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June 3, 2010
A Public Hearing was duly posted to be held at 11:00 A.M. in the East Hearing Room of the Hingham Town Hall on the above date. Board members Ted C. Alexiades, Thomas P. Hall, Eileen A. McCracken, Jean M. Montgomery, and Henry F.G. Wey, III were present. Virginia Thursby, Building Department employee and Bruce Rabuffo, current Town Selectman were also in attendance.
On a motion duly made by Henry F.P. Wey, III and seconded by Eileen A. McCracken it was
VOTED to open the Public Hearing on the FY2011 COLA.
Ted Alexiades Aye
Eileen A. McCracken Aye
Thomas P. Hall Aye
Jean M. Montgomery Aye
Henry F.G. Wey, III Aye
UNANIMOUS 5-0
To date, Seventy-four (74) retirement boards have voted approve the FY2011 COLA. Twenty-eight (28) boards have not yet voted on the COLA.
Bruce Rebuff wanted to attend the meeting to discuss the COLA. Mr. Rabuffo stated that, as a retiree of a private company, he has not had a cost of living raise since 1997. Mr. Rebuff stated that even though inflation is a non-issue at the moment, medical insurance costs and personal expenses in retirement continue to be of great concern. Mr. Rabuffo stated that he was in favor of the 3% COLA and encouraged the board to vote for the COLA.
Henry F.P. Wey, III stated that a pension becomes a critical part of the employment contract. The Hingham Retirement Board has never refused a COLA to their retirees and that he favors the COLA. Thomas P. Hall has a pension with John Hancock and has not had a pension increase since 1988. Mr. Hall is also a retiree of the Town and stated that a COLA is a good idea and that he favors the COLA. Eileen A. McCracken, although not a participant in the Town health insurance program, supports the COLA for the town retirees. Jean M. Montgomery stated her support of the 3% COLA as well.
Chairman Alexiades stated that the retirees in the end receive only a 1% COLA because it is 3% on the first $12,000 benefit or $360 per year maximum. The average Hingham retirement benefit is around $21,000. A 3% COLA would increase the yearly benefit to $21,360.00 which in truth represents a 1.7% raise on the entire benefit. Most of our employees are not eligible for or receive a decreased benefit from Social Security therefore they are dependent on this COLA to supplement the rising medical insurance costs.
On a motion duly made by Henry F.P. Wey, III and seconded by Thomas P. Hall it was
VOTED to approve a 3% Cost of Living Adjustment on the first $12,000 of retirement benefit
pursuant to Chapter 32, §103(I).
Ted Alexiades Aye
Eileen A. McCracken Aye
Thomas P. Hall Aye
Jean M. Montgomery Aye
Henry F.G. Wey, III Aye
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 Public Hearing at 11:50 A.M.
Unanimous 5-0
Respectfully submitted,
Nancy M. Hutt
Administrative Assistant to the Board