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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, August 24, 2006.
A motion was made by Henry Wey and seconded by Eileen A. McCracken to appoint Thomas P. Hall as temporary chairman for the meeting due to the absence of Board Chairman Ted C. Alexiades. Thomas P. Hall, Eileen A. McCracken, Jean M. Montgomery and Henry Wey were present. The meeting was called to order by Thomas P. Hall at 10:00 A.M.
A motion was made by Henry Wey and seconded by Eileen A. McCracken to approve the minutes of the July 20, 2006 board meeting.
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry Wey to approve the following retirement allowances and expenses:
Retirement Allowances (August 2006)
Annuity $ 57,162.50
Pension $ 351,702.29
Chapter 157 Veteran Benefit $ 134.26
Cost of Living $ 6,114.88
Dependent Allowance $ 760.94
Total Warrant #PR0806 $ 415,874.87
Retirement Expenses (August 2006)
Salaries $ 3,256.88
Office Expenses $ 9,500.16
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 41,237.93
Option B Refund $ 0.00
Total Warrant #AP0806 $ 53,994.97
AYE 4-0. It was unanimously voted.
A motion was made by Henry Wey and seconded by Eileen A. McCracken to accept the following Applications for Membership:
Ann Marie Papasodero Health Dept. (Clerk) July 1, 2006
Myriah E. Hallinan Fire Dept. (Firefighter/Paramedic) July 26, 2006
Nicholas J. Biello Fire Dept. (Firefighter/Paramedic) July 26, 2006
Daryl M. Cahill Fire Dept. (Firefighter/Paramedic) July 26, 2006
Marc R. McManus Fire Dept. (Firefighter/Paramedic) July 26, 2006
Patricia A. Velie School Dept. (Secretary) August 14, 2006
AYE 4-0. 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:
Julia N. Eaton School Dept. (Paraprofessional) July 31, 2006 Option C
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry Wey to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Richard Griffin School Dept. (Bus Driver) Refund $ 3,076.06
Thomas Cox Planning Board (Administrator) Rollover $16,534.40
Annapia McCarthy-Peters School Dept. (Teacher’s Aide) Rollover $ 4,395.47
Cheryl Ouellette School Dept. (Bus Driver) Rollover $ 9,078.57
Elizabeth K. Leek School Dept. (Tutor) Rollover/Refund $ 8,116.80
AYE 4-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through August 31, 2006 was discussed. A motion was made by Henry Wey and seconded by Eileen A. McCracken to request a PRIT Fund transfer in the amount of $200,000 in order to cover ongoing retirement board expenses.
AYE 4-0. It was unanimously voted.
The board reviewed a copy of the Audit Exit Interview prepared by PERAC. There were three (3) preliminary audit findings listed. They were: Board attendance, Minutes and Refunds. The board intends to respond to the audit findings which will be incorporated into PERAC’s final audit for the years ending 2002-2005.
In order to accept the increase to the death benefit for surviving children under G.L. c. 32, §9(2)(d)(ii) the board must show proof that they accepted the local option to increase the supplemental dependent benefit for children of accidental disability retirees contained in G.L. c. 32, §7(2)(a)(iii) This local option was originally included in Chapter 697 of the Acts of 1987. PERAC’s records do not show that Hingham accepted the supplemental dependent allowance increase and is requesting documentation from the board before Hingham
The Monthly Account Statement and PRIT Fund performance for the period ending June 30, 2006 was unavailable for review or discussion.
Henry Wey asked that we place the “Report of the Blue Ribbon Panel on Massachusetts Public Employees’ Pension Classification System” on the September 2006 Agenda for discussion.
The next regular Retirement Board meeting will be held on Thursday, August 24, 2006 at 10:00 A.M.