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Minutes of Meeting
Hingham Contributory Retirement Board
July 21, 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 Eileen A. McCracken were present. Henry F.G. Wey, III was absent.
On a motion duly made by Thomas P. Hall and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the June 22, 2010 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 3-0. Eileen A. McCracken abstained from voting
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (July 2010)
Pension $ 420,480.28
Annuity $ 73,116.18
Veteran Benefit $ 120.11
Cost of Living $ 6,450.23
Dependent Allowance $ 839.87
Total Warrant #PR0710 $ 501,006.67
UNANIMOUS 4-0
Retirement Expenses (July 2010)
Salaries $ 5,269.12
Office Expenses $ 9,334.67
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 180,453.20
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Miscellaneous $ 107.71
Total Warrant #AP0710 $ 195,164.70
UNANIMOUS 4-0
RECEIVED Application(s) for Membership in the Retirement system.
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to approve the following Application(s) for membership:
Sonya Fairhurst Recreation Dept. (Supervisor) June 11, 2010
John P. Marquardt Police Dept. (Police Officer) July 1, 2010
Nicholas S. Smith Police Dept. (Police Officer) July 1, 2010
UNANIMOUS 4-0
RECEIVED Application(s) for Retirement.
On a motion duly made by Thomas P. Hall and seconded by Jean M. Montgomery it was
VOTED to approve the following Application(s) for Retirement:
James E. Johnson Fire Dept. (Firefighter) July 1, 2010 Option A
Robert J. Cronin School Dept. (Custodian) June 30, 2010 Option C
Richard H. Amonte Police Dept. (Patrolman) June 30, 2010 Option C
Virginia C. Thursby Building Dept. (Secretary) July 3, 2010 Option A
Richard E. Morgan Building Dept. (Commissioner) July 1, 2010 Option C
E. Curtis Campbell Police Dept. (Sergeant) June 6, 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 Thomas P. Hall it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Joseph Stigliani DPW (Superintendent) Transfer $144,124.59
Margaret M. Foley School Dept. (Paraprofessional) Transfer $ 36,328.61
UNANIMOUS 4-0
RECEIVED Application(s) for Buybacks/Make-ups.
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to approve the following Application(s) for Buybacks/Make-Ups:
Randy A. Sylvester DPW (Superintendent) 2 years/6 months Payroll Deduction
Randy A. Sylvester DPW (Superintendent) 0 years/8 months Payroll Deduction
Katherine Glenzel Accounting (Vet Serv.) 5 years/3 months Payroll Deduction
UNANIMOUS 4-0
The Cash Flow Report through July 31, 2010 was discussed.
Board members were shown that the June 2010 Money Market account ending balance in the amount of $162,328.09 reconciles to the June 2010 Trial Balance.
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken it was
VOTED to approve a Section 101 retirement allowance to Carolyn Tramontana effective July 2, 2010. John Tramontana retired 12/23/1992 with an Accidental Disability Retirement, Option B due to clavicular pain of the left shoulder joint and died of cardiovascular disease on July 1, 2010. A Section 101 survivor is the spouse of an accidental disability retiree who retired before November 1996 and dies of a cause unrelated to their disability. Mrs. Tramontana will receive an annual pension in the amount of $6,000.
UNANIMOUS 4-0
The board reviewed the PERAC Memo #28/2010 – Fiscal Year 2011 Budget items relating to Public Retirement (Chapter 131 of the Acts of 2010). Items include: a cap on pension earnings for persons who become members after January 1, 2011; interest rate on returned retirement deductions for members who became members after January 1, 1984 with less than 10 years of creditable service will be 3%; local option establishing increased Section 101 benefits from $6,000 to $9,000; pro-rating health insurance premiums between employers for post January 1, 2011 retirees and the definition of wages for retirement with respect to clothing allowance contributions.
The Monthly Account Statement and PRIT Fund Performance for the period ending
June 30, 2010 was discussed. The PRIT Core Fund returned -0.64% for the month of June 2010 and -1.61% calendar year-to-date.
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to adjourn the regular business meeting at 10:20 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Tuesday, August 24, 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
APPROVED
BOARD OF RETIREMENT
Ted C. Alexiades, Chairman Thomas P. Hall, Appointed Member
Eileen A. McCracken, Elected Member Jean M. Montgomery, Elected Member
Henry F.G. Wey, III, Appointed Member