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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, April 29, 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 10:00 A.M.
Board Chairman Ted C. Alexiades acknowledged the attendance of Michael Mullin, Highway Department Foreman and candidate for the upcoming retirement board election. Mr. Mullin attended the meeting in order to request the location of the retirement board election be moved out of the town Hall to a neutral location so as not to benefit one candidate over the other. Eileen A. McCracken recused herself from the discussion since she is the candidate up for re-election. Several locations were discussed such as the Public Library or the Foster School. It was proposed that the election be conducted totally by mail in order to eliminate the problem of a neutral polling location. A motion was made by Thomas P. Hall and seconded by Jean M. Montgomery to conduct the upcoming retirement board election by mail. Michael Mullin and Eileen A. McCracken were in agreement with the board’s decision.
AYE 5-0. It was unanimously voted.
A motion was made by Harry F.G. Wey, III and seconded by Thomas P. Hall to approve the minutes of the March 25, 2008.
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 (April 2008)
Pension $ 372,323.05
Annuity $ 59,389.40
Chapter 157 Veteran Benefit $ 86.22
Cost of Living $ 0.00
Dependent Allowance $ 621.32
Total Warrant #PR0408 $ 432,419.99
Retirement Expenses (April 2008)
Salaries $ 6,233.15
Office Expenses $ 2,928.66
3(8)(c) Payments $ 0.00
Refunds/Transfer $ 35,904.14
Accidental Death Refund(s) $ 158,491.38
Option B Refund $ 0.00
Total Warrant #AP0408 & AP0408A $ 203,557.33
AYE 5-0. 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:
Jacquelyn Crombie School Dept. (Paraprofessional) March 24, 2008
Daniel S. Leary Police Dept. (Patrolman) April 22, 2008
Justin E. Burns Police Dept. (Patrolman) April 22, 2008
Jeremiah J. Sullivan Police Dept. (Patrolman) April 22, 2008
AYE 5-0. 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:
Stephanie Brundige School Dept. (Kids in Action) Refund $ 4,144.03
Joshua Delisle Police Dept. (Patrolman) Transfer $ 22,878.32
Cynthia Rogers School Dept. (Paraprofessional) Rollover $ 3,230.37
Megan Cox School Dept. (Paraprofessional) Rollover $ 5,278.34
AYE 5-0. It was unanimously voted.
There were no Applications for Buybacks/Make-ups.
The Cash Flow Report through April 30, 2008 was discussed. Board will request a PRIT Fund transfer in the amount of $250,000 to cover ongoing retirement board expenses.
Approval of the Financial Statements for the year ending December 31, 2007 will be postponed until the board receives the “Management Letter” from O’Connor & Drew, P.C. which contains the auditor comments.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to authorize Nancy M. Hutt to travel to the MACRS Spring Conference to be held in Hyannis, MA on June 3, 2008.
AYE 5-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to authorize Nancy M. Hutt to attend the PERAC Public Pension Institute on August 17-19, 2008 at the University of Massachusetts, Amherst.
AYE 5-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to send a copy of our Home Rule Legislation concerning non-work related death benefits to members of the Joint Public Service Committee for their review and recommendation.
AYE 5-0. It was unanimously voted.
March 2008 Retirement Board Money Market account ending balance in the amount of $164,764.27 reconciles to March 2008 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending March 2008 was discussed. The PRIT Core Fund returned -0.69% for the month of March and -4.37% CYTD.
Jean M. Montgomery questioned the refunds on Town Owned Motor Vehicles on this month’s accounts payable warrant as she was unaware of the situation. It was explained to the board that certain members were notified that personal use of employer owned motor vehicles is treated as compensation and is reported as income to the IRS on the employee’s W-2 tax form. The amount of this income is to be considered as regular compensation for retirement purposes. Consequently, any amount included in the member’s W-2, consistent with the IRS rules, that reflects the value of personal use of a motor vehicle is to be considered regular compensation and would be subject to retirement contributions. Several employees disagreed with the ruling and refused to pay the appropriate retirement contributions. The Payroll Administrator was instructed to withhold the appropriate retirement contributions on payroll checks dated April 10, 2008. Chairman Alexiades met with the aggrieved members and agreed to do the following: refund the payroll deductions recently taken on the 2007 town owned motor vehicle usage. Merge the 2006 and 2007 car allowance retirement deductions owed to the retirement system and set them up to be paid out over the remaining 26 pay weeks left in 2008. A motion was made by Thomas P. Hall and seconded by Henry F.G. Wey, III that in the future, retirement board members are to be made aware of any ongoing retirement matters with respect to all town employees.
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 meeting at 11:35 A.M.
AYE 5-0. It was unanimously voted.
The next regular Retirement Board meeting will be held on Tuesday May 20, 2008 at 10:00 A.M.