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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, February 15, 2007.
Ted C. Alexiades, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Thomas P. Hall was in attendance by speakerphone.
The meeting was called to order by Ted C. Alexiades at 10:00 A.M.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to approve the minutes of the January 25, 2007 board meeting.
AYE 4-0. 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 (February 2007)
Annuity $ 58,051.48
Pension $ 354,829.09
Chapter 157 Veteran Benefit $ 84.26
Cost of Living $ 0.00
Dependent Allowance $ 760.94
Total Warrant #PR0207 $ 413,725.77
Retirement Expenses (February 2007)
Salaries $ 3,435.44
Office Expenses $ 3,320.08
3(8)(c) Payments $ 114,046.57
Refunds/Transfer $ 28,680.12
Option B Refund $ 0.00
Total Warrant #AP0207 $ 149,482.21
AYE 4-0. It was unanimously voted.
There were no Applications for Membership.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to accept the following Application for Retirement:
Mary Ellen Cadieux Library (Library Assistant) Option A February 1, 2007
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 Withdrawal and/or Transfer of Deductions:
Neil Foley Fire Dept. (Firefighter) Transfer $28,473.89
AYE 4-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through February 28, 2007 was discussed.
A motion was made by Harry F.G. Wey, III and seconded by Jean M. Montgomery to accept the 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. Dan Sherman of Buck Consultants advised the board that the cost to the funding schedule would be nominal. This local option will be submitted as a town meeting article.
AYE 4-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending January 31, 2007 was discussed. The PRIT Core Fund returned 1.08% for the month of January and 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 10:30 A.M.
AYE 4-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, March 15, 2007 at 10:00 A.M.