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- MINUTES OF MEETING -
HINGHAM CONTRIBUTORY RETIREMENT BOARD
January 25, 2007
A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, January 25, 2007.
Ted C. Alexiades, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Thomas P. Hall was unable to attend however present by speakerphone.
The meeting was called to order by Ted C. Alexiades at 10:10 A.M.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to approve the minutes of the December 21, 2006 board meeting.
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to approve the following retirement allowances and expenses:
Retirement Allowances (January 2007)
Annuity $57,624.46
Pension $353,959.79
Chapter 157 Veteran Benefit $109.26
Cost of Living $0.00
Dependent Allowance $760.94
Total Warrant #PR0107 $412,454.45
Retirement Expenses (January 2007)
Salaries $5,347.75
Office Expenses $24,290.32
3(8)(c) Payments $0.00
Refunds/Transfer $372.20
Option B Refund $0.00
Total Warrant #AP0107 $30,010.27
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 Membership:
William M. Doucette School Dept. (Custodian) January 2, 2007
Donna Galvin School Dept. (Paraprofessional) January 2, 2007
Cheryl A. Fenton School Dept. (Paraprofessional) January 2, 2007
Rebecca A. Bielawa School Dept. (Kids in Action) January 2, 2007
Nancy M. Garvey School Dept. (Food Service) January 11, 2007
Roberta Sweeney School Dept. (Food Service) January 23, 2007
Gayle A. Henderson School Dept. (Food Service) January 11, 2007
AYE 4-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to accept the following Application for Retirement:
Candida M. Barbuto School Dept. (Food Service) Option B December 31, 2006
AYE 4-0. It was unanimously voted.
There were no Applications for Withdrawal and/or Transfer of Deductions.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through January 31, 2007 was discussed.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to approve the local option, G.L. c. 32, §7(2)(a)(iii) which increases the supplemental dependent benefit for children of accidental disability retirees and place same as an article at town meeting.
AYE 4-0. It was unanimously voted.
Local option G.L. c. 32, §6(1) which lowers from fifteen to ten years the number of years of creditable service that an otherwise eligible member must have in order to be eligible for ordinary disability retirement allowance was deferred for discussion to another meeting. Dan Sherman of Buck Consultants would be consulted on the effect of our funding schedule before approving this option and placing as a town meeting article.
PERAC Memo #2/2007 announces the Cost of living adjustment pursuant to G.L. c. 32, §103(c) effective July 1, 2007 will be 3.0%. A Public Hearing to discuss the latest COLA will be scheduled for the March 22, 2007 board meeting.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. to reword the proposed change in a supplemental rule and regulation based on PERAC’s advice as follows: All seasonal, all temporary and/or all intermittent employees are not eligible for membership in the Hingham Contributory Retirement System. No regulation can preclude any future pension benefits for all seasonal, all temporary and/or all intermittent employees.
AYE 4-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending December 31, 2006 was discussed. The PRIT Core Fund returned 1.86% for the month of December and 10.59% calendar year-to-date.
The board will request that in the future, the PRIT Fund Statement be sent in electronic form along with the latest TUCS Report. A meeting with R. Michael Reardon, PRIT Client Service Officer will be established for an upcoming board meeting.
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 Thursday, February 15, 2007 at 10:00 A.M.