New Canaan pension committee unanimously approves vested benefits and $31,410 in actuarial fees
Summary
At a Nov. 19 special meeting, the Town of New Canaan Pension Committee approved monthly vested benefits for four former employees, authorized $31,410 in USI actuarial services for July–September 2025 and heard a market-value update reporting the fund at about $190.7 million.
The Town of New Canaan Pension Committee met in special session on Nov. 19, 2025, and unanimously approved a set of vested monthly benefits for several retiring or terminated employees and $31,410 in actuarial services for the quarter ending Sept. 30, 2025.
Committee staff presented individual vested benefit amounts for Joanne Gerardi ($521.22 monthly), Ben Buckner ($4,825.08 monthly), firefighter Mike Sosai ($7,129.82 monthly) and Joe Lucas ($5,396.01 monthly). After a call for questions, a member moved to approve the listed benefits, the motion was seconded, and members voted unanimously to approve them.
Staff also presented administrative and vendor expenses, including two smaller items ($2,667.50 and $2,146.50) and three months of USI actuarial services totaling $31,410 for the period 07/01/2025–09/30/2025. A motion to approve the actuarial-services expense carried unanimously.
In a market-value update, staff reported the plan’s market value rose by roughly $2 million to $190,716,782.76 as of Nov. 18, 2025. Committee members praised the fund’s new advisers and administrative support: Unidentified Speaker 3 said the retirees “have been very happy with this service.”
Committee staff outlined operational roles for plan vendors: Russell handles investment management, State Street manages retiree administration, and USI oversees retiree services and maintains a call center. Staff explained that contribution and payment flows move between Russell and State Street as part of the process.
Staff also noted plans to present new-member enrollments at the next quarterly review and reported beneficiary payments for recently deceased members: Andrew Wainek (beneficiary payment $2,586.63), David Finch (return of contributions $1,070.52 after contacting a spouse), and Freddie Lane (beneficiary payment $2,507.20).
The committee adjourned by unanimous voice vote. The meeting opened at 11:01 a.m. and proceeded through approval of minutes, benefits and expenses, the market-value report and vendor-administration discussion.
