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The regular meeting of the Board of Retirement was duly posted to be held in the East Hearing Room of the Hingham Town Hall on the above date. Members Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Ted C. Alexiades and Thomas P. Hall were absent.
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery
VOTED to appoint Eileen A. McCracken temporary board chairman. UNANMOUS
The meeting was called to order by Eileen A. McCracken at 10:00 A.M.
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery
VOTED to approve the Minutes of the July 29, 2008 regular board meeting which were accepted as read and signed into the record. UNANIMOUS
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (August 2008)
Pension $ 375,129.47
Annuity $ 60,440.71
Veteran Benefit $ 89.01
Cost of Living $ 6,303.50
Dependent Allowance $ 444.66
Total Warrant #PR0808 $ 442,407.35
Retirement Expenses (August 2008)
Salaries $ 5,125.72
Office Expenses $ 2,008.30
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 31,319.48
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0808 $ 38,453.50
UNANIMOUS
RECEIVED Application(s) for Membership in the Retirement system:
On a motion duly made by Jean M. Montgomery and seconded by Henry F.G. Wey, III
VOTED to include the following new employee(s):
Susan C. Hajjar School Dept. (ASL Interpreter) August 25, 2008
Joseph M. Keefe S.S.C.C. (Golf Professional) July 16, 2008
UNANIMOUS
There were no Application(s) for Retirement.
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions:
On a motion duly made by Jean M. Montgomery and seconded by Henry F.G. Wey, III
VOTED to approve payment to the following employee(s):
Patrick M. Boyle D.P.W. (Repairman) 7/29/08 Rollover $27,518.50
Jeffrey Cuozzo Fire Dept. (Firefighter) 1/9/08 Transfer $ 2,439.29
Elsbeth Clifford School Dept. (Paraprofessional) Refund $ 1,224.69
UNANIMOUS
RECEIVED Application(s) for Buybacks/Make-ups:
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery
VOTED to approve the following application(s) for buyback/makeup:
Cheryl Lyons School Dept. (Cafeteria) 4 years/0 months Payroll & OBRA
UNANIMOUS
The Cash Flow Report through August 31, 2008 was discussed.
On a motion duly made by Jean M. Montgomery and seconded by Henry F.G. Wey, III
VOTED to approve a PRIT Fund transfer from the General Allocation account in the amount of $350,000, in addition to the monthly maintenance transfer to cover board expenses and to restore the cash flow balance to approximately $250,000. UNANIMOUS
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery, in accordance with 840 CMR 6.12(2)
VOTED to make available as public record, the following list of Executive Session Minutes:
Date |
Subject |
June 29, 1993 |
Frank P. Ayers, III |
July 26, 1994 |
Frank P. Ayers, III |
October 4, 1994 |
Paul C. Cadigan |
January 31, 1995 |
Paul C. Cadigan |
March 2, 1995 |
Paul C. Cadigan |
April 28, 1995 |
Paul C. Cadigan |
July 31, 1995 |
Paul C. Cadigan |
August 29, 1995 |
Paul C. Cadigan |
January 30, 1996 |
Paul C. Cadigan |
February 22, 1996 |
Paul C. Cadigan |
May 30, 1995 |
Paul C. Cadigan |
December 4, 1996 |
Frederick O'Brien & Paul F. Peaslee |
January 28, 1997 |
Paul C. Cadigan & John McLaughlin |
February 25, 1997 |
John McLaughlin & Paul Cadigan |
May 15, 1997 |
John McLaughlin & Paul Cadigan |
October 23, 1997 |
John McLaughlin |
May 28, 1998 |
Bruce Kelly & James Shaughnessy |
June 25, 1998 |
Bruce Kelly |
July 23, 1998 |
Bruce Kelly |
November 19, 1998 |
James Shaughnessy |
March 6, 2008 |
Sandra Carlson |
March 25, 2008 |
Barbara Yalenezian |
UNANIMOUS |
UNANIMOUS |
|
|
RECEIVED Travel request
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery
VOTED to approve the travel request by Nancy M. Hutt to attend the 2008 Fall MACRS Conference in Springfield, MA on October 20, 2008. UNANIMOUS
The July 2008 Money Market account ending balance in the amount of $125,002.70 reconciles to the July 2008 Trial Balance.
RECEIVED The Monthly Account Statement and PRIT Fund Performance for the period ending July 2008. The PRIT Core Fund returned -2.11% for the month of July and -6.86% year-to-date. Henry F.G. Wey, III wanted his remarks to be on the record: I believe that it was not appropriate for PRIM to give the Executive Director of PRIT a $64,000 bonus even though the fund lost more than $1 billion. Michael Travaglini will get the bonus because the $50 billion PRIT Fund outperformed market indexes and many other state pension funds across the nation. In addition, Travaglini’s top two aides will also get 20 percent bonuses and 23 members of the management staff will get 16 percent bonuses. The fund registered a 1.8% loss for the fiscal year ending June 30, 2008.
The next meeting of the Board of Retirement will be held on Tuesday, September 23, 2008 at 10:00 A.M. in the East Hearing Room of the Hingham Town Hall.
There being no further business to come before the board, it was
VOTED to adjourn. Meeting adjourned at 10:30 A.M.