went up to 88.71%. The other is payroll, specifically the contribution percentage. On average the
Town is contributing 21% to the plan on behalf of employees.
Two years ago, there were 235 total participants now there is 202. As for active participants the
numbers went down from 63 to 48. This decrease in active employees averages seven to eight
per year. If this trend continues, in five to seven years there may not be any more active
employees.
Ms. Daniels mentioned that there is good news is that the plan is trending down on the unfunded
liability and trending upward on the funded ratio (from 87% to approximately 89% in two years).
The contributions made by the Town each year on behalf of the plan is made up of two pieces;
funding over time and funding the cost of any new benefits as the employees continue to work
(Employer Normal Cost). The Normal cost was $317,453 in 2021 and now is down to $206.279,
almost a third less. As the population decreases so will the Employer normal cost. Matt Bonin,
Finance Director asked what the difference is between compensation increases and payroll
growth rate. Ms. Daniels explained that the payroll growth rate is the total group vs.
compensation is the general increase per person.
The GASB report is the Government standard formality that needs to be completed rather than a
set of calculations used for recommendations. The governance for the GASB reporting requires
different types of disclosure for expenses. Ms. Daniels said the GASB was included in the
presentation to formally announce to the Board that the report and the disclosure obligations
have been completed.
IV.
1.
REVIEW AND APPROVAL OF MINUTES
Motion to APPROVE Regular Meeting Minutes from September 19, 2023 and October 17,
2023, as written.
APPROVED AND SO DECLARED
Sharon Wadecki
RESULT:
MOVER:
William Thorne
SECONDER:
4
1
Thorne Codding Wadecki Panosky
Rodolico
AYE
EXCUSED
V.
1.
DIRECTOR OF HUMAN RESOURCES UPDATE
Director of Human Resources update.
Marisa Iannella-Rodriguez, Human Resource Director reported that a few weeks ago that she, Bill
Saums, Town Councilor and Chief Rich were invited by the Office of the State Comptroller to
have a conversation regarding the Town pension plan and defined contribution plan and what the
Town would be looking for in the future. The State is looking to build a MERS 2.0, also known
as second tier. There has been some confusion surrounding the plan which doesn't actually exist
yet. Ms. Iannella-Rodriguez said it is exciting to receive an invitation to be part of the conversation
with the State.
Bill Thorne asked if there were any major changes from the Retirement perspective with the newly