Retirement Commission - 1012 (01/21/2025)

FIFTEEN ROPE FERRY ROAD 
PHONE: 860-442-0553
WATERFORD, CT 06385-2886
wwwwaterfordctorg
RETIREMENT COMMISSION
SPECIAL MEETING AGENDA
TUESDAY 
JANUARY 21,2025 
7:00P.m. 
BDorF EDUCATION CONFERENCE RM
1. 
Establishment of quorum and call to order by Temporary Chair.
2. Election of Commission Chair for 2025.
3. Public Comment
4. 
Consideration of and action on minutes of the March 27, 2024, meeting.
5. 
Consideration of and action on the proposed FY26 Retirement Commission budget.
6. New Business
7. 
Adjournment
encl: 
RC Minutes, 3/27/24
Proposed FY26 Retirement Commission Budget
2024 OPEB Valuation Report
Retirement Commission 
FY24 Annual Report

FIFTEEN ROPE FERRY ROAD
PHONE: 860-442-0553
WATERFORD, CT 06385-2886
www.waterfordct.org
Retirement Commission 
Wednesday, March 27, 2024
Special Meeting Minutes 
5:30pm Waterford Town Hall
Present: 
Susan Driscoll, Mark Gelinas, Craig Merriman, Michael Rocchetti (arrived 6:06pm)
Other: 
Bevon Francis, Fiducient Advisors
Absent: 
Linda Finnegan, Rob Brule, Paul Goldstein
Staff: 
Kimberly Allen, Director of Finance, and Rebecca Hall, Secretary
1. 
Meeting called to order at 5:35pm. After confirmation of fourth member in transit, consensus of
members present to move the Fiducient presentation to the first order of business, so that items
requiring votes would be considered once quorum was achieved. (Note: Quorum established at 6:06pm.)
2. 
Devon Francis from Fiducient Advisors led discussion of the OPEB and pension portfolios’ performance in
the 4".quarter of 2023 and explained data from their Jan/Feb 2024 Flash Report. Major takeaways were
that despite lingering volatility in the stock market post-Covid, we met our targets in 2023; Fiducient
adjusted our portfolio to increase fixed Income investments because these traditional safety nets are now
income generators since the Feds ended their interest rate hike campaign, and while we did not quite hit
aur benchmarks in the first two months of 2024, overall performance was good and benchmarks should
be hit after the anticipated interest rate cut by the Feds. Fiducient will manage as necessary to provide
sufficient diversity to weather any storms as inflation continues to fluctuate, the Feds set new rates, and
we await the inevitable recession that, Francis said, rolls around about every 6.5 years.
Motion by Gelinas and seconded by Rocchetti to approve the minutes as p
ned.
Vote: 2-0-2 
Abstain: Rocchetti, Gelinas 
Motion: Passed
4
fomtd
3. 
Election of Commission Chair for 2024: Outgoing Chair Driscoll asked for noriihatiogis
Motion by Rocchetti and seconded by Merriman to nominate Driscoll as Chait for 2924.
Vote; 
3-1-0 
No: Driscoll 
Motion Passed 
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22 
§
4. 
Public Comment: None 
2 
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5. 
Approval and acceptance of minutes: of Special Meeting on November 3 OB. co
7
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6. 
Cansideration of Pension and OPEB Funds 4".quarter 2023 status reports from Principal Custody
Solutions. Director Allen briefly explained the reports in Jayperson’s terms, noting that they track our
cash flow and show where/when/whether expenses and income are accurring as reported elsewhere.
7. 
New Business: Chair noted the next biennial valuation of the pension plan’s unfunded pension liability is
scheduled for late this summer and asked Director Allen to invite-a Hooker & Holcomb representative for
a presentation of data at the October Retirement Commission meeting. Director Allen will follow up.
&. 
Adjournment:
Motion by Rocchetti and seconded by Gelinas to adjourn at 6:31pm.
Vote: 4-0-0 
Motion: Passed
Respectfully submitted,
Rebesca L. Hall, Secrétary

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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.

BUDGET SUMMARY
The proposed FY26 budget of $8,096,460 Is 4.33% higher than FY25. The main driver of this
decrease is the reduced amount anticipated to be deposited into the pension (MErs).
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 down by 9.53%. 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 6 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 2024-2025
projected payroll using staffing levels as of November 2024, The employee contribution
rate for fiscal year 2025-2026 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 2025-2026 administrative fee of $81,120 is based
on 342 active participants and 282 retirees.

