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Minutes of Meeting
Hingham Contributory Retirement Board
January 27, 2009
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, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Thomas P. Hall participated via speakerphone.
The meeting was called to order by Ted C. Alexiades at 10:30 A.M.
Betty Foley, Assistant Town Manager asked to address the board concerning the subject of Benefits Coordinator. Mrs. Foley is asking that the Retirement Board fund approximately 50% of the Benefits Coordinator salary (Salary grade 8, $22,918.00 annually) or $11,459.00. The position of Benefits Coordinator is slated to be eliminated due to budget cuts. Ted Alexiades asked Mrs. Foley if the Board of Selectmen had voted in favor of proposing the subject of partial funding to the retirement board. Mrs. Foley answered that she had spoken with all of the selectmen and that they were in support of the request. Ted Alexiades and Henry F.G. Wey, III stated that funding the Benefits Coordinator position is the not the responsibility of the retirement board. Jean Montgomery and Eileen McCracken are not opposed to the request and would like to keep the topic open for future discussion.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to approve the Minutes of the December 22, 2008 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 4-0
On a motion duly made by Eileen A. McCracken and seconded by Henry F.P. Wey, III
VOTED to issue payment for the following monthly Warrants:
| Retirement Allowances (January 2009) | |
| Pension | $375,144.37 |
| Annuity | $60,504.68 |
| Veteran Benefit | $73.73 |
| Cost of Living | $6,233.50 |
| Dependent Allowance | $444.66 |
| Total Warrant #PR0109 | $442,400.94 |
| Retirement Expenses (January 2009) | |
| Salaries | $6,945.15 |
| Office Expenses | $1,410.81 |
| 3(8)(c) Payment(s) $ 0.00 | |
| Refund(s)/Transfer(s) | $39,378.36 |
| Accidental Death Refund(s) | $0.00 |
| Option B Refund(s) | $0.00 |
| Total Warrant #AP0109 | $47,734.32 |
UNANIMOUS 4-0
RECEIVED No Application(s) for Membership in the Retirement system.
RECEIVED Application(s) for Retirement:.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken
VOTED to approve the following Application(s) for Retirement:
| Helen M. Daigger | D.P.W. (Admn. Asst) | 31-Jan-09 | Option A |
| Joyce A. Bethoney | Planning Board (Secretary) | 1-Feb-09 | Option A |
UNANIMOUS 4-0
Note: Option C was offered to both members-Option was declined.
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):
| Nora Berard | S.S.C.C. (Director of Operations) | Refund | $39,378.36 |
UNANIMOUS 4-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through January 31, 2009 was discussed. In order to cover ongoing retirement board expenses a PRIT Cash Fund transfer was made in the amount of $250,000.
The December 2008 Money Market account ending balance in the amount of $308,668.12 reconciles to the December 2008 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
December 31, 2008. The PRIT Core Fund returned 1.03% for the month of December and
-29.44% year-to-date.
The board will ask Paul Todisco, Client Service Officer with the PRIM Board to reschedule and attend their April 28th board meeting so that Thomas P. Hall and Henry F.G. Wey, III could attend in order to answer questions concerning our PRIT Fund Account with PRIM.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III
VOTED to adjourn the regular business meeting in order to convene in executive session.
The Board will not reconvene their regular business meeting following the executive session.
By roll call vote: Ted Alexiades AYE
Eileen A. McCracken AYE
Henry F.P. Wey, III AYE
Jean M. Montgomery AYE
The next meeting of the Board of Retirement will be held on Wednesday, February 25, 2009 at 10:00 A.M. in the East Hearing Room of the Hingham Town Hall.
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