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Minutes of Meeting
Hingham Contributory Retirement Board
November 25, 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 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 10:06 A.M.
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken
VOTED to approve the Minutes of the October 28, 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 (November 2008) | |
| Pension | $382,612.05 |
| Annuity | $61,647.41 |
| Veteran Benefit | $89.01 |
| Cost of Living | $6,293.50 |
| Dependent Allowance | $444.66 |
| Total Warrant #PR1108 | $451,086.63 |
| Retirement Expenses (November 2008) | |
| Salaries | $6,407.15 |
| Office Expenses | $795.15 |
| 3(8)(c) Payment(s) $ 0.00 | $0.00 |
| Refund(s)/Transfer(s) | $1,194.28 |
| Accidental Death Refund(s) | $0.00 |
| Option B Refund(s) | $0.00 |
| Total Warrant #AP1108 | $13,917.07 |
UNANIMOUS 5-0
RECEIVED Application(s) for Membership in the Retirement system:
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III
VOTED to include the following new employee(s):
| Frank J. Yetman | Building Dept. (Plumbing Inspector) | 17-Nov-08 |
| Cheryl B. Ruscansky | School Dept. (Paraprofessional) | 27-Oct-08 |
| Eleanor Donovan | School Dept. (Paraprofessional) | 3-Nov-08 |
UNANIMOUS 5-0
No Application(s) for Retirement were received.
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):
| Shawna Delugan | School Dept. (Paraprofessional) | Transfer | $1,194.28 |
UNANIMOUS 5-0
There were no Application(s) for Buybacks/Make-ups.
The Cash Flow Report through November 30, 2008 was discussed. In order to cover ongoing retirement board expenses a PRIT Cash Fund transfer was made in the amount of $275,000.
RECEIVED Proposals to perform the financial and compliance audits
(2 year appointment) of the Hingham Contributory Retirement System (decision deferred from October 28, 2008 Board Meeting) from the following independent certified public accounting firms:
| O’Connor & Drew, P.C. | 2008-$ 7,500 | 2009-$ 8,000 |
| Melanson Heath & Company | 2008-$ 9,500 | 2009-$10,000 |
| CCR Group | 2008-$18,750 | 2009-$19,650 |
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall
VOTED to approve the proposal for Audit Services by O’Connor & Drew, P.C.
A complete set of Financial Statements and Management Letter will be completed no later than April 1st of every year in order to assure the accuracy of the Annual Statement we are required to submit to PERAC no later than May 1st.
UNANIMOUS 5-0
The October 2008 Money Market account ending balance in the amount of $238,723.70 reconciles to the October 2008 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
October 31, 2008. The PRIT Core Fund returned -13.43% for the month of October and
-27.00% year-to-date.
The next meeting of the Board of Retirement will be held on Tuesday, December 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 and;
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall it was
VOTED to adjourn.
UNANIMOUS 5-0
Meeting adjourned at 10:34 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