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. The next actuary valuation is
scheduled for June 2026,
51945 RETIREE HEALTH BENEFITS
Overall Budget is down 1.87%. The main driver for the decrease is actual monthly cost to the Town
for Retirees under 65, The Town currently has shteen (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 inthe 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.

BUDGET SUMMARY (continued)
Proposed Budget for Fiscal Year 2026 contains an increase of 4.33%.
As of the July 4, 2024, actuarial OPEB valuation, the Town's Unfunded Actuarial Accrued Liability is
$20,902,949. The annual required contribution (ARC) for FY2026 is $2,804,332. This contribution is
funded in the annual budgets of the Retirement Commission and Insurance Budgets as follows:
Trust Contribution (10116-51949) 
2,281,709
Retiree Health Benefits (10116-51945) 
421,529
Over 65 - fully insured (10112-52251} 
101,529
2, 804, 332
Note:
In FY 2024 (8/14/2024), the Board of Finance approved an additional payment of $556,754 into the
Town’s OPEB account.

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Srate of
C 
ISION
ConnecTICUT 
RETIREMENT SERVICES Divisio:
OFFICE ofthe STATE COMPTROLLER
165 Capitol Ave.
Hartford, CT 06106
RETIREMENT SERVICES
Division
February 29, 2024
Ms, Christy Gregg
Director of HR.
Waterford Public Schools
15 Rope Ferry Road
Waterford, CT 06385
cgrege@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%
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%,
There is no annual amortization payment for prior service.
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-hitps./wiww.ose.et aowrbed/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
EST OLE
John Herrington, Director
Retirement Services Division

Srare of
Connecticut 
Rermemenr Szrvices Division
. 
OFFICE ofde STATE COMPTROLLER
= 
; 
165 Capiral Ave.
RETMEMENT SERVICRS 
Hareford, CT 06106
Division
February 29, 2024
Ma. Christy Gregg
Director of HR
Waterford Fire Department
15 Rope Ferry Road
Waterford, CT 06385
cgrege@waterfordct.org
$ 
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 hus 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 Liabitity 
15.89%
Total 
124,10% =
° 
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 employes contribution rate for wages above the Social Security Wage Base is 8.00%.
© 
= There is no annual amortization payment for prior service.
¢ 
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
at hitpac(fvrww, ot¢ ct gov /thed/reportw/index 
him!
Hf 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
TM S29
John Herrington, Director
Retirement Services Division

STATE gj
con 
Reriremenr Sgxvicns Division
: 
OFFICE ¢fte STATE COMPTROLLER
BNE 
165 Capitol Ave.
Rermsmenr Seevices 
Hartford, 
CT 06106
Deviation
February 29, 2024
Ms. Christy Gregg
Director of HR
‘Town of Waterford
15 Rope Perry Road
Waterford, CT 06385
cerege@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 Municipat
Employees Retirement System (CMERS) for the fiscal year beginning July 1, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates bolow 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:
Normat Cost 
5.60%
Unfunded Accrued Liability 
11.08%
Total 
36.68%"
© 
As stated in the Retirement Services Division letter dated June 25, 2019, Public Act No. 19-124 includes an increase
in emptoyee 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%.
¢ 
There is no annual amortization payment for prior service,
¢ 
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 bitpa l/r ose ch pov /rbadfrenorisindes hers
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
BY:
John Herrington, Director
Retirement Services Division

Srare of 
D
Connecricut 
Retirement Services 
Drvtsion
« 
: 
OFFICE ofthe STATE COMPTROLLER
465 Capitol Ave,
Hareford, CT 06106
Rarmunent Seavices
Division
February 29, 2024
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgrere@waterfordct.ong
BE: 
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.
¢ 
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 
5.66%
Unfunded Accrued Liability 
11.08% |
Total 
16.68%
* 
— Asstated in the Retirement Services Division letter dated June 2S, 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, 2024, the
employee contribution rates for members covered by Social Security will increase from 4.75% to $,25%, Please note
that the employee contribution rate for wages above the Social Sccurity Wage Base is 8.00%.
© 
There is no annual amortization payment for prior service.
« 
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
meting. A copy of the June 30, 2023 actuarial valuation neport can be found on the Office of the State Comptroller’s website
at hihns://www,ose.ct 
govl 
ortwlindex hint.
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
S29
John Herrington, Director
Retirement Services Division

