New Canaan pension committee approves retirement benefits and plan expenses; reports $173.8 million market value

The New Canaan Pension Committee met March 18 and unanimously approved meeting minutes, pension payments for two retiring or terminating members, and plan expenses related to the 07/01/2024 actuarial valuation. The committee also received an updated market-value report showing $173,776,326.75 in plan assets.

The committee approved the February 11 meeting minutes by unanimous vote. The panel then reviewed two benefit calculations: Rosanna Dapani, who had 17.75 years of service and a monthly vested benefit of $3,539.65, and Roy Walgar (Board of Education), who had 19.75 years of service and a monthly benefit of $4,001.63. The committee voted unanimously to approve the pension benefits for those terminating and retiring employees.

Committee members reviewed newly deceased plan members. The meeting record lists George Marianas (date of death 03/03/2025) with a beneficiary and Barry Inwood (date of death 01/26/2025) with no beneficiary; committee members noted calculations were pending for the beneficiary case and no approval was required for the record listing.

The committee reviewed and approved plan expenses connected to actuarial and accounting work for the 07/01/2024 valuation. The transcript records an expense item of $38,000 for benefit calculations, the 07/01/2024 actuarial valuation, GASB 67/68 work, the Pension Edge Plus service, and a retiree service center. A separate vendor listed as “Reed and Reg” was noted for GASB 74/75 work and initial 07/01/2024 valuation tasks; the amount for that vendor was not specified in the meeting record.

The market-value report presented at the meeting showed total plan assets of $173,776,326.75 as of the meeting date. Committee members remarked the plan remained up despite a difficult market.

After completing the agenda, the committee adjourned. The meeting record indicates unanimous votes on the approvals taken.