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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 Ted C. Alexiades, Eileen A. McCracken, Jean M. Montgomery were present. Thomas P. Hall and Henry F.G. Wey, III was absent.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the July 28, 2009 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 it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (August 2009)
Pension $ 391,969.14
Annuity $ 64,622.36
Veteran Benefit $ 64.01
Cost of Living $ 6,419.37
Dependent Allowance $ 4,127.00
Total Warrant #PR0809 $ 467,201.98
UNANIMOUS 3-0
Retirement Expenses (August 2009)
Salaries $ 5,269.12
Office Expenses $ 10,405.86
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 43,877.71
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0809 $ 59,552.69
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 it was
VOTED to approve the following Application(s) for membership:
Mary L. King S.S.C.C. (Administrative Assistant) July 8, 2009
Carol M. Costello Town Engineer (Support Clerk) July 15, 2009
Michael A. Burke School Dept. (Bus Driver) September 8, 2009
Janette R. Harrington School Dept. (Paraprofessional) September 8, 2009
Sean D. O’Hara School Dept. (Custodian) August 3, 2009
Katie A. Hartman School Dept. (Custodian) July 27, 2009
Leigh-Kathryn Young School Dept. (Paraprofessional) September 8, 2009
UNANIMOUS 3-0
RECEIVED Application(s) for Retirement.
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 retirement:
Rudolph J. Caparrotta Fire Dept. (Firefighter) August 19, 2009 Option B
UNANIMOUS 3-0
RECEIVED Application(s) for Retirement.
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 retirement:
John Reddie School Dept. (Custodian) August 31, 200 Option C
UNANIMOUS 3-0
RECEIVED Application(s) for Retirement.
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 retirement:
Linda L. Hurlebaus School Dept. (A/P Clerk) August 14, 2009 Option B
UNANIMOUS 3-0
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions.
On a motion duly made by Jean M. Montgomery and seconded by Eileen A. McCracken it was
VOTED to approve payment to the following member(s):
Jillian R. Jope School Dept. (Paraprofessional) Transfer $ 1,702.03
Kathleen R. LeBlanc School Dept. (Paraprofessional) Transfer $ 2,475.36
Brenda M. Morrison School Dept. (Paraprofessional) Transfer $ 1,927.34
Ellen G. Dresser School Dept. (Paraprofessional) Transfer $ 8,114.84
Courtney L. Stevenson School Dept. (Paraprofessional) Transfer $ 2,733.46
Amy J. LeNormand Library (Children’s Librarian) Rollover $26,924.68
UNANIMOUS 3-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through August 31, 2009 was discussed. The monthly Cash Fund transfer was unnecessary due to sufficient funds on account.
RECEIVED Notice of Election of Benefits Under G.L. c. 32, §12(2)(d).
On a motion duly made by Jean M. Montgomery and seconded by Eileen A. McCracken it was
VOTED to approve payment to the following G.L. c. 32, §12(2)(d) beneficiary:
Gary Eagan, spouse of the late Patricia O. Eagan.
UNANIMOUS 3-0
The July 2009 Money Market account ending balance in the amount of $649,655.52 reconciles to the July 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
July 31, 2009 was discussed. The PRIT Core Fund returned 5.14% for the month of July and 7.87% calendar year-to-date.
The board discussed the issue of pension reform (Chapter 21 of the Acts of 2009), specifically the matter of regular compensation. Ted C. Alexiades suggested that a letter be sent to the Hingham Personnel Board c/o David Basler, Human Resources Director, asking that they review the specific language in all labor contracts to ensure that any compensation that is intended to be considered “regular compensation” as defined by Chapter 21 of the Acts of 2009, be included in all labor contracts.
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 11:27 A.M.
UNANIMOUS 3-0
The next meeting of the Board of Retirement will be held on Tuesday, September 22, 2009 at 2:00 P.M. in the East Hearing Room of the Hingham Town Hall.
Respectfully submitted,
Nancy M. Hutt
Administrative Assistant to the Board