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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, November 27, 2007.
Ted C. Alexiades, Thomas P. Hall, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present.
The meeting was called to order by Ted C. Alexiades at 10:10 A.M.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to approve the minutes of the October 31, 2007 board meeting.
AYE 5-0. It was unanimously voted.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to approve the following retirement allowances and expenses:
Retirement Allowances (November 2007)
Pension $ 370,551.64
Annuity $ 62,116.63
Chapter 157 Veteran Benefit $ 109.26
Cost of Living $ 6,187.53
Dependent Allowance $ 796.98
Total Warrant #PR1107 $ 439,762.04
Retirement Expenses (November 2007)
Salaries $ 3,528.12
Office Expenses $ 4,406.45
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 2,553.03
Option B Refund $ 0.00
Total Warrant #AP1107 $ 10,487.60
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 Application for Membership:
Karen M. Clancy Board of Appeals (Secretary) November 5, 2007
AYE 5-0. It was unanimously voted.
There were no Applications for Retirement.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to accept the following Applications for Withdrawal and/or Transfer of Deductions:
Lynne C. O’Hara School Dept. (Paraprofessional) Transfer $1,519.70
Gina Walton School Dept. (Paraprofessional) Refund $1,033.33
AYE 5-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through November 30, 2007 was discussed. Board anticipates requesting a PRIT Fund transfer in the amount of $250,000 to cover ongoing retirement board expenses for December 2007.
October 2007 Retirement Board Money Market account ending balance in the amount of $217,062.62 reconciles to October 2007 Trial Balance.
Nancy Hutt is asking the approval of the board to start working full-time (35 hours). Position is currently scheduled for 24 hours per week. Surveys taken were submitted reflecting various board sizes, number of full-time and part-time employees, weekly hours worked and salaries. Board decided to defer action on this matter until the December 2007 board meeting.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to approve the retroactive Option C Pop-Up option for Irene Ferguson. Russell Ferguson died on November 27, 2006.
AYE 5-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to adjourn the regular business meeting in order to convene in executive session. Board will reconvene their regular business meeting following the executive session.
AYE 5-0. 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
Thomas P. Hall Aye
Eileen A. McCracken Aye
Jean M. Montgomery Aye
Henry F.G. Wey, III Aye
AYE 5-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the Executive Session and reconvene the regular business meeting.
By roll call vote:
Ted C. Alexiades Aye
Thomas P. Hall Aye
Eileen A. McCracken Aye
Jean M. Montgomery Aye
Henry F.G. Wey, III Aye
AYE 5-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to reconvene the regular business meeting.
AYE 5-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending October 31, 2007 was discussed. The PRIT Core Fund returned 2.41% for the month of October and 14.39% calendar year-to-date.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the meeting at 10:40 A.M.
AYE 5-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Tuesday, December 18, 2007 at 10:00 A.M.