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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, March 23, 2006. Ted C. Alexiades, Eileen McCracken and Jean M. Montgomery were present. Thomas P. Hall was 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 February 27, 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 (March 2006)
Annuity $ 56,949.42
Pension $ 351,644.18
Cost of Living $ 0.00
Dependent Allowance $ 760.94
Total Warrant #PR0306 $ 409,354.54
Retirement Expenses (March 2006)
Salaries $ 4,071.10
Office Expenses $ 6,549.19
3(8)(c) Payments $ 46,830.06
Refunds/Transfer $ 50,045.44
Total Warrant #AP0306 $ 107,495.79
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 Application for Membership:
Doris S. McCann School Dept. (Bus Driver) February 27, 2006
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 Application for Retirement:
Jill Drohan Recreation Dept. (Director) March 1, 2006 Option B
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 Withdrawal and/or Transfer of Deductions:
Monique M. Fisher School Dept. (Kids in Action) Refund $ 1,089.97
Kenneth Casey School Dept. (Paraprofessional) Refund $ 405.38
Jane Watson School Dept. (Paraprofessional) Rollover $ 1,318.66
Carole Smith School Dept. (Reading Tutor) Transfer $ 2,755.79
Merrill Banks School Dept. (Paraprofessional) Transfer $ 2,545.86
Kristy-Lynn Handrahan Light Dept. (Customer Service) Refund $ 9,305.50
Toby Earley Library (Librarian) Transfer $29,924.06
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.
A motion was made to adjourn the meeting at 2:10 P.M. and reconvene at the conclusion of the public hearing:
Ted C. Alexiades Aye
Eileen A. McCracken Aye
Jean M. Montgomery Aye
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery P.M. to convene a public hearing to consider granting a 3% COLA.
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to recommend a COLA increase pursuant to Chapter 32, § 103(c) and effective July 1, 2006 with a limitation of 3.0%.
AYE 3-0. It was unanimously voted.
A motion was made to adjourn the public hearing at 2:20 P.M. and reconvene the regular business meeting:
Ted C. Alexiades Aye
Eileen A. McCracken Aye
Jean M. Montgomery Aye
.
A motion was made by Jean M. Montgomery and seconded by Eileen A. McCracken to approve the 2005 Annual Statement to PERAC. The board received a certification letter dated March 1, 2006 from Michael Daley of Financial Advisory Associates stating that to the best of our knowledge, the 2005 Annual Statement accurately represents the fiscal activity of the Hingham Contributory Retirement System during 2005.
AYE 3-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund performance for the period ending February 28, 2006 was discussed. The PRIT Core Fund returned 0.07% for the month of February and 13.02% fiscal year-to-date.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the meeting at 2:45 P.M.
AYE 3-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, April 20, 2006.