Link back to Retirement Board page
The regular meeting of the Board of Retirement was duly posted to be held at 9:00 A.M. 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 and Jean M. Montgomery and Harry F.G. Wey, III were present.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to approve the Minutes of the June 30, 2009 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 it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (June 2009)
Pension $ 393,355.86
Annuity $ 64,058.86
Veteran Benefit $ 64.01
Cost of Living $ 0.00
Dependent Allowance $ 444.66
Total Warrant #PR0609 $ 457,923.39
UNANIMOUS 5-0
Retirement Expenses (June 2009)
Salaries $ 7,888.58
Office Expenses $ 21,970.70
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 40,033.57
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0609 $ 69,892.85
UNANIMOUS 5-0
RECEIVED Application(s) for Membership in the Retirement system.
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall it was
VOTED to approve the following Application(s) for Membership:
Susan Piepenbrink Dispatch Services (Dispatcher) June 9. 2009
UNANIMOUS 5-0
RECEIVED Application 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:
Victor P. Bernan Fire Department (Firefighter) June 10, 2009 Option C
UNANIMOUS 5-0
RECEIVED Application for Retirement.
On a motion duly made by Thomas P. Hall and seconded by Jean M. Montgomery it was
VOTED to approve payment to the following employee:
Donna A. Scampoli School Dept. (Paraprofessional) June 30, 2009 Option B*
*(Spouse, Gerald N. Scampoli fully understands that he will be paid the unexpended balance, if any, in her annuity reserve account and that upon her death all benefits will cease).
UNANIMOUS 5-0
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):
Ellen Rossano School Dept. (Paraprofessional) Refund $ 1,232.63
Judith A. Serafini School Dept. (Paraprofessional) Transfer $35,124.11
Collette McSherry School Dept. (Cafeteria) Rollover $ 3,676.83
UNANIMOUS 5-0
RECEIVED Application(s) for Buybacks/Make-ups.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve creditable service to the following employee:
Rudolph Capparotta Fire Dept. (Firefighter) 1 year/00 months (CETA Service) Lump Sum UNANIMOUS 5-0
The Cash Flow Report through June 30, 2009 was discussed.
On a motion made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to re-appoint Henry F.G. Wey, III as the “fifth member” for another 3-year term which will expire on June 22, 2012.
UNANIMOUS 5-0
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to adjourn the regular business meeting in order to convene in executive session. The board will reconvene their regular business following the executive session.
By roll call vote: Ted C. Alexiades AYE
Thomas P. Hall AYE
Eileen A. McCracken AYE
Jean M. Montgomery AYE
Henry F.G. Wey, III AYE
UNANIMOUS 5-0
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to adjourn the executive session meeting and reconvene the regular business meeting.
By roll call vote: Ted C. Alexiades AYE
Thomas P. Hall AYE
Eileen A. McCracken AYE
Jean M. Montgomery AYE
Henry F.G. Wey, III AYE
UNANIMOUS 5-0
The May 2009 Money Market account ending balance in the amount of $249,363.19 reconciles to the May 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
May 31, 2009 was discussed. The PRIT Core Fund returned 5.57% for the month of May and 3.13% calendar year-to-date.
Board members are requesting further clarification on the June 10, 2009 letter from Michael Travaligni, PRIM Board Executive Director, concerning the use of private placement agents and the $12,000,000 in fund assets lost due to the Bernard Madoff exposure.
Board members received a copy of Chapter 21 of the Acts of 2009, Pension Reform to review. On June 16, 2009 Governor Patrick signed into law, An Act providing Responsible Reforms in the Pension System.
The board is in receipt of the Financial Statements for the year ended December 31, 2009 from O’Connor & Drew, P.C. Ordinarily the Financial Statements must be completed no later than May 1st of each year however; the start was delayed due to Nancy Hutt, Administrative Assistant to the Board breaking her ankle and extended absence from work. The board is requesting a Management Letter to accompany the Financial Statements.
On a motion duly made by Thomas P. Hall and seconded by Jean M. Montgomery it was
VOTED to adjourn the regular business meeting at 10:15 A.M.
UNANIMOUS 5-0
The next meeting of the Board of Retirement will be held on Tuesday, July 28, 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