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January 26, 2010
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, and Henry F.G. Wey, III were present. Thomas P. Hall participated via conference phone.
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 December 22, 2009 regular board meeting which were accepted as read and signed into the record. UNANIMOUS 4-0
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 (January 2010)
Pension $ 402,942.55
Annuity $ 67,643.67
Veteran Benefit $ 89.01
Cost of Living $ 0.00
Dependent Allowance $ 838.10
Total Warrant #PR0110 $ 471,513.33
UNANIMOUS 4-0
Retirement Expenses (January 2010)
Salaries $ 6,586.40
Office Expenses $ 637.98
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 23,630.31
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0110 $ 30,854.69
UNANIMOUS 4-0
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:
Isle G. Grossler School Dept. (Food Service) January 4, 2010
UNANIMOUS 4-0
RECEIVED Application(s) for Retirement.
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery it was
VOTED to approve the following Application(s) for Retirement:
Paul J. McMahon School Dept. (Custodian) January 6, 2010 Option B
UNANIMOUS 4-0
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions.
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 Withdrawal and/or Transfer of Deductions:
Anthony P. Viglas Light Dept. (Lineman) Refund $11,692.24
Elizabeth A. Nee Board of Health (TCP) Refund $11,253.44
Bridget M. Garland School Dept. (Paraprofessional) Refund $ 684.63
UNANIMOUS 4-0
RECEIVED Application(s) for Buybacks/Make-ups.
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 Buybacks/Make-Ups:
Paul J. McMahon School Dept. (Custodian) 0 yrs/3 mos. $955.06 Lump Sum
UNANIMOUS 4-0
The Cash Flow Report through January 31, 2010 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 December 2009 Money Market account ending balance in the amount of $343,032.55 reconciles to the December 2009 Trial Balance.
The Board discussed the 2010 COLA. The Board of Selectmen has asked the Board to delay their vote on the COLA until they see what the State does regarding the Teachers and State Retirees COLA. The Board will therefore defer their decision on the COLA until further notice.
A motion was made by Eileen A. McCracken and seconded by Henry F.G. Wey, III to adjourn the regular business meeting in order to convene in executive session. The Board will reconvene their regular business meeting following the executive session.
By roll call vote: Ted C. Alexiades AYE
Eileen A. McCracken AYE
Jean M. Montgomery AYE
Henry F.G. Wey, III AYE
A motion was made by Henry F.G. Wey, III and seconded by Eileen A. McCracken to reconvene the regular business meeting.
By roll call vote: Ted C. Alexiades AYE
Eileen A. McCracken AYE
Jean M. Montgomery AYE
Henry F.G. Wey, III AYE
PERAC Auditor’s completed an examination of the board for the period January 1, 2006 to December 31, 2008. The Findings and Recommendations by PERAC Auditors stated one Board member missed 33% of the Board meetings in 2006 and 25% of the Board meetings in 2008. Another Board member missed 25% of the Board meetings held in 2006 and 25% of the Board meetings held in 2008. Participation in Board meetings via conference call is not considered as qualified member attendance for the purpose of determining the absentee rates cited in the finding. The Board responded to PERAC stating that board members take their fiduciary responsibility very seriously and will take the appropriate action necessary.
The Board will be interviewing four (4) Investment Consultant firms on Thursday, January 28, 2010. The firms to be interviewed are: Fiduciary Investment Advisors, LLC, Dahab Associates, Wainwright Investment Counsel and Segal Advisors. Ted C. Alexiades, Henry F.G. Wey, III and Nancy M. Hutt will attend the interviews.
The Monthly Account Statement and PRIT Fund Performance for the period ending December 31, 2009 was discussed. The PRIT Core Fund returned 1.22% for the month of December and 17.69% calendar year-to-date.
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery it was
VOTED to adjourn the regular business meeting at 11:10 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Wednesday, February 24, 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