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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, March 15, 2007.
Ted C. Alexiades, Eileen A. McCracken and Henry F.G. Wey, III were present. Jean M. Montgomery was absent and Thomas P. Hall was in attendance by speakerphone.
The meeting was called to order by Ted C. Alexiades at 10:05 A.M.
Two (2) petitions have been submitted as articles for the 2007 town meeting. The petitions pertain to granting retirement service credit for Glenn Shaw (retired policeman) and Donald Lincoln (retired dispatcher) for the period of time they were call-firefighters for the Town of Hingham. Currently, the Supplemental Rules and Regulations allow a firefighter to buyback his call-firefighter time (not to exceed a maximum of five years) provided he/she was later appointed as a permanent member of the Fire Department. Mr. Shaw and Mr. Lincoln were both in attendance to hear the opinion of the board on their petitions and to speak on their own behalf. The board thanked and recognized their volunteer service to the Hingham Fire Department. A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to decline their request however; if town meeting approves their petitions and the special legislation is passed by the legislature, the board will credit Mr. Shaw and Mr. Lincoln accordingly.
AYE 3-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to approve the minutes of the February 15, 2007 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 (March 2007)
Pension $ 353,766.63
Annuity $ 58,059.19
Chapter 157 Veteran Benefit $ 84.26
Cost of Living $ 0.00
Dependent Allowance $ 760.94
Total Warrant #PR0307 $ 412,671.02
Retirement Expenses (March 2007)
Salaries $ 2,576.58
Office Expenses $ 16,103.67
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 58,943.90
Option B Refund $ 0.00
Total Warrant #AP0307 $ 77,624.15
AYE 3-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to remove the Buck Consultants invoice in the amount of $8,670 from the accounts payable warrant as the Town is responsible for payment not the Retirement Board. Corrected Total Warrant #AP0307 is: $68,954.15
AYE 3-0. 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:
Pamela E. Long School Dept. (Library Asst.) February 1, 2007
Kristen E. Walsh School Dept. (Paraprofessional) February 26, 2007
Robert B. Smith, Jr. Public Works (Laborer) December 18, 2006
Jacob B. Silva S.S.C.C. (Asst. Superintendent) March 7, 2007
Carol J. Lipsett Library (Library Technician) March 10, 2007
AYE 3-0. 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:
Joanne Coggins School Dept. (Bus Driver) March 1, 2007 Option C
AYE 3-0. 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 Withdrawal and/or Transfer of Deductions:
Maureen Prezioso School Dept. (Kids in Action) Transfer $ 656.61
Patrice Albert School Dept. (Special Ed.) Refund $ 6,750.48
Jeffrey Blaine Fire Dept. (Firefighter) Rollover/Refund $20,536.29
Barry Canavan Fire Dept. (Firefighter) Rollover $28,819.83
Andrea Zona School Dept. (Paraprofessional)Transfer $ 493.07
AYE 3-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through March 31, 2007 was discussed.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to accept the PERAC Annual Statement for the year ended December 31, 2006.
AYE 3-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending February 2007 was discussed. The PRIT Core Fund returned 0.20% for the month of February and 1.28% calendar year-to-date.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to adjourn the regular meeting at 11:08 A.M.
AYE 3-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to convene a public hearing at 11:08 A.M.
AYE 3-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken for the purpose of granting a COLA increase pursuant to Chapter 32, §103(c) and effective July 1, 2007 with a limitation of 3%.
Voted: Ted C. Alexiades AYE
Eileen A. McCracken AYE
Henry F.G. Wey, III AYE
AYE 3-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to adjourn the public hearing at 11:12 A.M.
AYE 3-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Wednesday, April 18, 2007 at 10:00 A.M.