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The regular meeting of the Board of Retirement was duly posted to be held at 10:00 A.M. in the East Hearing Room of the Hingham Town Hall on the above date. Board members Thomas P. Hall, Eileen A. McCracken, Jean M. Montgomery and Harry F.G. Wey, III were present. Ted C. Alexiades was absent.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to nominate Thomas P. Hall as temporary chairman.
UNANIMOUS 4-0
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken 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 4-0
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (July 2009)
Pension $ 392,213.10
Annuity $ 64,627.01
Veteran Benefit $ 64.01
Cost of Living $ 6,419.37
Dependent Allowance $ 448.10
Total Warrant #PR0709 $ 463,771.59
UNANIMOUS 4-0
Retirement Expenses (July 2009)
Salaries $ 5,216.37
Office Expenses $ 2,480.03
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 0.00
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0709 $ 7,696.40
UNANIMOUS 4-0
RECEIVED No Application(s) for Membership in the Retirement system.
RECEIVED No Application(s) for Retirement.
RECEIVED No Application(s) for Withdrawal and/or Transfer of Deductions.
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through July 31, 2009 was discussed. In July, the Town, Light Plant and Housing Authority paid their annual appropriation and $2,500,000 was sent to PRIT.
The June 2009 Money Market account ending balance in the amount of $308,794.79 reconciles to the June 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
June 30, 2009 was discussed. The PRIT Core Fund returned -0.51% for the month of June and 2.60% calendar year-to-date.
The Board received a Management Letter from our auditor O’Connor & Drew, P.C. dated May 27, 2009 stating that there were no significant audit findings for the year ended December 31, 2008.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to adjourn the regular business meeting at 10:30 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Tuesday, August 25, 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