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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, January 29, 2008.
Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Ted C. Alexiades and Thomas P. Hall were absent.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to appoint Eileen A. McCracken as temporary chairman.
AYE 3-0. It was unanimously voted.
The meeting was called to order by Eileen A. McCracken at 10:05 A.M.
A motion was made by Harry F.G. Wey, III and seconded by Jean M. Montgomery to approve the minutes of the December 18, 2007 board meeting.
AYE 3-0. It was unanimously voted.
A motion was made by Harry F.G. Wey, III and seconded by Jean M. Montgomery to approve the following retirement allowances and expenses:
Retirement Allowances (January 2008)
Pension $ 374,969.02
Annuity $ 61,678.01
Chapter 157 Veteran Benefit $ 109.26
Cost of Living $ 0.00
Dependent Allowance $ 676.98
Total Warrant #PR0108 $ 437,433.27
Retirement Expenses (January 2008)
Salaries $ 5,139.35
Office Expenses $ 16,616.74
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 95,700.40
Option B Refund $ 0.00
Total Warrant #AP0108 $ 117,456.49
AYE 3-0. It was unanimously voted.
A motion was made by Harry F.G. Wey, III and seconded by Jean M. Montgomery to accept the following Application(s) for Membership:
Mark A. Grylls Building Dept. (Inspector) December 17, 2007
Joanne R. O’Brien School Dept. (Food Technician) January 2, 2008
Barbara R. Cullen School Dept. (Food Technician) January 2, 2008
AYE 3-0. 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:
Albert J. Currie Animal Control (Officer) Refund/Rollover $55,353.58
James J. Gately Highway Dept. (Heavy Equip. Operator) Refund $33,163.48
Deborah Marani School Dept. (Reading Tutor) Transfer $ 3,493.33
Mary F. Goslin School Dept. (Paraprofessional) Rollover $ 3,690.01
AYE 3-0. It was unanimously voted.
A motion was made by Harry F.G. Wey, III and seconded by Jean M. Montgomery to accept the following Application(s) for Buybacks/Make-ups:
Lawrence J. Hallahan Sewer Dept. (Maint. Mechanic) 7 years/10 months Payroll deduction
AYE 3-0. It was unanimously voted.
The Cash Flow Report through January 31, 2008 was discussed. Board will request a PRIT Fund transfer in the amount of $250,000 to cover ongoing retirement board expenses.
December 2007 Retirement Board Money Market account ending balance in the amount of $216,754.77 reconciles to December 2007 Trial Balance.
A motion was made by Jean M. Montgomery and seconded by Harry F.G. Wey, III to approve Chapter 55 of the Acts of 2006 (An Act increasing the Accidental Death benefit payable to eligible surviving children). This local option will now be placed on the warrant at town meeting for approval.
AYE 3-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending December 2007 was discussed. The PRIT Core Fund returned 0.36% for the month of December and 3.19% for FY’08. Further discussion was held as to investments and subprime investments. It has been determined that PRIT is doing their due diligence.
A motion was made by Harry F.G. Wey, III and seconded by Jean M. Montgomery to adjourn the meeting at 10:45 A.M.
AYE 3-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Thursday, February 28, 2008 at 10:00 A.M.