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Minutes of Meeting
Hingham Contributory Retirement Board
October 28, 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. Board members Thomas P. Hall, Eileen A. McCracken, Jean M. Montgomery were present. Ted C. Alexiades and Henry F.G. Wey, III were absent.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to appoint Thomas P. Hall as temporary chairman. UNANIMOUS 3-0
The meeting was called to order by Thomas P. Hall at 10:10 A.M.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to approve the Minutes of the September 23, 2008 regular board meeting which were accepted as read and signed into the record. UNANIMOUS 3-0
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to issue payment for the following monthly Warrants:
| Retirement Allowances (October 2008) | |
| Pension | $374,770.79 |
| Annuity | $60,384.79 |
| Veteran Benefit | $89.01 |
| Cost of Living | $6,294.14 |
| Dependent Allowance | $444.66 |
| Total Warrant #PR1008 | $441,983.39 |
| Retirement Expenses (October 2008) | |
| Salaries | $5,125.72 |
| Office Expenses | $4,355.92 |
| 3(8)(c) Payment(s) $ 0.00 | $0.00 |
| Refund(s)/Transfer(s) | $4,435.43 |
| Accidental Death Refund(s) | $0.00 |
| Option B Refund(s) | $0.00 |
| Total Warrant #AP1008 | $13,917.07 |
UNANIMOUS 3-0
RECEIVED Application(s) for Membership in the Retirement system:
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to include the following new employee(s):
| Daniel J. Nardo | Police Dept. (Dispatcher) | 24-Sep-08 |
| Marilyn R. Player | School Dept. (Paraprofessional) | 2-Oct-08 |
| Debra A. Bennett | School Dept. (Food Service) | 18-Sep-08 |
| Timothy P. O’Brien | Police Dept. (Police Officer) | 6-Oct-08 |
| William M. McCormick | School Dept. (Paraprofessional) | 20-Oct-08 |
| Mary C, Norton | School Dept. (Paraprofessional) | 20-Oct-08 |
| Lee S. Biegel | School Dept. (Paraprofessional) | 23-Oct-08 |
UNANIMOUS 3-0
RECEIVED Application(s) for Retirement in the Retirement system:
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to approve payment of a retirement allowance to the following employee(s):
| Kevin E. Carnrick | Fire Dept. (Firefighter) | 14-Oct-08 | Option C |
UNANIMOUS 3-0
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions:
On a motion duly made by Jean M. Montgomery and seconded by Eileen A. McCracken
VOTED to approve payment to the following employee(s):
| Brenda Burke | School Dept. (Paraprofessional) 8/05 | Transfer | $916.62 |
| Jo Petrilli | School Dept. (Paraprofessional) 9/08 | Refund | $15.25 |
| Rosemary Horky | School Dept. (Food Service) | Refund | $3,503.56 |
UNANIMOUS 3-0
There were no Application(s) for Buybacks/Make-ups.
The Cash Flow Report through October 31, 2008 was discussed.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to adjourn the regular business meeting in order to convene a public hearing to discuss the FY2010 COLA. Board will reconvene their regular business meeting following the scheduled Executive Session.
UNANIMOUS 3-0
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to convene a public hearing to discuss the FY2010 COLA.
UNANIMOUS 3-0
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to approve a cost of living (COLA) up to a maximum of 3% on the first $12,000 retirement allowance for FY2010 in accordance with Chapter 32, Section 103(i).
UNANIMOUS 4-0
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to close the public hearing.
UNANIMOUS 3-0
Ted C. Alexiades joined the meeting at 10:15 A.M.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED for Ted C. Alexiades to assume the responsibility of chairman for the remainder of the meeting.
UNANIMOUS 4-0
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken
VOTED to reconvene the regular business meeting.
UNANIMOUS 4-0
RECEIVED Proposals to perform the financial and compliance audits (2 year appointment) of the Hingham Contributory Retirement System from the following independent certified public accounting firms:
Board members wanted to review the proposals and decided to take no action at this time. A vote will be taken at the November 25, 2008 board meeting.
The September 2008 Money Market account ending balance in the amount of $228,359.88 reconciles to the September 2008 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
September 30, 2008. The PRIT Core Fund returned -8.55% for the month of September and
-15.68% year-to-date.
The next meeting of the Board of Retirement will be held on Tuesday, November 25, 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 10:45 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