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HomeMy WebLinkAbout2023-02-23 Retirement Board Minutes - Executive Sessionaw Of RfgO Town of Reading 1 ECtj F o:, Meeting Minutes RTE D NGL V R 9 OAo� Board - Committee - Commission - Council: 2024 JUM'$ PM 12; 22 Contributory Retirement Board Date: 2023-02-23 Time: 11:00 AM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Executive Session Purpose: General Business Version: Final Attendees: Members - Present: David Gentile, Chairman Sharon Angstrom, remotely Carol Roberts Robert Beck John Halsey Members - Not Present: Others Present: Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 Executive Minutes of the Reading Retirement Board Meeting February 23,2023 The Reading Retirement Board held an Executive Session on February 23, 2023, in The Conference Room at 2 Haven Street, Unit 307, Reading, Massachusetts. The meeting was moved to an Executive session by a roll call vote. Present were Chairman David Gentile, Carol Roberts, Sharon Angstrom, John Halsey, and Bob Beck. The hearing was recorded and is considered to be a part of the minutes SHARON ANGSTROM moved to enter an Executive session to discuss pay strategy and negotiate compensation. SECONDED BY ROBERT BECK ROLL CALL VOTE: SHARON ANGSTROM AYE JOHN HALSEY AYE BOB BECK AYE CAROL ROBERTS AYE DAVID GENTILE AYE VOTED: (5-0-0)UNANIMOUS The purpose of the Executive Session is to discuss pay strategy and negotiate compensation. The Board reviewed pay data from similar Retirement Systems and considered the salaries of its employees. They first discussed compensation for Administrator Colleen Loughlin. Sharon Angstrom stated that she feels we have a very experienced and knowledgeable Administrator who should be paid at the top rather than the middle of the range. John Halsey stated that Wakefield seems to be an outlier on the survey since the pay is 20% higher than our pay for the Administrator. He wondered if the fact that Wakefield doesn't have an Assistant Administrator is a potential reason for the difference in salary. Sharon Angstrom points out that Melrose is almost as high as Wakefield.. The average pay across similar Retirement Boards seems to be around S100k. Since we have an experienced Administrator that we don't want to lose, maybe we should consider paying her more towards the top of the range. J John Halsey stated we addressed some serious issues this past year, and improvement and progress have been made to Colleen's credit. John also said if her pay were $11 Ok, she would unlikely leave for $3k to go to Melrose. The Board acknowledges that the 3.5% COLA that should've been effective on January 1, 2023, has not happened yet, and is not included in the salaries shown for Colleen and Elaine. Sharon Angstrom stated she was thinking somewhere in the $ I I Ok range. David Gentile suggested paying Colleen 40 hours instead of 37.5 hours to help boost her pay along with the 2% step and the 3.5% COLA; her total pay equals approximately $115,500. Sharon Angstrom did the calculation on her phone and came up with approximately the same figure as David Gentile. John Halsey stated we should clarify that we will not be surveying similar Retirement Boards and adjusting every year but every few years. He also felt it was necessary to point out that our intent this year was to bring her to the top of the pay range based on her extensive knowledge and years of service. John Halsey asked if Colleen's pay increase and change to a 40 -hour work week is retroactive to January. The other Board members confirmed that the increase would be retroactive to January 1. Carol Roberts stated we meed to clarify to Colleen that she is expected to work a 40 -hour work week. She doesn't feel this is an issue, as Colleen said she works extra hours weekly. She also toted that she must update the personnel policies to account for this change. David Gentile pointed out that Colleen's pay chart must be updated to a 40 -hour work week instead of 37.5. Sharon Angstrom agreed and stated she would ask Karen at Town Hall to create a 40 -hour work week. David Gentile then started calculating Elaine's pay using a 3.5% COLA and 2% step and came out with approximately $64,646. Sharon Angstrom stated that she feels this pay is much lower than our peer Retirement Boards. She suggests we do the 3.5% COLA and 2 steps/4%, bringing her pay to $65,983. John Halsey acknowledges that although the number is still lower than our peers, the difference may be based on experience. David Gentile ran through Elaine's calculation and got the same figure as Sharon Angstrom. S -C 1 C }- 64" John Halsey asked what the total percentage of increase for each position is. Sharon Angstrom calculated Colleen's rate of increase at 12.6% and Elaine's increase at 7.7%. Cullen Loughlin was brought into the session, and David Gentile informed her that the Board would like to pay her 40 hours per week. We would then give her a 3.5% COLA and a 2% step, and the total would be approximately $115,505 or 12.6%. There could be a slight rounding difference when processed in MUNIS. This increase would be retroactive to January 1. He also stated her position would now be non-exempt. Sharon Angstrom informed Colleen that she would also ensure her sick and vacation accruals reflect a 40•hour work week. John Halsey explained to Colleen that the Board felt she should be paid in the high pay range. He acknowledged that the top two peers do not have an Assistant, but we still believe that is the pay range where she should be paid. He hoped it would send the message that we appreciate what she does. Colleen Loughlin thanked the Board and left the meeting so Elaine Kelly could meet with the Board. Elaine Kelly entered the meeting, and David Gentile explained that her current pay was at step 8. We want to move her up two steps and a 3.5% COLA. Her pay would be approximately $65,983; there could be a rounding difference when processed in MUNIS. The pay increase will be retroactive back to January 1. John Halsey stated that the Board's message is that we feel she is doing a good job and want her to stay here. Elaine Kelly thanked the Board and then left the Executive Session. Carol Roberts asked if we should inform Colleen what we plan to do for Elaine as her supervisor. She wondered if Colleen would have a strong feeling about Elaine getting two steps. David Gentile said he isn't sure if that discussion is allowed in Executive Session. Sharon Angstrom stated that part of the reason Colleen's position is nonexempt is that she doesn't have the level of discretion. Her input is the review she provided the Board to decide on her pay increase. 11 .j 5 5Y- AS SHARON ANGSTROM motioned to exit Executive Session and back into Open Session. SECONDED BY CAROL R013YRTS ROLL CALL VOTE: SHARON ANGSTROM AYE JOHN HALSEY AYE BOB BECK AYE CAROL ROBERTS AYE DAVID GENTILE AYE VOTED: (5-0-0)UNANIMOUS 6 Chairman Davi A. Gentile, I"elected Sharon M. Angstrom, Ex Wficio Carol B. Roberts, I" appointed t