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April 29, 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, Thomas P. Hall, Jean M. Montgomery, and Henry F.G. Wey, III were present. Eileen A. McCracken was absent.
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 March 18, 2010 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 4-0
On a motion duly made by Thomas P. Hall and seconded by Henry F.G. Wey, III it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (April 2010)
Pension $ 407,222.25
Annuity $ 68,495.74
Veteran Benefit $ 89.01
Cost of Living $ 0.00
Dependent Allowance $ 838.10
Total Warrant #PR0410 $ 476,645.10
UNANIMOUS 4-0
Retirement Expenses (April 2010)
Salaries $ 5,269.12
Office Expenses $ 3,446.82
3(8)(c) Payment(s) $ 3,900.53
Refund(s)/Transfer(s) $ 6,821.94
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0410 $ 19,438.41
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 Thomas P. Hall and seconded by Henry F.G. Wey, III it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Julie A Doherty School Dept. (Paraprofessional) Refund $ 639.75
Susanne M. Griffin School Dept. (Paraprofessional) Refund $2,955.57
Rebecca D. Golden School Dept. (Paraprofessional) Refund $1,453.61
Patricia S. Cotter School Dept. (Paraprofessional) Refund $1,482.29
UNANIMOUS 4-0
RECEIVED Application(s) for Buybacks/Make-ups.
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall it was
VOTED to approve the following Application(s) for Buybacks/Make-Ups:
JoAnn M. Delmonico School Dept. (Paraprofessional) 0 yrs/8 mos. $875.90 (3 pymts.)
UNANIMOUS 4-0
The Cash Flow Report through April 30, 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 March 2010 Money Market account ending balance in the amount of $240,599.48 reconciles to the March 2010 Trial Balance.
On a motion duly made by Jean M. Montgomery and seconded by Thomas P. Hall it was
VOTED to approve that Nancy Hutt travel to the MACRS Comprehensive Training Program and Conference in Hyannis, MA on Saturday, June 5, 2010 to Monday, June 7, 2010.
UNANIMOUS 4-0
The Monthly Account Statement and PRIT Fund Performance for the period ending
March 31, 2010 was discussed. The PRIT Core Fund returned 4.59% for the month of March 2010 and 3.51% calendar year-to-date.
General Discussion:
• The board will meet with Fiduciary Investment Advisors on Thursday, May 27, 2010 to discuss the status of the Asset Allocation Study.
• Notice of election of the “Fourth Member” have been mailed to all retirees and posted in all Town/School departments. Deadline to file nomination papers is June 1, 2010.
• Issue Request for Proposal (RFP) for auditing services in the fall 2010.
• Check with Steve Becker (Manager of Information System) regarding computer system being compliant with PERAC protocols.
• FY2010 COLA – At the request of the Board of Selectmen, the COLA vote has been delayed. Waiting for the State to approve their COLA to MA municipal employees and MA Teacher’s.
On a motion duly made by Henry F.P. Wey, III and seconded by Thomas P. Hall it was
VOTED to adjourn the regular business meeting at 10:35 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Thursday, May 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