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A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, May 20, 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.
A motion was made by Harry F.G. Wey, III and seconded by Thomas P. Hall to approve the minutes of the April 29, 2008 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 (May 2008)
Pension $ 370,017.37
Annuity $ 59,292.42
Chapter 157 Veteran Benefit $ 89.01
Cost of Living $ 0.00
Dependent Allowance $ 621.32
Total Warrant #PR0508 $ 430,020.12
Retirement Expenses (May 2008)
Salaries $ 4,986.52
Office Expenses $ 4,836.59
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 2,035.82
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0508 $ 11,858.93
AYE 5-0. It was unanimously voted.
There were no Application(s) for Membership.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to accept the following Application(s) for Retirement:
John H. Travers, Jr. D.P.W. (Supervisor) May 12, 2008 Option C
AYE 5-0. It was unanimously voted.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to accept the following Application(s) for Withdrawal and/or Transfer of Deductions:
Joseph DiBlasi D.P.W. (Laborer) Refund $2,035.82
AYE 5-0. It was unanimously voted.
There was no Application(s) for Buybacks/Make-ups.
The Cash Flow Report through May 30, 2008 was discussed. Board will request a PRIT Fund transfer in the amount of $250,000 to cover ongoing retirement board expenses.
At the request of the board members, a copy of our Home Rule Legislation concerning non-work related death benefits to members of the Joint Public Service Committee will be forwarded to PERAC for their review and recommendation.
April 2008 Retirement Board Money Market account ending balance in the amount of $182,761.61 reconciles to April 2008 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending April 2008 was discussed. The PRIT Core Fund returned 2.97% for the month and -1.53% YTD. Board Members would like to schedule a meeting with Michael Reardon from PRIM sometime in the fall 2008.
Henry F.G. Wey, III requested that the board administrator draft a Board Mission Statement. What are our responsibilities? What are our short term/long term goals? This will be an ongoing project.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall 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 June 17, 2008 at 10:00 A.M.