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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, June 28, 2007.
Ted C. Alexiades, Eileen A. McCracken, Thomas P. Hall, Jean M. Montgomery and Henry F.G. Wey, III were present. Thomas P. Hall was reappointed by the Board of Selectmen as the “second member” on the board for another three year term (5/15/2007-5/15/2010).
The meeting was called to order by Ted C. Alexiades at 10:11 A.M.
A motion was made by Thomas P. Hall and seconded by Henry F.G. Wey, III to approve the minutes of the May 24, 2007 board meeting.
AYE 5-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Thomas P. Hall to approve the following retirement allowances and expenses:
Retirement Allowances (June 2007)
Pension $ 355,844.95
Annuity $ 58,453.46
Chapter 157 Veteran Benefit $ 84.26
Cost of Living $ 0.00
Dependent Allowance $ 788.98
Total Warrant #PR0607 $ 415,171.65
Retirement Expenses (June 2007)
Salaries $ 4,294.30
Office Expenses $ 1,472.75
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 13,344.87
Option B Refund $ 0.00
Total Warrant #AP0607 $ 19,111.92
AYE 5-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to accept the following Applications for Membership:
Jeffrey F. Cuozzo Fire (Firefighter/EMT) June 20, 2007
Danielle M. McDowell Fire (Firefighter/EMT) June 20, 2007
Daniel J. McGonagle Fire (Firefighter/EMT) June 20, 2007
Jeffrey S. Saunders Fire (Firefighter/EMT) June 20, 2007
James P. Lanphear, Jr. Fire (Firefighter/EMT) June 20, 2007
David S. Orlandi Police (Police Officer) July 16, 2007
AYE 5-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Thomas P. Hall to accept the Application for Retirement:
M. Susanne Walker Assessors Office (Assessing Tech.) Option B May 30, 2007
AYE 5-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Thomas P. Hall to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Martha Pagen Library (Technician -11/2/1998) Rollover $1,017.46
Noelle Russell School (Paraprofessional – 8/20/2005) Refund $1,086.55
Denise Lundin School (Teacher’s Aide – 6/30/1995) Rollover $1,543.03
Merrill L. Banks School (Paraprofessional – 6/15/2007) Transfer $2,755.87
Maureen O’Brien School (Cafeteria – 2/1/2005) Refund $6,670.32
AYE 5-0. It was unanimously voted.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to accept the following Applications for Buybacks/Make-ups:
Lawrence J. Hallahan Sewer Dept. Lump Sum 5 years/1 mos.
Katharine Lathrop Sewer Dept. 3 Equal Payments 0 years/8 mos.
AYE 5-0. It was unanimously voted.
The Cash Flow Report through June 30, 2007 was discussed. The Hingham Municipal Light Plant is contemplating the idea of paying off their $2.2 million unfunded liability. The Light Plant, as a member unit, would then be fully funded as of July 1, 2007. The board will ask Dan Sherman of Buck Consultants the question: how much does the pension system have to earn on assets in order for the Hingham Municipal Light Plant not to have any normal cost payments?
May 2007 Retirement Board Money Market account ending balance in the amount of $189,595.47 reconciles to May 2007 Trial Balance.
A motion was made by Harry F.G. Wey, III and seconded by Thomas P. Hall to approve an Option D benefit for Robert Steven, spouse of Cynthia N. Steven (School Department Paraprofessional) deceased June 1, 2007.
AYE 5-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending May 2007 was discussed. The PRIT Core Fund returned 1.94% for the month of May and 8.20% calendar year-to-date.
The next regular Retirement Board meeting will be held on Tuesday, July 31, 2007 at 10:00 A.M.
By roll call vote, the board voted to adjourn the regular session at 10:30 A.M. to convene in executive session not to reconvene in regular session.
Ted C. Alexiades Aye
Thomas P. Hall Aye
Eileen A. McCracken Aye
Jean M. Montgomery Aye
Henry F.G. Wey, III Aye