2022 WAGES. 
ACTUAL 2020-2021 
WAGES.
TOWN 
POLICE/FIRE |. BOE NON-CERT. 
=/F 
BO 
ERT |
MONTH 
SALARIES 
SALARIES 
SALARIES - 
TOTAL 
oe 
“SALARIES 
| 
SALARIES 
| 
SALARIES 
| 
TOTAL
JULY 2021 ACTUAL 
$855,142.86| 
$587,518.54 
609,023.33| 
2,051,684.73 |JULY 2020 
-$848,745.29|. 
$553,766.19 
671,730.20| 
2,074,241.68
AUGUST 2021 ACTUAL 
$668,105.19| 
$503,204.03 
417,580.77| 
_1,588,889.99 [AUGUST 2020 
§655,420.80|. 
$478,663.66 
415,330.79] 
1,549,415:25
SEPTEMBER 2020 ACTUAL 
$689,266.21| 
$520,505.04 
554,161.35| 
1,763,932.60 |SEPTEMBER 2020 
$648,801.81) 
- $460,186.56 
584,078.89| 
1,693,067.26
OCTOBER 2021 ACTUAL 
$848,706.21| 
$614,964.76 
545,622.63| 
2,009,293.60 JOCTOBER 2020 
$821,449.06| 
$579,040.77 
582;,569.78| 
1,983,059.61
NOVEMBER 2021 ACTUAL 
$693,905.54| 
$472,137.12 
535,227.83| 
1,701,270.49 [NOVEMBER 2020 
$666,342.13| 
$466,201.18 
572,350.23| 
-1,704)893.54
DECEMBER 2021 ACTUAL 
$668,349.83} 
$519,187.41 
822,904.88] 
2,010,442.12 |DECEMBER 2020 
$913,303.96| 
. $734,447.14 
830,031.59]. 
2,477,782.69
JANUARY 2022 PROJECTED 
$678,892.06] 
$455,064.08 
541,322.63] 
1,675,278.77 [JANUARY 2021 
$659,641.50| 
$423,474.98 
529,360.84| 
1,612,477.32.
FEBRUARY 2022 PROJECTED 
$741,929.88| 
$479,309.32 
541,322.63| 
1,762,561.83 |FEBRUARY 2021 
§720,891.83|. 
$446,037.19 
567,101.62| 
1,734,030.64
MARCH 2022 PROJECTED 
$693,278.58| 
$476,832.37 
541,322.63| 
1,711,433.58 |MARCH 2021 
$673,620.08|. 
$443,732.18 
584,837.23| 
1,702,189.49
APRIL 2022 PROJECTED 
§883,938.20| 
$592,187.65 
541,322.63| 
2,017,448.48 |APRIL 2021 
$858,873.38|. 
$551,079.87 
528,036.66| 
1,937,989.91
MAY 2022 PROJECTED 
$740,954.24] 
$557,960.17 
541,322.63| 
1,840,237.04 |MAY 2021 
$719,943.85 
$519,228.35 
587,350.72| 
1,826,522.92
JUNE 2022 PROJECTED 
$704,080.39] 
$525,677.69 
541,322.63| 
1,771,080.71 [JUNE 2021 
$684,115.59| 
$489,186.82 
582,001.60| 
1,755,304.01
TOTALS:|. 
8,866,549.19 |. 6,304,548.18 | _-6,732,456.57 | .21,903,553.94 | 
| 8,871,149.28 
| 
6,145,044.89 | _7,034,780.15 | 22,050,974.32 |
Est wage increase FY23 
2.25% 
2.25% 
2.50% 
2.25% 
2.25% 
2.50%
Projected MERF salaries 2022-23 
9,066,046.55 
6,446,400.51 
6,900,767.98 
22,413,215.04 
9,070,750.14 
6,283,308.40 
7,210,649.65 
22,564,708.19
2022-2023 Contribution Rate * 
16.44% 
22.45% 
16.44% 
15.24% 
20.95% 
15.24%
Est. Employer Contribution 2020-2021 
$1,490,458.05 
$1,447,216.91 
$1,134,486.26 
$4,072,161.22 
$1,382,382.32 
$1,316,353.11 
$1,098,903.01 
$3,797,638.44
Amortization 
0.00 
427,247.68 
549.08 
427,796.76 
0.00 
416,827.00 
537.00 
417,364.00
Administrative Fee 
31,980.00 
12,870.00 
36,530.00 
81,380.00 
31,200.00 
12,740.00 
36,400.00 
80,340.00
CONTRIBUTION 
$1,522,438.05 
$1,887,334.59 
$1,171,565.34 
$4,581,337.98 
$1,413,582.32 
$1,745,920.11 
$1,135,840.01 
$4,295,342.44
CONTRIBUTION RATE
1. The contribution rate is based on the MERF Projection for FY 2022 from the State of CT. FY 2023 rates have not been received as of November 13, 2021.

