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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Wednesday, November 22, 2006. Ted C. Alexiades, Thomas P. Hall, Eileen A. McCracken and Henry F.G. Wey, III were present. Jean M. Montgomery was absent.
The meeting was called to order by Ted C. Alexiades at 10:03 A.M.
A motion was made by Thomas P. Hall and seconded by Henry F.G. Wey, III to approve the minutes of the October 26, 2006 board meeting.
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Thomas P. Hall to approve the following retirement allowances and expenses:
Retirement Allowances (November 2006)
Annuity $ 57,107.06
Pension $ 347,162.06
Chapter 157 Veteran Benefit $ 134.26
Cost of Living $ 5,992.59
Dependent Allowance $ 760.94
Total Warrant #PR1106 $ 411,156.91
Retirement Expenses (November 2006)
Salaries $ 4,071.10
Office Expenses $ 636.25
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 14,378.94
Option B Refund $ 0.00
Total Warrant #AP1106 $ 19,086.29
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 Applications for Membership:
James P. McGrail S.S.C.C. (Superintendent) October 30, 2006
Matthew J. Conway School Dept. (Custodian) November 13, 2006
Kerin B. Joy School Dept. (Paraprofessional) October 1, 2006
Joelle M. Gioioso School Dept. (Paraprofessional) November 2, 2006
Erin E. Singleton School Dept. (Paraprofessional) October 31, 2006
AYE 4-0. It was unanimously voted.
There were no Applications for Retirement.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Katherine Kimborowicz School Dept. (Paraprofessional)Refund $ 264.42
Joan Letson Treasurer/Collector (Clerk) Rollover/Refund $12,698.96
Mark R. Gately School Dept. (Custodian) Refund $ 1,415.56
AYE 4-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through November 30, 2006 was discussed. A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to request a PRIT fund transfer in the amount of $300,000 to cover ongoing retirement board expenses.
AYE 4-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending October 31, 2006 was discussed. The PRIT Core Fund returned 2.62% for the month of October and 12.01% calendar year-to-date.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to adjourn the meeting at 10:45 A.M.
AYE 4-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, December 21, 2006 at 10:00 A.M.