Srare of
Conngecricut 
RETIREMENT Ssavsces Division
OFPICE ofc STATE COMPTROLLER
165 Capitol Ave.
Hartford, 
CT 06106
RETIREMENT SERVICES
Division
February 29, 2024
Ms. Christy Gregg
Director of HR
Town of Waterford
15 Rope Ferry Road
Waterford, CT 06385
cgrege@waterfordct.org,
RE: Waterford 
1 1303 
152-8
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 
1L08%
Total 
16.68%"
¢ 
= Asstated 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 Sacial Security will increase from 4.75% to 5.2596. Please note
that the employee contribution rate for wages above the Social Security Wage Base is 8.00%.
« — There is no annual amortization payment for prior service.
« 
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
valuation report can be found on the Office of the State Comptrolier's website
Ef you have any questions regarding the informotion provided in this letter, please contact Kathryn Balut, 
a CMERS staff
Very truly yours,
THE CONNECTICUT MUNICIPAL EMPLOYEES RETIREMENT SYSTEM
wS29
John Herrington, Director
Retirement Services Division

Stare of
Conrnecricur 
Rermument Services Division
OFFICE gd: STATE COMPTROLLER
165 Capicol Ave.
RaTinemenr Seavices 
Hartford, CT 06106
Drvistor
February 29, 2024
Ms. Christy Gregg
Director of HR
Waterford Public Schools
I5 Rope Ferry Road
Waterford, CT 06385
cgrege@waterfordct.ong,
RE: Waterford Norruoton Educ 182-8
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 fisoal year beginning July 1, 2024. The State of Connecticut Retirement
Commission has authorized the contributions rates below to be effective for the July [, 2024 to June 30, 2025 fiscal year.
* 
Monthly contribution payments, as a percentage of payroll, will be as follows:
Normal Cost 
5.0%
Unfunded Accrued Liability 
11.08%
Total 
16.68%:
© 
As stated in the Retirement Servicer 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, 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%,
¢ — 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. Gur most
tecent files show 39 active members and 23 retired members.
The State Employees Retiroment Commission approved the above total contribution rate of 16.68% at its February 15, 2024
mecting. A copy of the June 30, 2023 actuarial valuation report can be found on the Office of the State Comptroller's website
at fies :dAvww.oee.ct gav/rhed/reponts/index hem.
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
BY:
John Herrington, Director
Retirement Services Division

Executive Summary
“Pers
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD RETIREMENT FLAN
Number of members
Active employees 
Q 
Q
Terminated vested members 
0 
i]
Retired, disabled and beneficiaries 
6 
7
Total 
6 
7
Covered amployae payroll 
N/A 
N/A
Average plan salary 
N/A 
N/A
Actuarlal present vatue of future benefits 
717,948 
786,000
Actuarial accrued lability 
717,948 
786,000
Plan assets
Market value of assets 
509,200 
639,050
Actuarial value of assets 
554,662 
587,576
Unfunded accrued lability 
163,286 
198,424
Funded ratio 
77.3% 
74.8%
Actuarlatly determined employer contribution (ADEC)
Fiscal year ending 
2025 
2023
ADEC 
22,450 
27,280
Fiscal year ending 
(2026! 
2024
ABEC 
22,450 
27,280
Hooker & Holcombe, now part of USI Consulting Group | HHCONSULTANTS.CGOM | USICG.COM 
7

OPEB
ACTUARIAL VALUATION REPORT
TOWN OF WATERFORD OPEB PLAN
Executive Summary
‘Iuly1, 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
Pian assets
Market value of assets 
13,311,529 
8,465,847
Actuarial value of assets 
13,194,398 
9,206,097
Unfunded accrued lability 
20,902,949 
20,868,668
Funded ratio 
38.7% 
30.6%
Actuarially determined employer contribution (ADEC)
Fiscal year ending 
2026 
2024
ADEC 
2,804,332 
2,505,310
Fiscal year ending 
2027 
2025
ADEC 
2,818,488 
2,516,833
USICG.COM

