Link back to Retirement Board page
A regular meeting of the Town of Hingham Contributory Retirement Board was held in the Town Hall on Tuesday, July 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.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken to approve the minutes of the June 24, 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 (July 2008)
Pension $ 376,360.39
Annuity $ 60,779.32
Chapter 157 Veteran Benefit $ 89.01
Cost of Living $ 6,303.50
Dependent Allowance $ 624.66
Total Warrant #PR0708 $ 444,156.88
Retirement Expenses (July 2008)
Salaries $ 6,098357
Office Expenses $ 21,102.46
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 76,139.64
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0708 $ 103,340.67
AYE 5-0. It was unanimously voted.
A motion was made by Henry F.G. Wey, III and seconded by Thomas P. Hall to accept the following Application(s) for Membership:
James C. Aftosmes D.P.W. (Skilled Laborer) July 1, 2008
Michael D. McIntyre D.P.W. (Skilled Laborer) July 21, 2008
AYE 5-0. It was unanimously voted.
There were no Application(s) for Retirement.
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:
Matthew J. McKenna Police Dept. (Police Officer) Refund $21,509.16
Joseph S. Gozzo Light Dept. (Project Manager) Rollover $33,447.67
Edward Pearson Light Dept. (Meter Reader) Rollover $ 8,030.10
Kenneth Bowers School Dept. (Paraprofessional) Transfer $ 502.97
Deborah Higgins School Dept. (Tutor) Transfer $ 3,228.29
Christine Rogg School Dept. (Tutor) Transfer $ 4,023.75
AYE 5-0. It was unanimously voted.
A motion was made by Henry F.G. Wey III and seconded by Eileen A. McCracken to approve the following Application(s) for Buybacks/Make-ups:
James C. Aftosmes D.P.W. (Skilled Laborer) 3 months Lump Sum
AYE 5-0. It was unanimously voted.
The Cash Flow Report through July 31, 2008 was discussed. A PRIT Fund transfer will not be necessary until August 2008.
June 2008 Retirement Board Money Market account ending balance in the amount of $151,467.20 reconciles to June 2008 Trial Balance.
A motion was made by Eileen A. McCracken and seconded by Thomas P. Hall to approve the January 1, 2008 Actuarial Valuation and Funding Schedule prepared by Buck Consultants and submit it to PERAC. The Town has kept the FY2009 funding schedule from last year’s valuation report for all groups except the Electric Light Department, which is currently overfunded and has a $0 appropriation for FYE 2009. A letter will be sent to John Tzimorangas, General Manager of the Electric Light Department to plan on budgeting normal cost payments of $143,268 for FY2010, $186,335 for FY2011 and $192,633 for FY2012 until the next funding schedule is approved by the board.
AYE 5-0. It was unanimously voted.
The Monthly Account Statement and PRIT Fund Performance for the period ending June 2008 was discussed.
The PRIT Core Fund returned -4.61% for the month of June and -4.85% year-to-date.
Eileen A. McCracken was re-elected to her fifth term (July 1, 2009 – July 1, 2011) on the Hingham Retirement Board. The election was held entirely by mail. Election results: Eileen A. McCracken 223 votes, Michael Mullin 42 votes. Invalid ballots totaled 83 (no name or return address on envelope).
Effective July 1, 2008 the supplemental dependent allowance paid for Accidental Disability Retirees and Accidental Death Survivors increased to $687.96 annually.
The board has received a “Notice of Receipt of Appeal” from CRAB (Contributory Retirement Appeal Board) pertaining to Dennis Horgan. The Board had previously denied his application for Accidental Disability Retirement based upon Medical Panel results. The board will be notified of a hearing date within 11 to 12 months.
The board was notified that the $16,000 COLA base local option under Section 103 of Chapter 32 for local retirees was rejected by the House/Senate Budget Conference Committee. Retirees will have to wait until 2009 to revisit the subject of an increased COLA base.
A motion was made by Thomas P. Hall and seconded by Eileen A. McCracken 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, August 26, 2008 at 10:00 A.M.