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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, May 25, 2006. Ted C. Alexiades, Eileen A. McCracken, Jean M. Montgomery and Thomas P. Hall were present. The meeting was called to order by Ted C. Alexiades at 2:10 P.M.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the minutes of the April 27, 2006 board meeting.
AYE 4-0. 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 (May 2006)
Annuity $ 56,928.98
Pension $ 351,014.30
Cost of Living $ 0.00
Dependent Allowance $ 760.94
Total Warrant #PR0506 $ 408,704.22
Retirement Expenses (May 2006)
Salaries $ 3,782.65
Office Expenses $ 2,278.44
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 13,685.68
Total Warrant #AP0506 $ 19,943.47
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to accept the following Application for Membership:
Bradley J. Potolicchio Police Dept. (Dispatcher) May 22, 2006
AYE 4-0. It was unanimously voted.
There were no Applications for Retirement.
A motion was made by Thomas P. Hall and seconded by Jean M. Montgomery to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Erin Carpenter School Dept. (Paraprofessional) Refund $ 567.87
Mary E. Nolan School Dept. (Admin. Assistant) Refund $11,568.93
Tammie Glass School Dept. (Paraprofessional) Refund $ 1,936.10
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the following Application for Buybacks/Make-ups:
Gay Canepa School Dept. (Paraprofessional) 4 years/11 months 3 payments
AYE 4-0. It was unanimously voted.
The Cash Flow Report through May 31, 2006 was discussed.
Thomas P. Hall will rescind his resignation as second member (appointed by the Board of Selectmen) effective February 1, 2006 and serve out his term through May 15, 2007. A vacancy remains for a 5th member (appointed by the Board of Retirement) for a three year term (2/1/2006-2/1/2009). Board members were encouraged to contribute names of individuals willing to serve on the board.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to adopt the Actuarial Valuation Report as of January 1, 2006 prepared by Buck Consultants.
AYE 4-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund performance for the period ending April 30, 2006 was discussed. The PRIT Core Fund returned 1.69% for the month of April and 17.53% fiscal year-to-date.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to adjourn the meeting at 2:50 P.M.
AYE 4-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, June 22, 2006.