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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, Eileen A. McCracken, Jean M. Montgomery, Thomas P. Hall and Henry F.G. Wey, III were present.
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall it was
VOTED to approve the Minutes of the September 22, 2009 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 5-0
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (October 2009)
Pension $ 396,140.52
Annuity $ 66,698.36
Veteran Benefit $ 89.01
Cost of Living $ 6,372.66
Dependent Allowance $ 838.10
Total Warrant #PR1009 $ 470,138.65
UNANIMOUS 5-0
Retirement Expenses (October 2009)
Salaries $ 5,269.12
Office Expenses $ 952.50
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 27,029.52
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP1009 $ 33,251.14
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 Eileen A. McCracken it was
VOTED to approve the following Application(s) for membership:
Alyce M. Jordan School Dept. (Paraprofessional) September 3, 2009
Lisa M. Crowley School Dept. (Paraprofessional) September 28, 2009
Jane L. Bouley School Dept. (Paraprofessional) September 28, 2009
Laura E. Shepard School Dept. (Paraprofessional) September 8, 2009
UNANIMOUS 5-0
RECEIVED Application(s) for Retirement.
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken it was
VOTED to approve the following Application(s) for retirement:
Frank E. Reynolds, II DPW (Heavy Equipment Operator) October 3, 2009 Option A
UNANIMOUS 5-0
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions.
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall it was
VOTED to approve payment to the following member(s):
Gayle L. Pike School Dept. (Food Service) Rollover $ 3,550.52
Steven M. Ennis School Dept. (Custodian) Refund $22,919.32
Pamela A. Francis School Dept. (Paraprofessional) Refund $ 531.88
UNANIMOUS 5-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through October 31, 2009 was discussed. A drawdown in the amount of $300,000 was made from PRIT in order to cover ongoing retirement board expenses.
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken it was
VOTED to increase the PRIT monthly drawdown from $250,000 to $300,000 for the months of November and December 2009. It was agreed that the monthly PRIT Fund drawdown must not exceed $300,000 per month.
UNANIMOUS 5-0
Board members were shown that the September 2009 Money Market account ending balance in the amount of $209,704.71 reconciles to the September 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
September 30, 2009 was discussed. The PRIT Core Fund returned 3.45% for the month of September and 14.36% calendar year-to-date.
Stan Mavromates, Chief Financial Officer of the PRIM Board joined the board meeting at approximately 9:30 A.M. The board requested that a PRIM Board representative attend the meeting in order to discuss the board’s intention to amend its relationship with PRIT. The board wants to change from a participating system to a purchasing system. In order to perform their fiduciary responsibility, board members want to preserve the PRIT Fund assets as of September 30, 2009 of approximately $64,403,484.53.
On a motion duly made by Henry F.P. Wey, III and seconded by Thomas P. Hall it was
VOTED to send a letter to Paul Todisco directing PRIT to move $30,000,000 within the PRIT Fund to the PRIT Fixed Income asset class as of 11/1/2009.
UNANIMOUS 5-0
On a motion duly made by Henry F.P. Wey, III and seconded by Thomas P. Hall it was
VOTED to interview at least three (3) qualified pension allocation consultants, not to preclude PRIM in order to craft new asset allocations when we are ready to get back into the PRIT Core Fund. UNANIMOUS 5-0
The board reviewed the results of the Audit Exit Conference held by the PERAC Auditors for the years ending 2006, 2007 and 2008. Jean Montgomery and Nancy Hutt attended the meeting. There was one audit finding and five (5) recommendations made by the PERAC Auditors. The board will be allowed to respond to the audit. The response will be incorporated verbatim into the final audit.
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 11:26 A.M.
UNANIMOUS 5-0
The next meeting of the Board of Retirement will be held on Tuesday, November 24, 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