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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 Eileen A. McCracken, Jean M. Montgomery, and Henry F.G. Wey, III were present. Ted C. Alexiades and Thomas P. Hall were absent.
On a motion duly made by Jean M. Montgomery and seconded by Henry F.G. Wey, III it was
VOTED to appoint Eileen A. McCracken as temporary chairman of the board meeting.
UNANIMOUS 3-0
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the October 27, 2009 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 3-0
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (November 2009)
Pension $ 396,343.55
Annuity $ 67,003.54
Veteran Benefit $ 89.01
Cost of Living $ 6,326.26
Dependent Allowance $ 838.10
Total Warrant #PR1109 $ 470,600.46
UNANIMOUS 3-0
Retirement Expenses (November 2009)
Salaries $ 5,269.12
Office Expenses $ 2,026.83
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 13,766.30
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP1109 $ 21,062.25
UNANIMOUS 3-0
RECEIVED Application(s) for Membership in the Retirement system.
On a motion duly made by Jean M. Montgomery and seconded by Henry F.G. Wey, III it was
VOTED to approve the following Application(s) for membership:
Amy C. Thompson School Department (Paraprofessional) September 3, 2009
Cheryl L. Mullaney School Department (Cafeteria) September 3, 2009
Joanne Collins School Department (Paraprofessional) November 2, 2009
UNANIMOUS 3-0
RECEIVED No Application(s) for Retirement.
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions.
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery it was
VOTED to approve payment to the following member(s):
Heather B. Fredette School Department (Paraprofessional) Refund $ 1,174.49
Caroline C. Burns School Department (Paraprofessional) Transfer $12,591.81
UNANIMOUS 3-0
RECEIVED No Application(s) for Buybacks/Make-ups.
Ted C. Alexiades arrived at 10:20 A.M. and assumed his role as Chairman of the meeting from Eileen A. McCracken.
The Cash Flow Report through November 30, 2009 was discussed. A drawdown in the amount of $300,000 was made from PRIT in order to cover ongoing retirement board expenses.
Board members were presented with three (3) sample RFP’s for Pension Investment Consultant for review. RFP#1 was provided by the Town of Watertown, RFP#2 by the Town of Weymouth and RFP#3 by the Town of Brookline, MA.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to adopt Pension Investment Consultant RFP#3. Before issuing the RFP, it was determined that Robert Dennis, PERAC Investment Director would review the RFP for compliance with PERAC regulations.
UNANIMOUS 4-0
Board members were shown that the October 2009 Money Market account ending balance in the amount of $191,336.90 reconciles to the October 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
October 31, 2009 was discussed. The PRIT Core Fund returned -0.57% for the month of October and 13.71% calendar year-to-date.
On a motion duly made by Henry F.P. Wey, III and seconded by Eileen A. McCracken it was
VOTED to adjourn the regular business meeting at 10:45 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Tuesday, December 22, 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