Post Employment Benefits Committee
- 6:30 p.m.
- As Announced
- Town Hall Basement Meeting Room
Contact Tracey Connors in the Selectmen's Office for meeting locations
Agendas & Minutes
The PEB Study Committee shall consist of at least five members of the public with demonstrated relevant expertise. Members shall be appointed by the Board of Selectmen for a one-year term. The Town Manager, the Town Finance Director, and the Town’s Director of Human Resources will serve¸ ex officio.
Tim Davis – Chairman
Donna Collins - Member
Katie Dugan – Member
Paul E. Carlson – Member
Mark Maggi – Member
The Board of Selectmen, the Advisory Board and the School Committee will each appoint a member to serve as an ad hoc, non-voting liaison to the PEB Study Committee.
Diane Kennedy – Select Board Liaison
Ellen Maher – School Committee Liaison
Paul Carlson – Advisory Committee Liaison
Brian Host – Liaison from Previous OPEB Committee
Addressing post employment benefits, remains a significant challenge for Cohasset, other municipalities and the Commonwealth. Health care costs for current and retired employees continue to rise at levels well-beyond revenue growth. In addition, pension liabilities also continue to climb. When combined, these two long-term expenses are expected to put significant pressure on future annual budgets.
In 2014-15, the OPEB committee, worked with actuarial studies, discussed trends and budget forecasts and recommended to the Board of Selectmen to move the retired teacher pool from GIC plans to MIIA plan options. This resulted in significant savings to the Town and the retired teachers, as Cohasset has received favorable rate increases.
While more work needs to be done to actively address future health care costs, a recent rise in pension expenses – Cohasset is included in a fund managed by Norfolk County for a number of municipalities – has brought a fresh focus to those long-term costs as well. In order to take a broader look at both health and pension liabilities, the Board of Selectmen would like to re-charge the OPEB Study Committee to look at not only long-term retiree health care liability and ways to fund it, but also long-term pension liabilities and alternatives to manage these increasing expenses.
The Cohasset Board of Selectmen hereby tasks the Post-Employment (PEB) Committee with the following goals and objectives:
• Update the issues and options regarding the town’s PEB obligations. This phase should include document search and review, review of best practices and innovative solutions undertaken by other towns in Massachusetts, and other steps the members consider valuable;
• Review and evaluate the Town’s membership in the Norfolk County Pension System, including the exploration of alternative options and best practices including participation in the State’s Pension Reserves Investment Trust;
• Update the Board of Selectmen and Town Manager at least quarterly and seek advice on soliciting input from town staff, School Committee, Advisory Committee, and other boards/committees, as prudent;
• Issue recommendations to the Board of Selectmen by end of fiscal year 2019 or in advance of Town Meeting warrant deadline should there be recommended Town Meeting action.