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Minutes of Meeting
Hingham Contributory Retirement Board
February 25, 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 and Jean M. Montgomery were present. Henry F.G. Wey, III and Thomas P. Hall were absent.
The meeting was called to order by Ted C. Alexiades at 10:30 A.M.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery
VOTED to approve the Minutes of the January 27, 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 (February 2009) | |
| Pension | $383,306.76 |
| Annuity | $61,374.15 |
| Veteran Benefit | $64.01 |
| Cost of Living | $0.00 |
| Dependent Allowance | $444.66 |
| Total Warrant #PR0209 | $445,189.58 |
| Retirement Expenses (February 2009) | |
| Salaries | $5,125.72 |
| Office Expenses | $18,320.72 |
| 3(8)(c) Payment(s) $ 0.00 | |
| Refund(s)/Transfer(s) | $10,716.23 |
| Accidental Death Refund(s) | $0.00 |
| Option B Refund(s) | $0.00 |
| Total Warrant #AP0209 | $34,162.67 |
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 approve the following Application(s) for Membership:
| Raeanne Sullivan | School Dept. (Paraprofessional) | 1-Jan-09 |
UNANIMOUS 3-0
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 Jean M. Montgomery
VOTED to approve payment to the following employee(s):
| Brian J. Willard | Police Dept. (Dispatch) | Transfer | $10,716.23 |
UNANIMOUS 3-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through February 28, 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 January 2009 Money Market account ending balance in the amount of $276,467.59 reconciles to the January 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
January 31, 2009. The PRIT Core Fund returned -4.13% for the month of January.
Board members were notified by the Chairman Alexiades that the subject of helping fund the Benefits Coordinator position no longer remains a request of the Town.
Board members were notified that Legal Counsel, Kevin Feeley had visited Nancy Hutt on Wednesday, February 4th to discuss upcoming DALA cases.
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 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
Jean M. Montgomery AYE
UNANIMOUS 3-0
The next meeting of the Board of Retirement will be held on Tuesday, March 24, 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