FEFATEEN ROPE FERRY ROAD
WATERFORD, CT 06385-2886
PHONE: 8b-442-0553
wwewvalerfonletont
ANNUAL REPORT OF THE WATERFORD RETIREMENT COMMISSION
FISCAL YEAR 2023-2024
Pursuant to Connecticut General Statutes and Waterford Cade of Ordinances, the Retirement Commission
oversees the Municipal Employees Retirement System (MERS)—the State’s multiple-employer,
cost-sharing, public employee retirement system—as well as the Public Employees Retirement System
(PERS), the Town’s original defined benefit plan offered before the State’s creation of MERS.
MERS
Waterford’s MERS data is included in the State of Connecticut’s financial report that may be obtained
by contacting the Retirement Services Division of the Office of the State Comptroller by mail at 165
Capitol Ave., Hartford, CT 06106; by email to osc.rsd@ct.gov; or by phone at 860-702-3480.
Under MERS, any local government authority in the State of Connecticut (e.g., towns, cities, boroughs,
regional school districts, housing authorities, or other special districts) may elect to have one or more
of its departments, including elective officers, participate in the state-administered system, All eligible
full-time employees of the Town and the Board of Education must enroll in the MERS plan. Teachers
covered under the Connecticut State Teachers Retirement System are not eligible for the MERS.
MERS provides for retirement benefits, as well as death and disability benefits. Plan provisions are set
by Connecticut General Statutes. MERS membership is mandatory for all regular full-time employees
of participating departments, except for Police and Fire hired after age 60. 
A member is vested after
5 years of continuous active service during which the member is actively working and contributing to
the MERS. Any employee who terminated prior to Oct. 1, 2001, must have 10 continuous years of
service or 15 total years of active service to be vested in the MERS.
Members are entitled to an annual retirement benefit, payable monthly for life, when they reach normal
retirement age (age 55 with 5 years of service or 15 years of non-continuous active service) OR at any
age if they have a minimum of 25 years of total service. For members age 62 and covered by Social
Security—or, if earlier, in receipt of an SSDA—the annual MERS retirement benefit is equal to 1.5%
of their average final compensation not in excess of the year’s breakpoint, plus 2% of their average
final compensation in excess of the year’s breakpoint, times their years of service.
MERS retirees are eligible for annual cost-of-living adjustments payable on each July | following their
retirement date. The adjustment is 60% of the annual increase in CPI-W up to 6%, plus 75% of the
annual increase in CPI-W above 6%. The minimum annual COLA is 2.5% and the maximum is 6%.
Disability retirement benefits are adjusted each July 1 based upon the performance of the fund’s asset,
with a minimum COLA of 3% and a maximum of 5%.

RC pg 2o0f3
Retirement trust funds can be invested in various investment pools maintained by the State of
Connecticut. Investments in the pooled funds are valued at cost. No investments in any organization
represent 5% or more of net assets available for benefits.
Public Act 19-124 increased employee contributions to the MERS plan during FY20 and in each of the
five subsequent fiscal years. Related reductions in the employer contribution rates were offset by the OSC
Retirement Services Division’s decision to reduce the assumed investment rate of return from 8% to
7%, resulting in increased employer contribution rate projections each year for FY20 through FY25.
According to the OSC’s most recent calculations the average cost of municipal employers’ MERS
contributions increased 75% from calendar years 2018-2023 and account for 25% of their payroll costs.
PERS
The Public Employees Retirement System (PERS) is a single-employer defined benefit pension plan,
established and administered by the Town, that covers employees who retired or terminated in a vested
status prior to their department’s participation in the MERS. No contributions are required from PERS
members; the Town is required to contribute all amounts necessary to finance the benefits for PERS
plan participants. The PERS is considered to be part of the Town of Waterford’s financial reporting
entity and is included in the Town’s financial reports as the Pension Trust Fund.
Under PERS, members who retired at their normal retirement date (age 62 with 15 years of service)
receive benefits equal to 1.5% of their final average earnings (i.e., the average of the highest 5 years of
earnings within their last 10 years) per year of service, limited to 30 years of service. Members who
retired at their service retirement date (age 50 with 25 years of service) receive benefits equal to 2% of
their final average earnings per year, limited to 30 years of service, until age 62. Members who retired
at their early retirement date (age 57 with 15 years of service) could elect either to receive benefits
accrued to that date, reduced by 0.4167% for each month prior to their normal retirement date, or to
defer benefits until their normal retirement date with no reduction. PERS benefit provisions are
established, and can be amended, by the RTM.
The PERS plan provides retirement, disability, and death benefits to plan members and their
beneficiaries. The PERS plan was closed to new members at various times over the years and there
are no longer any current employees in that plan. According to the most recent biennial valuation
report, as of July 1, 2023, the number of individuals receiving PERS plan benefits dropped to six.
The 2023 valuation report showed that in the previous two years, the PERS plan’s net unfunded
pension liability had dropped from $198,424 to $163,286 as of July 1, 2023. Since that figure is the
main driver of our required employer contribution costs, the FY23 and FY24 budgets each included
$27,280 for employer contributions, a reduction (from $87,000 in FY22) recommended by the actuarial
firm to better reflect projected payments to the diminishing number of PERS plan recipients. If it is
determined that there are any excess assets in the PERS plan, they may be used to fund past service
costs for employees who transferred to the MERS pension plan.
The Town of Waterford financial statements for PERS are prepared using the accrual basis of
accounting. Employer contributions are recognized as revenues in the period the contributions are due.
Benefits and refunds are recognized when due and payable in accordance with the terms of the plan.

