Link back to Retirement Board page
May 27, 2010
The regular meeting of the Board of Retirement was duly posted to be held at 10:00 A.M. in a Conference Room located at the South Shore Country Club on the above named date. Board members Ted C. Alexiades, Thomas P. Hall, Eileen A. McCracken, Jean M. Montgomery, and Henry F.G. Wey, III were present. Christopher Rowlins and Christopher Kachmar of Fiduciary Investment Advisors, LLC were also in attendance. The board would like to thank Jay McGrail, Superintendent of the South Shore Country Club and the South Shore Country Club Committee for permitting the use of their facilities.
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken it was
VOTED to approve the Minutes of the April 29, 2010 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 5-0
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (May 2010)
Pension $ 404,199.80
Annuity $ 68,106.59
Veteran Benefit $ 94.28
Cost of Living $ 0.00
Dependent Allowance $ 838.10
Total Warrant #PR0510 $ 473,238.77
UNANIMOUS 5-0
Retirement Expenses (May 2010)
Salaries $ 5,269.12
Office Expenses $ 9,296.94
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 91,568.24
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Total Warrant #AP0510 $ 106,134.30
UNANIMOUS 5-0
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.P. Wey, III and seconded by Thomas P. Hall it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Joanne Blakey School Dept. (Paraprofessional) Rollover $ 6,678.22
David T. Galvin Police Dept. (Detective) Transfer $54,760.13
Ryan J. Oag Fire Dept. (Firefighter) Transfer $15,541.29
Annemarie Norton School Dept. (Paraprofessional) Transfer $ 252.25
Amy Maree Recreation Dept. (Supervisor) Refund $ 4,077.54
Michael Bizzozero Police Dept. (Police Officer) Transfer $ 9,233.66
UNANIMOUS 5-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through May 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 April 2010 Money Market account ending balance in the amount of $245,623.56 reconciles to the April 2010 Trial Balance.
Our Auditor’s O’Connor & Drew, P.C. has provided the “draft” Financial Statements for the year ended December 31, 2009. The board postponed approving the Financial Statements until the June 22, 2010 board meeting in order to review them.
The Monthly Account Statement and PRIT Fund Performance for the period ending
April 30, 2010 was discussed. The PRIT Core Fund returned 0.87% for the month of April 2010 and 4.42% calendar year-to-date. It has been learned that PRIM’s Executive Director, Michael Travaglini will resign effective June 1, 2010.
Nancy Hutt will contact State Representative Garrett Bradley and State Senator Robert Hedlund asking about the FY2011 COLA. Is the COLA contained in the State Budget? If so, will it be approved for all State retirees and Teacher retirees? Will report results back to the board members.
On a motion duly made by Henry F.P. Wey, III and seconded by Eileen A. McCracken it was
VOTED to schedule a Public Hearing on the FY2011 COLA to be held on Thursday, June 3, 2010
at 11:00 A.M.
UNANIMOUS 5-0
Christopher Rowlins and Christopher Kachmar of Fiduciary Investment Advisors, LLC presented their Portfolio Evaluation and Asset Allocation Analysis to the board. If the board did change its status with PRIM it would be the fiduciary responsibility of every board member to attend educational investment courses. Board members asked FIA to contact our Actuary, Dan Sherman of Buck Consultants to model various asset allocation scenarios as a purchasing system with PRIM consistent with our investment return assumption.
On a motion duly made by Henry F.P. Wey, III and seconded by Eileen A. McCracken it was
VOTED to ask Fiduciary Investment Advisors, LLC to develop an Asset Allocation Plan using the following equity vs. fixed asset allocation amounts: 65/35, 70/30 and 75/25. UNANIMOUS 5-0
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 1:00 P.M.
UNANIMOUS 5-0
The next meeting of the Board of Retirement will be held on Tuesday, June 22, 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