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Minutes of Meeting
Hingham Contributory Retirement Board
September 23, 2008
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 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 10:10 A.M.
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall
VOTED to approve the Minutes of the August 26, 2008 regular board meeting
which were accepted as read and signed into the record. UNANIMOUS 5-0
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall
VOTED to issue payment for the following monthly Warrants:
| Retirement Allowances (September 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 | $6,407.15 |
| Office Expenses | $5,200.58 |
| 3(8)(c) Payment(s) | $0.00 |
| Refund(s)/Transfer(s) | $190,924.53 |
| Accidental Death Refund(s) | $0.00 |
| Option B Refund(s) | $0.00 |
| Total Warrant #AP0808 | $202,532.26 |
UNANIMOUS 5-0
RECEIVED Application(s) for Membership in the Retirement system:
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken
VOTED to include the following new employee(s):
| Maureen L. Owen | School Dept. (Bus Driver) | 2-Sep-08 |
| Padraig G. Cunningham | School Dept. (Bus Driver) | 2-Sep-08 |
| Jane E. Snowdale | School Dept. (Cafeteria) | 2-Sep-08 |
| Melissa L. McCourt | School Dept. (Paraprofessional) | 2-Sep-08 |
| Genita V. George | School Dept. (Paraprofessional) | 2-Sep-08 |
| Amy Gardner | School Dept. (Paraprofessional) | 2-Sep-08 |
| Attolio F. Proia | School Dept. (Paraprofessional) | 2-Sep-08 |
| Michelle M. Crossen | School Dept. (Paraprofessional) | 2-Sep-08 |
| Jessica A. Petkus | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kristen A. Reilly | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kimberly M. Waugh | School Dept. (Paraprofessional) | 2-Sep-08 |
| Susan L. Willison | School Dept. (Paraprofessional) | 2-Sep-08 |
| Charissa A. Kerr | School Dept. (Paraprofessional) | 2-Sep-08 |
| Brendan J. Holleran | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kara W. Flint | School Dept. (Paraprofessional) | 2-Sep-08 |
| Nancy M. Bucey | School Dept. (Paraprofessional) | 2-Sep-08 |
| Rebecca D. Golden | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kathryn A. Jacobs | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kara A. Kremer | School Dept. (Paraprofessional) | 2-Sep-08 |
| Tina R. Hines | School Dept. (Paraprofessional) | 2-Sep-08 |
| Christine E. Stark | School Dept. (Paraprofessional) | 2-Sep-08 |
| AnneMarie Norton | School Dept. (Paraprofessional) | 2-Sep-08 |
| Laura J. Boyle | School Dept. (Paraprofessional) | 2-Sep-08 |
| Anthony D. Arena | School Dept. (Paraprofessional) | 2-Sep-08 |
| Susan M. Ahern | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kim D. Stolper | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kaitlyn M. Moynahan | School Dept. (Paraprofessional) | 2-Sep-08 |
| Deborah L. Lumbert | School Dept. (Paraprofessional) | 2-Sep-08 |
| Kris M. D'Entremont | School Dept. (Paraprofessional) | 2-Sep-08 |
| Janet E. Carco | School Dept. (Paraprofessional) | 2-Sep-08 |
| Paul M. Piccuito | Fire Dept. (Firefighter) | 8-Sep-08 |
| Michael J. McDonough | Fire Dept. (Firefighter) | 8-Sep-08 |
| Nathaniel Egan | Fire Dept. (Firefighter) | 8-Sep-08 |
| Nichole S. Pinkus | Fire Dept. (Firefighter) | 8-Sep-08 |
| Robert P. Scully | Fire Dept. (Firefighter) | 8-Sep-08 |
| Kevin M. Bliss | Fire Dept. (Firefighter) | 8-Sep-08 |
| Jeffrey L. Paul | Fire Dept. (Firefighter) | 8-Sep-08 |
| David A. Nickerson | Fire Dept. (Firefighter) | 8-Sep-08 |
UNANIMOUS 5-0
There were no Application(s) for Retirement.
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions:
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III
VOTED to approve payment to the following employee(s):
| Charles J. Cristello | Selectmen (Town Administrator) 6/08 | Transfer | $177,877.67 |
| Susan Callen | School Dept. (Paraprofessional) 6/06 | Refund | $9,187.15 |
| Robert Kelley | School Dept. (Paraprofessional) 6/08 | Refund | $3,859.71 |
UNANIMOUS 5-0
RECEIVED Application(s) for Buybacks/Make-ups:
On a motion duly made by Jean M. Montgomery and seconded by Eileen A. McCracken
VOTED to approve the following application(s) for buyback/makeup:
| David A. Nickerson | Fire Dept. (Firefighter) | Military Service (1 yr/4 mos.) | Pymt. Deferred |
UNANIMOUS 5-0
The Cash Flow Report through September 30, 2008 was discussed.
The August 2008 Money Market account ending balance in the amount of $106,383.95 reconciles to the August 2008 Trial Balance.
RECEIVED The Monthly Account Statement and PRIT Fund Performance for the period ending
August 31, 2008. The PRIT Core Fund returned -1.0% for the month of August and -7.79% year- to-date.
The board remained concerned about the PRIM Board bonuses. Ted C. Alexiades will request a copy of the PRIM Incentive Compensation Plan and distribute to board members.
If the stock market continues to decline, it was agreed that the board must take steps to protect the town’s interest. A notation of such will be inserted in the annual town report.
The next meeting of the Board of Retirement will be held on Tuesday, October 28, 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 11 A.M.
Respectfully submitted,
Nancy M. Hutt, Admn. Asst. to the Board
APPROVED
BOARD OF RETIREMENT
Ted C. Alexiades, Chairman Thomas P. Hall, Member
Eileen A. McCracken, Member Jean M. Montgomery, Member
Henry F.G. Wey, III, Member