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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, March 25, 2008.
Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Ted C. Alexiades was absent and Thomas P. Hall participated by speakerphone.
A motion was made by Henry F.G Wey, III and seconded by Jean M. Montgomery to nominate Eileen A. McCracken as temporary chairman.
AYE 3-0. It was unanimously voted.
The meeting was called to order by Eileen A. McCracken at 10:20 A.M.
A motion was made by Jean M. Montgomery and seconded by Harry F.G. Wey, III to approve the minutes of the March 6, 2008.
AYE 3-0. It was unanimously voted.
A motion was made by Jean M. Montgomery and seconded by Henry F.G. Wey, III to approve the following retirement allowances and expenses:
Retirement Allowances (March 2008)
Pension $ 368,869.57
Annuity $ 60,707.65
Chapter 157 Veteran Benefit $ 89.01
Cost of Living $ 0.00
Dependent Allowance $ 621.32
Total Warrant #PR0308 $ 430,287.55
Retirement Expenses (March 2008)
Salaries $ 4,986.52
Office Expenses $ 9,859.45
3(8)(c) Payments $ 43,081.49
Refunds/Transfer $ 22,246.45
Option B Refund $ 0.00
Total Warrant #AP0308 $ 80,179.91
AYE 3-0. It was unanimously voted.
A motion was made by Jean M. Montgomery and seconded by Henry F.G. Wey, III to accept the following Application(s) for Membership:
William R. Nickerson Building Dept. (Wiring Inspector) February 20, 2008
Mark E. Rappoli Fire Dept. (Firefighter/EMT) March 10, 2008
Kathleen B. McGonagle Library (Asst. Children’s Librarian) March 17, 2008
Tania Diantchenko Assessors (M.V. Clerk) March 17, 2008
Jon Butman D.P.W. (Laborer) March 17, 2008
AYE 3-0. It was unanimously voted.
There were no Applications for Retirement.
A motion was made by Jean M. Montgomery and seconded by Henry F.G. Wey, III to accept the following Application(s) for Withdrawal and/or Transfer of Deductions:
Mark W. Robertson Fire Dept. (Firefighter/Paramedic) Transfer $21,843.63
Maureen Michaud Recreation (Program Supervisor) Transfer $ 8.16
Annie McKnight School Dept. (Paraprofessional) Refund $ 315.73
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:
Jon Butman D.P.W. (Laborer) 0 years/4 months Payroll Deduction
AYE 3-0. It was unanimously voted.
The Cash Flow Report through March 31, 2008 was discussed. Board will request a PRIT Fund transfer in the amount of $290,000 to cover ongoing retirement board expenses.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to approve an additional $250,000
from the PRIT General Allocation Fund in order to cover the annuity refund and retroactive pension payments in April 2008 for Sandra Carlson.
AYE 3-0. It was unanimously voted.
February 2008 Retirement Board Money Market account ending balance in the amount of $218,030.98 reconciles to February 2008 Trial Balance.
A motion was made by Jean M. Montgomery and seconded by Henry F.G. Wey, III to approve the PERAC Annual Statement for the year ending December 31, 2007.
AYE 3-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to adjourn the regular business meeting at 10:40 A.M. in order to convene in executive session. Board will reconvene their regular business meeting following the executive session.
AYE 3-0. 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:
Eileen A. McCracken AYE
Jean M. Montgomery AYE
Henry F.G. Wey, III AYE
AYE 3-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to adjourn the executive session and reconvene the regular business meeting. By roll call vote:
Eileen A. McCracken AYE
Jean M. Montgomery AYE
Henry F.G. Wey, III AYE
AYE 3-0. It was unanimously voted.
A motion was made by Harry F.G. Wey, III and seconded by Jean M. Montgomery at 10:45 A.M. to reconvene the regular business meeting.
AYE 3-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending February 2008 was discussed. The PRIT Core Fund returned +0.25% for the month of January and -3.70% CYTD.
Nomination papers for the upcoming election of the “Third Member” have been taken out by Eileen A. McCracken, Incumbent and Michael Mullin, DPW Foreman. Current term expires July 1, 2008. Election will take place on June 24, 2008 in the Town Hall Lobby between the hours of 8:30 A.M. and 6:30 P.M.
A motion was made by Henry F.G. Wey, III and seconded by Jean M. Montgomery to adjourn the meeting at 11:00 A.M.
AYE 3-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Tuesday April 29, 2008.