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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Monday, February 27, 2006. Ted C. Alexiades, Eileen McCracken and Jean M. Montgomery were present. Peter J. Blampied and Thomas P. Hall were absent. The meeting was called to order by Ted C. Alexiades at 2:00 P.M.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the minutes of the January 26, 2006 board meeting.
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the following retirement allowances and expenses:
Retirement Allowances (February 2006)
Annuity $ 58,605.96
Pension $ 361,974.96
Cost of Living $ 0.00
Dependent Allowance $ 880.94
Total Warrant #PR0206 $ 421,461.86
Retirement Expenses (February 2006)
Salaries $ 3,256.88
Office Expenses $ 3,091.74
3(8)(c) Payments $ 64,534.36
Refunds/Transfer $ 59,660.11
Total Warrant #AP0206 $ 130,543.09
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to accept the following Applications for Membership:
Kaitlyn E. Shinney Fire Dept. (Firefighter) February 13, 2006
Thomas A. Jacintho, Jr. Fire Dept. (Firefighter) February 12, 2006
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to accept the following Applications for Retirement:
Rodney E. Andrews D.P.W. (Supervisor) October 1, 2005 Option C (QDRO)
Calista Andrews QDRO Recipient
AYE 3-0. It was unanimously voted.
A motion was made by Jean M. Montgomery and seconded by Eileen A. McCracken to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Robert J. Crooker Fire Dept. (Firefighter) $15,864.66 Transfer
Janice Cartwright School Dept. (Paraprofessional) $ 343.74 Transfer
Katherine Knab Police Dept. (Patrolman) $43,451.71 Transfer
AYE 3-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through February 28, 2006 was discussed. Staff instructed to ask the HMLP for their FY2007 appropriation payment early in order to avoid a PRIT fund transfer.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve Chapter 157 of the Acts of 2005 (Disability Retirement Benefits for Veterans) Section 1 (establishing the benefit) and Section 2 (retroactive allowance to date of retirement). This benefit has been submitted to the Selectmen as a Town Meeting Article.
AYE 3-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund performance for the period ending January 31, 2006 was discussed. The PRIT Core Fund returned 3.23% for the month of January and 12.95% fiscal year-to-date.
The public hearing to vote on the FY2007 COLA will be postponed to our March board meeting.
Board is in receipt of a letter from R. Edward Rose, husband of E. Lorraine Rose (retiree) dated February 17, 2006 regarding the reporting of pension earnings on 1099R forms. A letter of response will be sent to Mr. Rose stating that the retirement staff will thoroughly research the matter and compile a review of all pertinent facts.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the meeting at 4:00 P.M.
The next regular Retirement Board meeting will be held on Monday, February 27, 2006.