Link back to Retirement Board page
A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, May 24, 2007.
Ted C. Alexiades, Eileen A. McCracken, Thomas P. Hall, Jean M. Montgomery and Henry F.G. Wey, III were present. Thomas P. Hall’s date of appointment expired May 15, 2007 therefore he was not allowed to vote. It is uncertain if Thomas P. Hall will be reappointed by the Board of Selectmen for another 3 year term due to the current town regulation stipulating that appointees serve two-3 year terms only.
The meeting was called to order by Ted C. Alexiades at 10:11 A.M.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the minutes of the April 18, 2007 board meeting.
AYE 4-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to approve the following retirement allowances and expenses:
Retirement Allowances (May 2007)
Pension $ 354,116.35
Annuity $ 58,055.59
Chapter 157 Veteran Benefit $ 84.26
Cost of Living $ 0.00
Dependent Allowance $ 788.98
Total Warrant #PR0507 $ 413,045.18
Retirement Expenses (May 2007)
Salaries $ 3,435.44
Office Expenses $ 7,312.43
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 5,129.01
Option B Refund $ 0.00
Total Warrant #AP0507 $ 15,876.88
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:
Jill A. Blair Library (Staff Technician) May 14, 2007
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to accept the Application for Retirement:
Margaret Morrison Library (Staff Technician) April 30, 2007 Option A
AYE 4-0. It was unanimously voted.
In order to re-establish retirement choice of option, members of the Board asked that letters be sent to all Option B retirees advising them that they may change their beneficiary at any time following retirement. Option C retirees will receive a letter stating that the beneficiary named in their retirement application cannot be changed after retirement even if personal circumstances change. All active/inactive members are to receive a letter outlining Option D benefits.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Camelle Doyle School Dept. (Paraprofessional) Refund $2,846.82
Jean Pedone School Dept. (Teacher’s Assistant) Refund $2,282.19
AYE 4-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through May 31, 2007 was discussed.
April 2007 Retirement Board Money Market account ending balance in the amount of $171,756.42 reconciles to April 2007 Trial Balance.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to transfer $2,500,000 of the FY2008 pension fund appropriation to the PRIT Fund. Thereafter, each month commencing in August 2007, Hingham will draw-down approximately $290,000 each month in order to cover the ongoing expenses of the retirement board. Nancy Hutt and Jean Montgomery will discuss how best to manage the monthly transfer from the PRIM Board.
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to declare Jean M. Montgomery re-elected by declaration as the fourth member of the board. Term to commence July 30, 2007 and expire in 2010.
AYE 4-0. It was unanimously voted.
The board postponed their vote on Chapter 55 of the Acts of 2006 (An act increasing the accidental death benefit payable to surviving children). The board requested a letter to legal counsel asking the question: could the board withdraw their participation in this law if future rates, set by the State, become excessive.
The Monthly Account Statement and PRIT Fund Performance for the period ending April 2007 was discussed. The PRIT Core Fund returned 2.73% for the month of April and 6.15% calendar year-to-date.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to adjourn the regular meeting at 10.55 A.M.
AYE 4-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, June 21, 2007 at 10:00 A.M.