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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, June 22, 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 2:08 P.M.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to approve the minutes of the May 25, 2006 board meeting.
AYE 4-0. It was unanimously voted.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to approve the following retirement allowances and expenses:
Retirement Allowances (June 2006)
Annuity $ 56,552.33
Pension $ 349,692.21
Cost of Living $ 0.00
Dependent Allowance $ 760.94
Total Warrant #PR0606 $ 407,005.48
Retirement Expenses (June 2006)
Salaries $ 3,256.88
Office Expenses $ 4,983.43
3(8)(c) Payments $ 4,382.07
Refunds/Transfer $ 71,856.36
Total Warrant #AP0606 $ 84,433.74
AYE 3. ABSTAINED 1.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to accept the following Application for Membership:
Michael R. Woods Fire Department (Firefighter) June 12, 2006
Colby R. Wilcox Fire Department (Firefighter) June 12, 2006
Janice B. Whelan D.P.W. (Laborer) June 13, 2006
Lillian M. Curley Light Department (Customer Service) May 22, 2006
AYE 4-0. It was unanimously voted.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to accept the following Application for Retirement:
Rosemary Kahn School Dept. (Paraprofessional) June 16, 2006 Option C
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 Applications for Withdrawal and/or Transfer of Deductions:
James Barkas D.P.W. (Supervisor) Refund $51,291.15
Kathy Eckland School Dept. (Cashier) Refund $ 3,127.09
Mary Johnson School Dept. (Technology Asst.) Rollover $ 7,808.43
AYE 4-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through June 30, 2006 was discussed. A motion was made by Jean M. Montgomery and seconded by Thomas P. Hall to approve a PRIT Fund Transfer in the amount of $250,000 effective July 1, 2006.
AYE 4-0. It was unanimously voted.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to appoint Henry Wey as the 5th member of the Retirement Board. Mr. Wey is a retired Hingham resident. Mr. Wey’s three-year term will begin June 22, 2006.
AYE 4-0. It was unanimously voted.
A motion was made by Thomas P. Hall and seconded by Harry Wey to change the Hingham Supplemental Rules and Regulations to read as follows:
AYE 5-0. It was unanimously voted.
Effective July 5, 2006 new amendments to G.L. c. 32, § 9 have created a local option that will allow for an increase in the accidental death benefits for surviving children to an amount equal to the benefit provided for in G.L. c. 32, § 7(2)(a)(iii). That yearly benefit is currently $629.64. The board will ask Dan Sherman from Buck Consultants for statistical data. The amendment will be submitted to the Board of Selectmen for their review before the board vote.
The Monthly Account Statement and PRIT Fund performance for the period ending May 31, 2006 was discussed. The PRIT Core Fund returned -2.49% for the month of May and 14.61% fiscal year-to-date.
Ted Alexiades asks that “Current Events/Issues” be added to the board meeting agenda.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to adjourn the meeting at 3:05 P.M.
AYE 5-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, July 20, 2006 at 10:00 A.M.