Link back to Retirement Board page
Minutes of Meeting
Hingham Contributory Retirement Board
December 22, 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 10:05 A.M.
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall
VOTED to approve the Minutes of the November 25, 2008 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 5-0
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken
VOTED to issue payment for the following monthly Warrants:
| Retirement Allowances (December 2008) | |
| Pension | $376,972.97 |
| Annuity | $60,812.69 |
| Veteran Benefit | $89.01 |
| Cost of Living | $6,263.50 |
| Dependent Allowance | $444.66 |
| Total Warrant #PR1208 | $444,582.83 |
| Retirement Expenses (December 2008) | |
| Salaries | $5,125.72 |
| Office Expenses | $496.98 |
| 3(8)(c) Payment(s) $ 0.00 | |
| Refund(s)/Transfer(s) | $10,933.27 |
| Accidental Death Refund(s) | $0.00 |
| Option B Refund(s) | $0.00 |
| Total Warrant #AP1208 | $16,555.97 |
UNANIMOUS 5-0
RECEIVED No Application(s) for Membership in the Retirement system.
RECEIVED 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):
| Maureen Carbone | School Dept. (Tutor) | Transfer | $10,933.27 |
UNANIMOUS 5-0
RECEIVED Application(s) for Buybacks/Make-ups:
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken
VOTED to approve a buyback/make-up for the following employee(s):
| Frank Yetman | Building Dept. | 4 months | Payroll Ded. |
The Cash Flow Report through December 31, 2008 was discussed. In order to cover ongoing retirement board expenses a PRIT Cash Fund transfer was made in the amount of $300,000.
RECEIVED Request from Nancy M. Hutt for Longevity Pay.
Nancy Hutt began working 20+ hours per week as of December 5, 1997. Eligible to receive Longevity Pay as of December 5, 2007.
On a motion duly made by Thomas P. Hall and seconded by Henry F.G. Wey, III
VOTED to approve retroactive longevity pay.
The November 2008 Money Market account ending balance in the amount of $214,114.17 reconciles to the November 2008 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
November 30, 2008. The PRIT Core Fund returned -4.33% for the month of November and
-29.91% year-to-date.
The board will ask Paul Todisco, Client Service Officer with the PRIM Board to attend our next board meeting in order to answer questions concerning our PRIT Fund Account with PRIM.
The next meeting of the Board of Retirement will be held on Tuesday, January 27, 2009 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 10:46 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