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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Thursday, March 6, 2008.
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 1:10 P.M.
A motion was made by Thomas P. Hall and seconded by Harry F.G. Wey, III to approve the minutes of the January 29, 2008 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 (February 2008)
Pension $ 372,339.15
Annuity $ 61,034.14
Chapter 157 Veteran Benefit $ 109.26
Cost of Living $ 0.00
Dependent Allowance $ 676.98
Total Warrant #PR0208 $ 434,159.53
Retirement Expenses (February 2008)
Salaries $ 4,986.52
Office Expenses $ 2,377.82
3(8)(c) Payments $ 74,825.37
Refunds/Transfer $ 20,147.41
Option B Refund $ 0.00
Total Warrant #AP0208 $ 102,337.12
AYE 5-0. It was unanimously voted.
A motion was made by Harry F.G. Wey, III and seconded by Eileen A. McCracken to accept the following Application(s) for Membership:
Leslie A. Badger Animal Control (Officer) February 4, 2008
James S. Eustace Light Plant (Lineman) January 3, 2008
Amy S. Maree Recreation (Asst. Activities Supervisor) February 25, 2008
AYE 5-0. It was unanimously voted.
There were no Applications for Retirement.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to accept the following Application(s) for Withdrawal and/or Transfer of Deductions:
Porter Mulford School Dept. (Bus Driver) Refund $7,707.06
Lynne O’Hara School Dept. (Paraprofessional) Refund $ 1.97
Erin Griggs School Dept. (Paraprofessional) Transfer $ 906.20
Caitlyn Curley School Dept. (Kids in Action) Transfer $2,600.97
Wendy Rapson School Dept. (Paraprofessional) Transfer $8,813.95
Stephanie Jones School Dept. (Paraprofessional) Refund $ 117.26
AYE 5-0. It was unanimously voted.
A motion was made by Harry F.G. Wey, III and seconded by Thomas P. Hall to accept the following Application(s) for Buybacks/Make-ups:
Margaret M. Foley School Dept. (Paraprofessional) 9 years/10 months Lump Sum
Karen M. Clancy Board of Appeals (Secretary) 8 years/4 months Payroll Deduction
AYE 5-0. It was unanimously voted.
The Cash Flow Report through February 29, 2008 was discussed. Board will request a PRIT Fund transfer in the amount of $290,000 to cover ongoing retirement board expenses.
January 2008 Retirement Board Money Market account ending balance in the amount of $206,767.86 reconciles to January 2008 Trial Balance.
The board discussed the addition of Ann M.O’Neill of Murphy, Hesse, Toomey and Lehane LLP as a legal counsel in addition to Kevin P. Feeley of Collins, Loughran and Peloquin. P.C.
A motion was made by Eileen A. McCracken 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 Thomas P. Hall 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 Thomas P. Hall and seconded by Henry F.G. Wey, III 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 Thomas P. Hall and seconded by Eileen A. McCracken 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 January 2008 was discussed. The PRIT Core Fund returned -3.95% for the month of January and -3.95% for CYTD.
Ted C. Alexiades advised the board members that our article for town meeting (Chapter 55 of the Acts of 2006 – An act increasing the Accidental Death benefit payable to eligible surviving children) had been approved by the Advisory Committee prior to being placed on the warrant for Town Meeting.
A motion was made by Thomas P. Hall and seconded by Henry F.G. Wey, III to adjourn the meeting at 1:35 P.M.
AYE 5-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Tuesday, March 25, 2008.