2014-09-30-RB-min - Laserfiche WebLink

Browse Search

A discussion of the funding and COLA schedules followed. The Board extended the funding date for two prior actuarial studies and Bob would like to go back to a 2025 funding schedule including a 5% annual increase to the Town. All in agreement. The Board discussed the COLA base. Lexington Teacher retirees have a $13,000 base and to be equitable Bob would like to raise the base for the Town retirees to $13,000. Joe and Alan agreed. Rob agreed with the Town Manager that total compensation already exceeds comparable communities. A motion was made to raise the COLA base to $13,000 by Bob and seconded by Joe. Alan voted for the increase and Rob voted against. Another motion was made by Bob, seconded by Alan and voted 3 -1 with Rob voting no to accepting the 2025 funding schedule that includes the annual increase of $250,000 and the COLA base increase to $13,000. Two articles will be reserved for Town Meeting. Regarding "once a member always a member" Mike Sacco reported there is pending litigation and we should maintain the application until the legal process concludes. Mike McNabb's resignation letter has been received. The selectmen have been notified and are trying to find someone with a similar profile to fill the position. An ADR application has been received by Mark Culleton and forwarded to Mike Sacco for an opinion. After reviewing his opinion which states the reasons why the application should be disallowed, there was a motion by Bob, seconded by Joe and voted unanimously to deny the application. Mike Sacco will be asked to send a denial letter to Mark. The Board was reminded about the PERAC meeting that will be held at the Town Hall tonight 7 -9, Memo #22 & 23/2014 Board Member Training and the Ethics test. The annual meeting for FMI & PIMCO will be heal on October 22nd and PRIM will be held on December 22nd The election for Joe's position was posted on September 19th and if nomination papers are received by more than one candidate, the election will be held December 18th. Nomination papers are due back by November 3rd The Board discussed the Administrator annual review. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:00. The next meeting will be held October 22, 2014, 8:00 AM at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member