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March 18, 2010
The regular meeting of the Board of Retirement was duly posted to be held at 3:00 P.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 Jean M. Montgomery it was
VOTED to approve the Minutes of the February 23, 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 (March 2010)
Pension $ 408,023.88
Annuity $ 68,495.74
Veteran Benefit $ 89.01
Cost of Living $ 0.00
Dependent Allowance $ 838.10
Total Warrant #PR0310 $ 477,446.73
UNANIMOUS 4-0
Retirement Expenses (March 2010)
Salaries $ 5,269.12
Office Expenses $ 12,812.36
3(8)(c) Payment(s) $ 15,167.50
Refund(s)/Transfer(s) $ 1,925.35
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0310 $ 35,174.33
UNANIMOUS 4-0
RECEIVED No Application(s) for Membership in the Retirement system.
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 Eileen A. McCracken it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Sharon L. Eno (School Dept.) Paraprofessional Refund $ 609.16
Roseanne V. Tatro (School Dept.) Tutor Transfer $ 1,223.58
Michael Salvi (Police Dept.) Dispatcher Refund $ 92.61
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:
Kathryn A. Jacobs (School Dept.) Paraprofessional 3 yrs/0 mos. Lump-Sum
UNANIMOUS 4-0
The Cash Flow Report through March 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 February 2010 Money Market account ending balance in the amount of $200,895.99 reconciles to the February 2010 Trial Balance.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve the PERAC Annual Statement for the year ended December 31, 2009.
UNANIMOUS 4-0
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to nominate Nancy Hutt as Election Officer for the upcoming July 2010 election of the “fourth member”.
UNANIMOUS 4-0
The Board discussed the topic of creditable service for a current member who is a paraprofessional who occasionally taught in the school system as a “substitute”. According to our Supplemental Rules and Regulations, School Department employees who are eligible for membership in the Massachusetts Teachers’ Retirement System are excluded. Because the employee was not entitled to membership in our system as a “substitute” teacher, we would deny creditable service liability.
The Monthly Account Statement and PRIT Fund Performance for the period ending
February 28, 2010 was unavailable by meeting time.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to adjourn the regular business meeting at 3:45 P.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Thursday, April 27, 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