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Minutes of Meeting
Hingham Contributory Retirement Board
February 24, 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 Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to approve the Minutes of the January 26, 2010 regular board meeting which were accepted as read and signed into the record.
UNANIMOUS 4-0
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (February 2010)
Pension $ 409,049.72
Annuity $ 68,809.92
Veteran Benefit $ 89.01
Cost of Living $ 0.00
Dependent Allowance $ 838.10
Total Warrant #PR0210 $ 478,786.75
UNANIMOUS 4-0
Retirement Expenses (February 2010)
Salaries $ 5,269.12
Office Expenses $ 2,434.27
3(8)(c) Payment(s) $ 107,555.92
Refund(s)/Transfer(s) $ 3,748.66
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0210 $ 119,007.97
UNANIMOUS 4-0
RECEIVED Application(s) for Membership in the Retirement system.
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 membership:
Annmarie Marabello School Dept. (Paraprofessional) January 15, 2010
Michael P. MacMullen S.S.C.C. (Asst. Superintendent) September 1, 2009
Kenneth F. Strone School Dept. (Bus Driver) February 8, 2010
Mark F. Brennan Harbormaster (Deputy Harbormaster) February 23, 2010
UNANIMOUS 4-0
RECEIVEDApplication(s) for Retirement.
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 Retirement:
Edward P. McDonald Light Plant )General Foreman) January 21, 2010 Option C
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:
Erin E. Singleton School Dept. (Paraprofessional) Transfer $1,269.10
Ashley F. Baxter School Dept. (Paraprofessional) Transfer $2,479.56
UNANIMOUS 4-0
RECEIVED Application(s) for Buybacks/Make-ups.
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 Buybacks/Make-Ups:
Joan P. Sullivan Police Dept. (Dispatch) 0 years/3 months Payroll Deduction
UNANIMOUS 4-0
The Cash Flow Report through February 28, 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 January 2010 Money Market account ending balance in the amount of $312,938.32 reconciles to the January 2010 Trial Balance.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to hire Fiduciary Investment Advisors, LLC of Windsor, CT as our Pension Investment Consultant pending the approval of PERAC’s Investment Unit. Fiduciary Investment Advisors, LLLC will develop an Investment Policy and Asset Allocation Plan for the Board. Thomas P. Hall wanted the minutes to show that he expressed support for the hiring of Fiduciary Investment Advisors, LLC and had to excuse himself from the rest of the meeting at 10:50 A.M.
UNANIMOUS 4-0
The Board once again discussed the 2010 COLA which was deferred from last month’s business meeting. The Board will contact State Representative Garrett Bradley and State Senator Robert Hedlund to ask if the 2010 COLA will be added into the Governor’s Budget and whether or not they think the COLA legislation will be approved prior to our Board making any decision.
The Monthly Account Statement and PRIT Fund Performance for the period ending
January 31, 2010 was discussed. The PRIT Core Fund returned -1.86% for the month of January 2010.
Henry F.G. Wey, III wanted to discuss the Fiduciary Insurance policy currently in-force with Amity Insurance Agency out of Marina Bay Quincy. He wanted to secure a better liability policy for the board members by changing insurance agencies and would contact Richardson Insurance Agency in Hull, MA for more information.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to adjourn the regular business meeting at 11:20 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Thursday, March 18, 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