Board members for the Miller-McCoy Academy for Mathematics and Business on Monday received an update on the school’s move toward adopting a new retirement investment plan for its employees.
Board finance committee members said they want to find the best option for the school’s longest-serving employees and has looked at what other local charter schools include in their plans.
“We want to build this benefit to last and to increase our ability to hire,” said David Bailey, the board’s treasurer. “We’re trying to design a plan to have discretionary contribution for employees that have been here the longest.”
Bailey said that officials with Hartford, a company that works with several local charter schools, have indicated that an employer match option of 3 to 8 percent would put Miller-McCoy on par other schools.
Previous school leaders had set aside roughly $140,000 for staff retirement contributions when the school was founded. Bailey said the committee sought legal counsel and learned the school could only make contributions based on the current year’s salary. Previously, the school’s leadership was prepared to give employees up to three years of retroactive contributions for their prior service.
Andrea Thomas-Reynolds, the school’s new interim CEO gave an update on activities at the school. She said students have recently completed a process that shows them exactly how many credits they still need to graduate and become eligible to attend a four year college.
Additionally, Reynolds told the board that the school has hired an additional male security officer following recent student behavioral problems that included concerns about bullying. Reynolds said some staff had not been enforcing the disciplinary procedures in the school’s handbook, creating a culture of poor behavior.