Link back to Retirement Board page
A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, October 26, 2006. A motion was made by Henry Wey and seconded by Jean M. Montgomery to appoint Thomas P. Hall as Temporary Chairman. Ted C. Alexiades, Thomas P. Hall, Eileen A. McCracken and Jean M. Montgomery Henry F.G. Wey, III were present. Ted C. Alexiades was absent.
The meeting was called to order by Thomas P. Hall at 10:05 A.M.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the minutes of the September 21, 2006 board meeting.
AYE 4-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to approve the following retirement allowances and expenses:
Retirement Allowances (October 2006)
Annuity $ 57,219.80
Pension $ 347,537.18
Chapter 157 Veteran Benefit $ 134.26
Cost of Living $ 6,006.34
Dependent Allowance $ 760.94
Total Warrant #PR1006 $ 411,658.52
Retirement Expenses (October 2006)
Salaries $ 3,256.88
Office Expenses $ 1,906.52
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 41,636.12
Option B Refund $ 0.00
Total Warrant #AP1006 $ 46,799.52
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to accept the following Applications for Membership:
Kathleen A. Mulcahy School Dept. (Paraprofessional) September 1, 2006
Margaret M. Foley School Dept. (Paraprofessional) October 10, 2006
Jennifer A. Curran School Dept. (Kids in Action) September 19, 2006
Gail G. Williams Library (Library Technician) September 20, 2006
AYE 4-0. It was unanimously voted.
There were no Applications for Retirement.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Cynthia Sullivan School Dept. (Paraprofessional) Refund $ 2,732.92
Kelly Taylor School Dept. (Paraprofessional) Refund $ 1,012.76
James E. Carroll Recreation Dept. (Asst. Director) Transfer $ 28,600.17
Thomas E. Castle Maintenance (Custodian) Refund $ 7,792.15
Gail Nathanson School Dept. (Paraprofessional) Transfer $ 939.80
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to accept the following Application for Buybacks/Make-ups:
Abigail R. Childs Conservation Dept. 4 years/9 months Payroll Deduction
AYE 4-0
The Cash Flow Report through October 31, 2006 was discussed. Board members asked that a letter be addressed to the Hingham Housing Authority instituting a flexible payment plan in order to address the ongoing problem of overdue payments concerning appropriation and monthly member deductions/buyback contributions.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to accept the “Draft” Report of the Public Employee Retirement Administration Commission on the Examination of the Hingham Contributory Retirement System for the Four-Year Period January 1, 2002 – December 31, 2005. Audit Report will be issued in final form at a later date.
AYE 4-0
The Monthly Account Statement and PRIT Fund performance for the period ending September 30, 2006 was discussed. The PRIT Core Fund returned 1.16% for the month of September and 9.14% calendar year-to-date.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to adjourn the meeting at 11:00 A.M.
AYE 4-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Wednesday, November 22, 2006 at 10:00 A.M.