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Minutes of Meeting
Hingham Contributory Retirement Board
August 24, 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 Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the July 21, 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 Eileen A. McCracken it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (August 2010)
Pension $ 409,538.07
Annuity $ 72,514.24
Veteran Benefit $ 119.28
Cost of Living $ 6,420.23
Dependent Allowance $ 839.87
Total Warrant #PR0810 $ 489,431.69
UNANIMOUS 4-0
Retirement Expenses (August 2010)
Salaries $ 6,586.40
Office Expenses $ 25,800.62
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 38,669.37
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Miscellaneous $ 0.00
Total Warrant #AP0810 $ 71,056.39
UNANIMOUS 4-0
RECEIVED No Application(s) for Membership in the Retirement system.
RECEIVED Application(s) for Retirement.
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 Retirement:
Michael J. Riley Fire Dept. (Captain) August 6, 2010 Option C
Joseph A. Mortland Fire Dept. (Captain) August 19, 2010 Option C
UNANIMOUS 4-0
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions.
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Margaret M. Foley School Dept. (Paraprofessional) Transfer $36,292.39 (corrected)
Attolio F. Proia School Dept. (Student Aide) Refund $ 2,376.98
UNANIMOUS 4-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through August 31, 2010 was discussed. A drawdown in the amount of $250,000 was made from PRIT in order to cover ongoing retirement board expenses.
Board members were shown that the July 2010 Money Market account ending balance in the amount of $501,004.66 reconciles to the July 2010 Trial Balance.
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken it was
VOTED to approve the January 1, 2010 funding schedule in accordance with Chapter 188 of the Acts of 2010 for which Section 18 established G.L. c. 32, §22F which allows systems to adopt a funding schedule that reduces the unfunded actuarial liability of the system to zero no later than June 30, 2040 and to direct our Actuary to submit to PERAC for their approval.
UNANIMOUS 4-0
On a motion duly made by Thomas P. Hall and seconded by Eileen A. McCracken it was
VOTED to approve and sign the Investment Consulting Agreement with Fiduciary Investment Advisors, LLC made on July 7, 2010 which amended the original agreement dated February 23, 2010. The July 7, 2010 agreement is for a three year term unless terminated by either party.
UNANIMOUS 4-0
The Monthly Account Statement and PRIT Fund Performance for the period ending
July 31, 2010 was discussed. The PRIT Core Fund returned 4.36% for the month of July 2010 and 2.69% 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 10:33 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Tuesday, September 28, 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