STATE of
RETIREMENT SERVICES DIVISION
CONNECTICUT
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES 
Hartford, CT 06106
DIvISION
March 4, 2021
Ms. Joyce Sauchuk
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
jsauchuk@waterfordct.org
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, 2021. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2021 to June 30, 2022 fiscal year.
e 
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 
7.05%
Unfunded Accrued Liability 
9.39%
Total
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, 2024. The estimated schedule of future employer contribution
rates is provided in the June 30, 2020 valuation.
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, 2021, the
employee contribution rates for members covered by Social Security will increase from 3.25% to 3.75%.
e 
There is no annual amortization payment for prior service.
e 
The CMERS administrative charge is $8,710. This charge is based on $130 per active and retired member. Our most
recent files show 33 active members and 34 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.44% at its January 21, 2021
meeting. A copy of the June 30, 2020 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 oLe
John Herrington, Director
Retirement Services Division

STATE of
RETIREMENT SERVICES DIVISION
CONNECTICUT
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES 
Hartford, CT 06106
DIVISION
March 4, 2021
Ms. Joyce Sauchuk
Director of HR
Waterford Fire Department
15 Rope Ferry Road
Waterford, CT 06385
jsauchuk@waterfordct.org
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, 2021. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2021 to June 30, 2022 fiscal year.
e 
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 
11.14%
Unfunded Accrued Liability 
11.31%
Total
We project the contribution payment, as a percentage of payroll, will increase in future annual valuations to an
estimated rate of 24.48% for fiscal year ending June 30, 2024. The estimated schedule of future employer contribution
rates is provided in the June 30, 2020 valuation.
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, 2021, the
employee contribution rates for members covered by Social Security will increase from 3.25% to 3.75%.
e 
There is no annual amortization payment for prior service.
e 
The CMERS administrative charge is $2,080. This charge is based on $130 per active and retired member. Our most
recent files show 9 active members and 7 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 22.45% at its January 21, 2021
meeting. A copy of the June 30, 2020 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

StTaTE of
RETIREMENT SERVICES DIVISION
CONNECTICUT
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
RETIREMENT SERVICES 
Hartford, CT 06106
DIvIsION
March 4, 2021
Ms. Joyce Sauchuk
Director of HR
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
jsauchuk@waterfordct.org
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, 2021. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2021 to June 30, 2022 fiscal year.
e 
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 
11.14%
Unfunded Accrued Liability 
11.31%
Total 
22.45% —
We project the contribution payment, as a percentage of payroll, will increase in future annual valuations to an
estimated rate of 24.48% for fiscal year ending June 30, 2024. The estimated schedule of future employer contribution
rates is provided in the June 30, 2020 valuation.
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, 2021, the
employee contribution rates for members covered by Social Security will increase from 3.25% to 3.75%.
e 
There is no annual amortization payment for prior service.
e 
The CMERS administrative charge is $12,090. This charge is based on $130 per active and retired member. Our most
recent files show 47 active members and 46 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 22.45% at its January 21, 2021
meeting. A copy of the June 30, 2020 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 OL
John Herrington, Director
Retirement Services Division

STATE of
RETIREMENT SERVICES DIVISION
CONNECTICUT
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
Hartford, CT 06106
RETIREMENT SERVICES
DIvIsIOn
March 4, 2021
Ms. Joyce Sauchuk
Director of HR
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
jsauchuk@waterfordct.org
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, 2021. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July 1, 2021 to June 30, 2022 fiscal year.
e 
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 
7.05%
Unfunded Accrued Liability 
9.39%
Total 
(16.44% —
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, 2024. The estimated schedule of future employer contribution
rates is provided in the June 30, 2020 valuation.
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, 2021, the
employee contribution rates for members covered by Social Security will increase from 3.25% to 3.75%.
e 
The last annual amortization payment of $ 76 for prior service is due July 1, 2021.
e 
The CMERS administrative charge is $15,080. This charge is based on $130 per active and retired member. Our most
recent files show 82 active members and 34 retired members.
The State Employees Retirement Commission approved the above total contribution rate of 16.44% at its January 21, 2021
meeting. A copy of the June 30, 2020 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
eye ———
John Herrington, Director
Retirement Services Division

PERS
TWN OF WATERFORD RETIREMENT LAN
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 
2024 
2022
0c 
a a 
59,870
HOOKER & HOLCOMBE 
| HHCONSULTANTS.COM 
PAGE 1

Executive Summary
OP&B
soln 
ATONE 
OS aN
July 1, 2020 
July 1, 2018
Number of members
Active members 
404 
406
Retired members and dependents 
119 
147
Total 
523 
553
Covered employee payroll 
31,115,420 
29,522,454
Average plan salary 
77,018 
72,715
Actuarial present value of future benefits 
27,947,165 
25,535,348
Actuarial accrued liability 
25,386,650 
23,232,946
Plan assets
Market value of assets 
6,109,331 
3,636,422
Actuarial value of assets 
6,109,331 
3,636,422
Unfunded accrued liability 
19,277,319 
19,596,524
Funded ratio 
24.1% 
15.7%
Actuarially determined employer contribution (ADEC)
Fiscal year ending 
2022 
2020
ADEC 
2,217,688 
2,127,089
Fiscal year ending 
2023 
2021
Pere eee 
2,139,712
HOOKER & HOLCOMBE 
| HHCONSULTANTS.COM