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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, December 18, 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 10:05 A.M.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to approve the minutes of the November 27, 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 (December 2007)
Pension $ 370,316.80
Annuity $ 62,030.77
Chapter 157 Veteran Benefit $ 109.26
Cost of Living $ 6,172.15
Dependent Allowance $ 796.98
Total Warrant #PR1207 $ 439,425.96
Retirement Expenses (December 2007)
Salaries $ 3,528.12
Office Expenses $ 476.40
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 2,738.87
Option B Refund $ 0.00
Total Warrant #AP1207 $ 6,743.39
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(s) for Membership:
Kathleen A. Bird School Dept. (Secretary) December 3, 2007
Elizabeth J. Macki School Dept. (Paraprofessional) December 20, 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 Jean M. Montgomery to accept the following Application(s) for Withdrawal and/or Transfer of Deductions:
Nancy J. Nelson School Dept. (Paraprofessional) Rollover $2,738.87
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(s) for Buybacks/Make-ups:
Jeffrey S. Saunders (Fire Department) Military Buyback (2 years/6 months) Payroll deduction
AYE 5-0. It was unanimously voted.
The Cash Flow Report through December 31, 2007 was discussed. Board will request a PRIT Fund transfer in the amount of $250,000 to cover ongoing retirement board expenses.
November 2007 Retirement Board Money Market account ending balance in the amount of $254,058.41 reconciles to November 2007 Trial Balance.
C.R.A.B. received a Notice of Receipt of Appeal concerning Jeffrey Handrahan. Mr. Handrahan’s application for an Accidental Disability Retirement was denied by the Board at their November 27, 2007 board meeting. C.R.A.B. will notify the board as to the date and time of the hearing.
A motion was made by Thomas P. Hall and seconded by Henry F.G. Wey, III to approve the request by Nancy Hutt, to increase her work week to full time (35 hours per week). If the retirement board employee is asked to perform work on behalf of the town, that work must be retirement related and prior approval by the board will be required.
AYE 5-0. It was unanimously voted.
The board is requesting that a letter be sent to O’Connor & Drew, P.C. (Certified Public Accountants) stating that we must be in receipt of a complete set of Financial Statements no later than May 1st every year. In order to assure the accuracy of our PERAC Annual Report, receipt of the financial statements prior to May 1st is essential.
The Monthly Account Statement and PRIT Fund Performance for the period ending November 30, 2007 was discussed. The PRIT Core Fund returned -2.51% for the month of November and 11.51% calendar year-to-date.
A motion was made by Eileen A. McCracken and seconded by Jean M. Montgomery to adjourn the meeting at 10:30 A.M.
AYE 5-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Tuesday, January 29, 2008 at 10:00 A.M.