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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, July 31, 2007.
Ted C. Alexiades, Eileen A. McCracken, Thomas P. Hall, Jean M. Montgomery and Henry F.G. Wey, III were present.
The meeting was called to order by Ted C. Alexiades at 10:05 A.M.
A motion was made by Thomas P. Hall and seconded by Henry F.G. Wey, III to approve the minutes of the June 28, 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 (July 2007)
Pension $ 361,398.84
Annuity $ 60,052.76
Chapter 157 Veteran Benefit $ 84.26
Cost of Living $ 6,246.06
Dependent Allowance $ 834.66
Total Warrant #PR0707 $ 428,616.58
Retirement Expenses (July 2007)
Salaries $ 3,504.95
Office Expenses $ 12,316.64
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 42,811.10
Option B Refund $ 0.00
Total Warrant #AP0707 $ 58,632.69
AYE 5-0. 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:
Elizabeth A. Nee Tobacco Control (Director) July 2, 2007
Joan E. Allen Library (Admin. Asst./Bookkeeper) July 17, 2007
Cheryl L. McMillan School (Paraprofessional) July 23, 2007
Richard G. Nowlan Assessors (Inspector) July 23, 2007
AYE 5-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to accept the Applications for Retirement:
Robert P. Abbott, Sr. Assessors (Inspector) June 30, 2007 Option C
Maureen E. Taylor Library (Admin. Asst./Bookkeeper) June 30, 2007 Option C
Joseph H. McCracken, III Police Dept. (Lieutenant) June 30, 2007 Option C
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:
Anya Z. Zola Assessors (Asst. Assessor) Rollover $12,780.94
Jessie E. Harvey Fire (Firefighter/Paramedic) Transfer $25,729.47
Rosemary J. Zona School (Paraprofessional) Rollover $ 3,487.62
AYE 5-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through July 31, 2007 was discussed.
June 2007 Retirement Board Money Market account ending balance in the amount of $543,044.71 reconciles to June 2007 Trial Balance.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to approve the Hingham Municipal Lighting Plant (HMLP) excess contribution in the amount of $2,275,925 in order to fully fund their unfunded accrued actuarial liability (UAAL) as of July 1, 2007. Investment income earned by this excess contribution will be credited towards the HMLP’s annual normal cost payment. Monthly and quarterly reporting investment income will be provided to the HMLP.
AYE 5-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending June 2007 was discussed. The PRIT Core Fund returned 0.23% for the month of June and 8.46% calendar year-to-date.
The board has suggested that, based on Police Chief Steven Carlson’s recent death, a publication be made available to all members which clearly defines benefits to survivors of an active member.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the meeting at 11:00 A.M.
AYE 5-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Tuesday, August 21, 2007 at 10:00 A.M.