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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Wednesday, October 31, 2007.
Ted C. Alexiades, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Thomas P. Hall participated via speakerphone.
The meeting was called to order by Ted C. Alexiades at 10:05 A.M.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to approve the minutes of the September 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 (October 2007)
Pension $ 370,404.72
Annuity $ 62,547.17
Chapter 157 Veteran Benefit $ 109.26
Cost of Living $ 6,186.06
Dependent Allowance $ 796.98
Total Warrant #PR1007 $ 440,044.19
Retirement Expenses (October 2007)
Salaries $ 4,410.15
Office Expenses* $ 4,187.35
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 280.36
Option B Refund $ 19,765.24
Total Warrant #AP1007 $ 28,643.10
*AP Voucher #136 payable to Buck Consultants in the amount of $2,048 was paid in error. Town will reimburse Board amount paid.
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 following Applications for Membership:
Ashley F. Baxter School Dept. (Paraprofessional) October 22, 2007
Emily A. Francis School Dept. (Kids in Action) October 22, 2007
Susan E. Bornstein School Dept. (Paraprofessional) September 4, 2007
Kathy M. Burnes School Dept. (Paraprofessional) September 4, 2007
Shawna M. DeLugan School Dept. (Paraprofessional) September 4, 2007
Karen L. Clay School Dept. (Paraprofessional) September 7, 2007
Maura B. Talbot School Dept. (Title 1 Tutor) September 4, 2007
Elsbeth K. Clifford School Dept. (Paraprofessional) September 10, 2007
Debra A. Kirby School Dept. (Tutor) September 4, 2007
Mary Moriarty School Dept. (Cafeteria Worker) September 4, 2007
Maureen P. Michaud Recreation Dept. (Program Supervisor) August 24, 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 Application for Retirement:
Eleanor Goldsmith School Dept. September 24, 2007 Option A*
*Met personally with spouse who understood and acknowledged in writing, that upon her death all allowance payments will cease and no benefits will be provided for survivors.
AYE 4-0. 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:
Rose Stratford School Dept. October 1, 2007 Option C
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 following Application for Retirement (subject to review of Worker’s Compensation lump sum payout):
Maria A. Aiello School Dept. October 1, 2007 Option B*
*Met personally with spouse who understood and acknowledged in writing, that upon her death, the beneficiary of record will be paid the unexpended balance, if any, in the retiree’s annuity reserve account upon which time all allowance payments will cease and no benefits will be provided for survivors.
AYE 4-0. 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 Withdrawal and/or Transfer of Deductions:
Christopher Connolly School Dept. (Paraprofessional) Transfer $255.07
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to approve the following Application for Buybacks/Make-ups:
Rose Stratford School Dept. 0 years/9 months Lump Sum Payment
AYE 4-0. It was unanimously voted.
The Cash Flow Report through October 31, 2007 was discussed. Board anticipates requesting a PRIT Fund transfer in the amount of $250,000 to cover ongoing retirement board expenses for November 2007.
September 2007 Retirement Board Money Market account ending balance in the amount of $287,772.36 reconciles to September 2007 Trial Balance.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to approve an Option B Refund in the amount of $19,765.24 to Marion Garvin (spouse of Paul Garvin-deceased September 17, 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 adjourn the regular business meeting at 10:20 A.M. in order to convene a public hearing to discuss the FY2008 COLA. Board to reconvene their regular business meeting following the public hearing.
AYE 4-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to convene a public hearing to discuss the FY2008 COLA.
AYE 4-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to approve a 3% COLA for FY2008 to all eligible retirees, survivors and non-contributory retirees, up to a maximum of 3% on the first $12,000 of retirement allowance as allowed under Chapter 32, section 103(i).
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to close the public hearing at 10:25 A.M. and to convene in Executive Session.
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to convene in Executive Session.
By roll call vote:
Ted C. Alexiades Aye
Eileen A. McCracken Aye
Jean M. Montgomery Aye
Henry F.G. Wey, III Aye
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the Executive Session at 10:40 A.M. and reconvene the regular business meeting.
By roll call vote:
Ted C. Alexiades Aye
Eileen A. McCracken Aye
Jean M. Montgomery Aye
Henry F.G. Wey, III Aye
AYE 4-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to reconvene the regular business meeting at 10:40 A.M.
AYE 4-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending September 30, 2007 was discussed. The PRIT Core Fund returned 4.25% for the month of September and 11.69% calendar year-to-date.
Chairman Alexiades spoke of forming a “PEC” (Public Employee Committee) to discuss the option of the Town joining the Group Insurance Commission. Retired Hingham school teachers currently pay 10% of their health care premiums. The Town of Hingham pays the remaining 90%. The town is discussing grandfathering-in current school retirees at 90/10 however; future school retirees will pay 50/50 (same as town retirees). Discussions on this subject will continue.
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to adjourn the meeting at 11:15 A.M.
AYE 4-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Tuesday, November 27, 2007 at 10:00 A.M.