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The regular meeting of the Board of Retirement was duly posted to be held at 1:00 P.M. in the East Hearing Room of the Hingham Town Hall on the above date. Board members Thomas P. Hall, Eileen A. McCracken and Jean M. Montgomery and Harry F.G. Wey, III were present. Ted C. Alexiades was absent.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to appoint Thomas P. Hall as temporary board chairman.
UNANIMOUS 3-0
At the request of the Retirement Board members, Michael Travaglini, Executive Director and Paul Todisco, Senior Client Service Officer from PRIM (Pension Reserves Investment Management) attended the board meeting in order to answer board member questions and general discussion.
The following is a summary of the remarks regarding the role of placement agents made by Michael Travaglini during the meeting:
• All investment manager selections and all other selections for service providers, made by PRIM are done through an open competitive Request for Proposal (“RFP”) process.
• An independent search committee is formed for each search process.
• An independent advisory committee (Investment, Real Estate, and Administration & Audit) reviews and votes on the search committee’s recommendation. That recommendation is then put before the full PRIM Board at its next regular meeting.
• As part of its annual audit by an independent outside auditing firm, PRIM does a procurement audit for each manager selection process that took place during the prior fiscal year. This audit is known as a SAS70.
• Some of PRIM’s managers have utilized the services of third party marketers, or placement agents. These placement agents are a long established component of the asset management industry, especially in niche classes, such as private equity and hedge funds.
• The majority of PRIM’s managers and service providers are selected without the use of private placement agents.
• Any fees related to the services placement agents are not borne by PRIM or picked up through any fee arrangement. Any fees related to the services provided by placement agents are paid directly by the investment manager or service provider bidding for the business.
The bottom line is that the use of placement agents does not affect the decision-making profess at PRIM, nor does it affect fees paid by PRIM to investment managers or other service providers.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the April 28, 2009 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 4-0
On a motion duly made by Henry F.P. Wey, III and seconded by Eileen A. McCracken it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (May 2009)
Pension $ 385,624.66
Annuity $ 62,986.96
Veteran Benefit $ 64.01
Cost of Living $ 0.00
Dependent Allowance $ 444.66
Total Warrant #PR0509 $ 449,120.29
UNANIMOUS 4-0
Retirement Expenses (May 2009)
Salaries $ 5,125.72
Office Expenses $ 4,342.59
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 44,282.73
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0509 $ 53,761.04
UNANIMOUS 4-0
RECEIVED Application(s) for Membership in the Retirement system.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve the following Application(s) for Membership:
Robert N. Barretto Library (Custodian) April 18, 2009
UNANIMOUS 4-0
RECEIVED Application(s) for Retirement.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve the following Application(s) for Retirement: (with regrets)
Charles Souther Police Dept. (Deputy Chief) April 18, 2009 Option C
UNANIMOUS 4-0
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 it was
VOTED to approve payment to the following employee(s):
John Souther Harbormaster (Harbormaster) Transfer $42,351.53
Danielle McDowell Fire Dept. (Firefighter/EMT) Refund $ 188.11
Kristen Walsh School Dept. (Paraprofessional) Refund $ 1,753.09
UNANIMOUS 4-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through May 31, 2009 was discussed.
The April 2009 Money Market account ending balance in the amount of $118,286.12 reconciles to the April 2009 Trial Balance.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve the request by Nancy Hutt to travel to the MACRS Conference in Hyannis, MA on
June 8, 2009.
UNANIMOUS 4-0
The Monthly Account Statement and PRIT Fund Performance for the period ending
April 30, 2009 was unavailable.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to adjourn the regular business meeting at 3:00 P.M.
The next meeting of the Board of Retirement will be held on Tuesday, June 30, 2009 at 10:00 A.M. in the East Hearing Room of the Hingham Town Hall.
Respectfully submitted,
Nancy M. Hutt
Administrative Assistant to the Board
APPROVED
BOARD OF RETIREMENT
Ted C. Alexiades, Chairman
Thomas P. Hall, Appointed Member
Eileen A. McCracken, Elected Member
Jean M. Montgomery, Elected Member
Henry F.G. Wey, III, Appointed Member