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Fairfield Retirement Board approves four retiree pensions; staff to confirm actuarial calculations
Summary
The Fairfield Retirement Board approved pension calculations for four retirees — two from the Board of Education and two town employees — and requested staff follow up with Milliman actuarial confirmations.
The Fairfield Retirement Board voted in June to approve pension benefits for four retirees: Edward Marani, Dawn Olsen, Amy Germano and Karen Smith.
Edward Marani, a custodial/maintenance worker with 34 years of service for the Board of Education, was approved for a pension that includes a five-year guarantee. Dawn Olsen, identified as a vested, terminated employee with 19 years of service, was approved to begin collecting a pension with a first pension date of Feb. 1. Amy Germano, who worked 29 years for the Board of Education, was approved under a 50% joint-and-survivor option. Karen Smith, a town employee with 25½ years of service who retired Jan. 1, was approved with a five-year guarantee and will receive retiree health care through the town; board-of-education retirees were noted as not receiving town retiree health coverage.
Board staff said the pension calculations tied to Milliman’s test system but that the assistant director of human resources, Peter Ritchie, had not yet signed off on the formal calculations at the time of the meeting. The board approved the retirees "as presented" and asked staff to supply final Milliman calculation output and any required sign-offs after the meeting. The approval was by voice vote; the transcript does not record a roll-call tally.
