Your meter doesn't have the same spectral response as the film. Use the filter factor.
This is an issue for every single exposure meter I have ever tested. None, in camera or handheld, meters correctly through colored filters.
My handheld meters, of which I have way too damned many, are the ones I know best, so I'll talk about them. Not only do they give incorrect readings through most colored filters, they only agree with each other (without filters) in daylight. In bright sun or overcast conditions, they all agree with each other. Under artificial light, they often do not due the differences in spectral sensitivity between them.
Under incandescent lights, my Minolta Flash Meter IV, Sekonic L-758DR, and Weston Master V all agree perfectly. Even the two digital meters (the Minolta and the Sekonic) which read to 1/10 stop agree perfectly, not even 1/10 stop difference. The Gossen Ultra Pro and Gossen Luna Pro SBC both read exactly one stop higher (meaning one stop of underexposure) than the Sekonic L-758DR and Minolta Flash Meter IV. The gossens are much more red sensitive than the Sekonic and Minolta. Which give correct exposure? The Sekonic and Minolta both give correct exposure and the Gossens underexpose a stop. I've tested on black and white film and with a digital camera with the same results.
Under LED lights, the cheapie ones sold for household use, not the expensive ones sold to professional photographers, there is also disagreement. Here, the Gossens and the Sekonic agree and the Minolta reads 1/2 stop too high (underexposure of a half a stop).
I remember they disagreed with each other under flourescents too but I don't remember the amounts and I'm too lazy to go to my flourescent-lit basement to test it now.
When measuring through colored filters, reds, oranges, and yellows had the most error. The Flash Meter IV actually indicated NO compensation at all for a Yellow filter that normally needs a stop of compensation!
I have a Zone VI Modified Pentax Spotmeter V, the analogue meter, not the digital one. It does a better job of metering through colored filters than either the spotmeter on the Sekonic or the Flash Meter IV with one of the Minolta spot attachments, but it still underexposed red, orange, and yellow filters. Just not as much as the other meters did. It certainly doesn't give the perfect results that Fred Picker claimed.