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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, December 21, 2006.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to appoint Thomas P. Hall as temporary chairman.
AYE 3-0. It was unanimously voted.
Thomas P. Hall, Eileen A. McCracken and Jean M. Montgomery were present. Ted C. Alexiades and Henry F.G. Wey, III were absent.
The meeting was called to order by Thomas P. Hall at 10:10 A.M.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the minutes of the November 22, 2006 board meeting.
AYE 3-0. 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 (December 2006)
Annuity $ 57,469.23
Pension $ 347,162.06
Chapter 157 Veteran Benefit $ 134.26
Cost of Living $ 5,992.59
Dependent Allowance $ 760.94
Total Warrant #PR1206 $ 412,476.34
Retirement Expenses (December 2006)
Salaries $ 30256.88
Office Expenses $ 561.40
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 15,309.85
Option B Refund $ 0.00
Total Warrant #AP1206 &AP126A $ 19,128.13
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to accept the following Applications for Membership:
Kaiitlin M. Hall School Dept. (Paraprofessional) November 29, 2006
AYE 3-0. 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:
Gary E. Colbeck School Dept. (Custodian) December 1, 2006 Option B
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to accept the following Application for Withdrawal and/or Transfer of Deductions:
Jeffrey DeLappe Fire Dept. (Firefighter) Transfer $15,308.95
AYE 3-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through December 31, 2006 was discussed.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve a retroactive COLA for Nancy Hutt, Administrative Assistant to the Board effective January 1, 2006. Two retroactive COLA’s (January 1, 2006 and July 1, 2006) and one current COLA (January 1, 2007) were based on the same COLA increase given to all clerical town office employees at those times. The board agreed to revisit the possibility of another salary increase based on merit at a later date.
AYE 3-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending November 30, 2006 was discussed. The PRIT Core Fund returned 2.32% for the month of November and 14.60% calendar year-to-date.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the meeting at 10:45 A.M.
AYE 3-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, January 25, 2007 at 10:00 A.M.