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The regular meeting of the Board of Retirement was duly posted to be held at 2:00 P.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, Thomas P. Hall and Henry F.G. Wey, III were present.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the August 25, 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 Henry F.P. Wey, III it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (September 2009)
Pension $ 398,730.88
Annuity $ 67,034.45
Veteran Benefit $ 89.01
Cost of Living $ 6,419.37
Dependent Allowance $ 838.10
Total Warrant #PR0909 $ 473,111.81
UNANIMOUS 5-0
Retirement Expenses (September 2009)
Salaries $ 6,586.40
Office Expenses $ 4,704.57
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 5,119.06
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0909 $ 16,410.03
UNANIMOUS 5-0
RECEIVED Application(s) for Membership in the Retirement system.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.P. Wey, III it was
VOTED to approve the following Application(s) for membership:
James P. Yannizzi School Dept. (Custodian) August 24, 2009
Lisa F. Bonome School Dept. (Cafeteria) September 8, 2009
Maryanne M. Schmitt School Dept. (Paraprofessional) September 3, 2009
Eleonore K. Roell School Dept. (Paraprofessional) September 8, 2009
Karen D. Maravel School Dept. (Paraprofessional) September 3, 2009
Kaitlyn E. Murphy School Dept. (Paraprofessional) September 8, 2009
Mary L. Smith School Dept. (Paraprofessional) September 3, 2009
Renee S, Rudolph School Dept. (Paraprofessional) September 8, 2009
Denamarie J. O’Donnell School Dept. (Paraprofessional) September 8, 2009
Alyce M. Jordan School Dept. (Paraprofessional) September 3, 2009
Tonia K. Hnatkovich School Dept. (Paraprofessional) September 3, 2009
Suzanne L. Gundersen School Dept. (Paraprofessional) September 8, 2009
Virginia R. Goodwin School Dept. (Paraprofessional) September 3, 2009
Melissa M. Goldman School Dept. (Paraprofessional) September 3, 2009
Nicole Fasoli School Dept. (Paraprofessional) September 3, 2009
Caitlin D. Donovan School Dept. (Paraprofessional) September 3, 2009
Patricia Czajak School Dept. (Paraprofessional) September 2, 2009
Catherine A. Boyle School Dept. (Paraprofessional) September 3, 2009
Richard M. Amonte School Dept. (Paraprofessional) September 3, 2009
Kelly Achille School Dept. (Bus Driver) September 3, 2009
Lori A. Naughton School Dept. (Cafeteria) September 3, 2009
Linda M. Kornack School Dept. (Paraprofessional) September 8, 2009
Geoffrey E. Kramer School Dept. (Paraprofessional) September 8, 2009
Eleanor M. Waal School Dept. (Paraprofessional) September 8, 2009
Elizabeth E. Welch D.P.W. (Administrative Assistant) September 9, 2009
Elizabeth C. Murphy School Dept. (Clerk) September 3, 2009
Paulina A. McDonald School Dept. (Paraprofessional) September 2, 2009
Kevin Bird School Dept. (Custodian) September 3, 2009
Susan I. Marani School Dept. (Paraprofessional) September 3, 2009
Nancy B. Morris School Dept. (Literary Tutor) September 10, 2009
Martha P. Ryan School Dept. (Accounting Assistant) September 28, 2009
Carla M. Nee Police Dept. (Dispatcher) September 19, 2009
Mary Ann Pessa School Dept. (Paraprofessional) September 3, 2009
UNANIMOUS 5-0
RECEIVED Application(s) for Retirement.
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 retirement:
John Reddie School Dept. (Custodian) August 31, 200 Option A*
(*Mr. Reddie was previously approved for an Option C benefit at the 8/25/2009 meeting however, Option C. beneficiary, Anne M. Reddie died on August 30, 2009.)
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 member(s):
Susan Piepenbrink Police Dept. (Dispatch) Refund $ 813.85
Maureen Owen School Dept. (Bus Driver) Refund $1,452.68
Robert H. Kurtz Assessors (Assessor) Refund $2,852.53
UNANIMOUS 5-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through September 30, 2009 was discussed. A drawdown in the amount of $250,000 was made from PRIT in order to cover retirement board expenses.
RECEIVED Travel Authorization for Nancy Hutt to attend Fall MACRS Conference
On a motion duly made by Thomas P. Hall and seconded by Henry F.P. Wey, III it was
VOTED that Nancy Hutt attend the Fall MACRS Conference in Springfield, MA on October 19, 2009.
UNANIMOUS 5-0
Board members were shown that the August 2009 Money Market account ending balance in the amount of $260,000.38 reconciles to the August 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
August 31, 2009 was discussed. The PRIT Core Fund returned 2.48% for the month of August and 10.55% calendar year-to-date.
Henry F.P. Wey, III wants a letter drafted asking the PRIM Board additional questions concerning the $12 million Hedge Fund related to Bernard Madoff.
Board members were made aware that John H. Travers filed an appeal to CRAB based on Accidental Disability Retirement denial by board. Hearing date to be determined.
Board members reviewed the bullet points of the Report by the Special Commission to study the Massachusetts Contributory Retirement Systems.
On a motion duly made by Henry F.P. Wey, III and seconded by Thomas P. Hall it was
VOTED to adjourn the regular business meeting at 3:30 P.M.
UNANIMOUS 5-0
The next meeting of the Board of Retirement will be held on Tuesday, October 27, 2009 at 9:00 A.M. in the East Hearing Room of the Hingham Town Hall.
Respectfully submitted,
Nancy M. Hutt
Administrative Assistant to the Board