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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, 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 Eileen A. McCracken it was
VOTED to approve the Minutes of the November 24, 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 Eileen A. McCracken it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (December 2009)
Pension $ 393,249.22
Annuity $ 66,674.03
Veteran Benefit $ 89.01
Cost of Living $ 6,276.82
Dependent Allowance $ 838.10
Total Warrant #PR1209 $ 467,127.18
UNANIMOUS 5-0
Retirement Expenses (December 2009)
Salaries $ 5,269.12
Office Expenses $ 17,776.80
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 #AP1209 $ 23,045.92
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.G. Wey, III it was
VOTED to approve the following Application(s) for membership:
Tracey G. Monahan School Dept. (Paraprofessional) December 10, 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:
Juliana K. Holbrook Library (Librarian) October 20, 2009 Option A
UNANIMOUS 5-0
RECEIVED No Application(s) for Withdrawal and/or Transfer of Deductions.
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through December 31, 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 shown that the November 2009 Money Market account ending balance in the amount of $218,428.55 reconciles to the November 2009 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
November 30, 2009 was discussed. The PRIT Core Fund returned 2.25% for the month of November and 16.27% calendar year-to-date.
The board reviewed the final Investment Consultant RFP that was posted to the PERAC website and mailed to numerous Investment Consulting firms. The deadline to submit RFP’s is 3:00 P.M., Wednesday, January 6, 2010. RFP’s will be opened and distributed to all board members at that time. Interviews will be held on January 14th and January 15th at one-hour intervals. Chairman Alexiades asked the board their thoughts about the possibility of forming a Retirement Investment Sub-Committee. No decision was made at this time.
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 10:30 A.M.
UNANIMOUS 5-0
The next meeting of the Board of Retirement will be held on Tuesday, January 26, 2010 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