RC pg 3 of 3
OPEB
In addition to retirement, death, and disability benefits, the Town is required to fund other post-
employment benefits (OPEB) for eligible retirees. The Town recognizes the cost of post-employment
healthcare in the year the employee services are received, reports the accumulated liability from prior
years, and provides information useful in assessing demands on the Town’s future cash flow. While the
Town funds its OPEB costs annually on a pay-as-you-go basis, Governmental Accounting Standards
Board (GASB) Statement 45 requires that municipalities recognize it as an actuarial accrued liability
inclusive of implicit rate subsidies. The GASB does not require that the Town fund the liability, only
that it disclose the liability on the Town’s financial statements. However, as of fiscal year 2016, GASB
Statements 74 and 75 require that the Town report the OPEB liability on the face of its financial
statements rather than as a note to the statements. If the Town does not adequately fund the liability
each year, the liability would continue to grow and could adversely affect the Town’s bond rating.
On December 1, 2014, the RTM approved the establishment and funding of a trust for the purpose of
reducing the Town’s unfunded liability. The OPEB trust was established in February 2017 and the
Retirement Commission contracted with outside firms to serve as custodians of the trust fund, invest
annual trust fund contributions, and perform actuarial valuations of the unfunded liability to determine
recommended annual contribution amounts to cover current-year expenses and pay down the liability.
Recognition of the liability accumulated from prior years, commencing with the 2006 liability, is being
phased in over 30 years. The first OPEB Actuarial Valuation report—July 1, 2016—disclosed the net
cost (i.¢., the Town’s unfunded accrued liability) of OPEB healthcare as $22,530,000.
OPEB trust fund contributions of $1,160,000 were made in FY18 and again in FY19. The Retirement
Commission requested $2,058,613 for OPEB trust fund contributions for FY20, as recommended by
plan advisors due to actual and anticipated cost increases; the amount was reduced to $758,613 during
the budget hearing process. The July 1, 2020, valuation of the unfunded liability was $19,277,319.
The Commission’s FY21 request of $1.4 million for OPEB trust fund contributions was reduced by
$300,000 during a round of Covid pandemic budget cuts, For FY22, based on the Finance Director’s
discovery of duplicated reporting, the Commission reduced its OPEB trust fund budget request to
$750,000, and contributions for fully insured members over age 65 were moved to the Insurance budget.
Subsequent in-depth review by the Finance Director and actuarial firm of actual and projected costs and
investment performance resulted in an FY23 budget of $1,143,311 for OPEB trust fund contributions.
However, the biennial OPEB July 2022 valuation report determined that the unfunded accrued OPEB
liability had increased to $20,868,668. The actuarial firm attributed the uptick to higher-than-expected
increases in premiums and Board of Education staff retirements and recommended that the FY24 and
FY25 budgets each include $1,458,305 for OPEB trust fund contributions. Both were approved intact.
While returns on investments have consistently hit or exceeded recommended targets, the Commission
anticipates the need to increase budget requests for FY26, based on the pending MERS reforms coming
in July 2025 and the most recent valuation report (received Jan. 2025) that showed the unfunded OPEB
liability had increased again—to $20,902,949 as of July 1, 2024,
Respectfully submitted,
Jag 
dusol
Susan Driscoll, Chair
Waterford Retirement Commission 
January 2025