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Minutes of Meeting
Hingham Contributory Retirement Board
September 28, 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, Eileen A. McCracken and Henry F.G. Wey were present. Christopher Rowlins and Christopher Kachmar from Fiduciary Investment Advisors were also in attendance.
On a motion duly made by Eileen A. McCracken and seconded by Thomas P. Hall it was
VOTED to approve the Minutes of the August 24, 2010 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 5-0.
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 (September 2010)
Pension $ 420,156.46
Annuity $ 75,451.58
Veteran Benefit $ 204.93
Cost of Living $ 6,420.23
Dependent Allowance $ 839.87
Total Warrant #PR0910 $ 503,073.07
UNANIMOUS 5-0
Retirement Expenses (September 2010)
Salaries $ 6,586.40
Office Expenses $ 2,400.71
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 36,336.24
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Miscellaneous $ 0.00
Total Warrant #AP0910 $ 45,323.35
UNANIMOUS 5-0
RECEIVED Application(s) for Membership in the Retirement System.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve the following Application(s) for Membership:
Mary-Courtney H. Whanond School Dept. (Paraprofessional) September 1, 2010
Hayley A. Wells School Dept. (Paraprofessional) September 1, 2010
Molly D. Trisler School Dept. (Paraprofessional) September 1, 2010
Wendylynne Sheppard School Dept. (Paraprofessional) September 1, 2010
Benjamin T. Campbell School Dept. (Paraprofessional) September 1, 2010
Ava R. Derman School Dept. (Paraprofessional) September 1, 2010
Sheri L. Boretti School Dept. (Paraprofessional) September 1, 2010
John J. McCarthy School Dept. (Paraprofessional) September 1, 2010
Joan M. Barrett School Dept. (Bus Driver) September 1, 2010
AnnaRose Brady School Dept. (Paraprofessional) September 1, 2010
Margaret T. Brennan School Dept. (Paraprofessional) September 1, 2010
Janet S. Brown School Dept. (Paraprofessional) September 1, 2010
Brenda E. Coronella School Dept. (Paraprofessional) September 1, 2010
Sarah M. Donovan School Dept. (Paraprofessional) September 1, 2010
Emily R. Garr School Dept. (Paraprofessional) September 1, 2010
Tara A. Grosso School Dept. (Paraprofessional) September 1, 2010
Kelly M. Kwiatkowski School Dept. (Paraprofessional) September 1, 2010
Shannon J. Martin School Dept. (Paraprofessional) September 1, 2010
Elisa M. Nelson School Dept. (Paraprofessional) September 1, 2010
Michelle C. Jacobs School Dept. (Paraprofessional) September 1, 2010
Catherine M. O'Neill School Dept. (Paraprofessional) September 1, 2010
Christopher S. Perry School Dept. (Paraprofessional) September 1, 2010
Richard J. Moulton School Dept. (Custodian) August 23, 2010
Sarah A. van Gulden School Dept. (Paraprofessional) September 1, 2010
UNANIMOUS 5-0
RECEIVED No Application(s) for Retirement in the Retirement System.
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:
Lisa M. Crowley School Dept. (Paraprofessional) Transfer $20,538.43
Amy Gaffey School Dept. (Paraprofessional) Rollover $ 1,417.44
Mary L. Smith School Dept. (Paraprofessional) Transfer $ 610.15
Holly C. Krukonis Police Dept. (Dispatcher) Transfer $13,770.22
UNANIMOUS 5-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through September 30, 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 August 2010 Money Market account ending balance in the amount of $370,136.14 reconciles to the August 2010 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
August 31, 2010 was discussed. The PRIT Core Fund returned -1.40% for the month of August 2010 and 1.26% calendar year-to-date.
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall it was
VOTED that Nancy Hutt attend the 2010 Fall MACRS Conference in Springfield, MA on
October 18, 2010.
UNANIMOUS 5-0
Christopher Rowlins and Christopher Kachmar from Fiduciary Investment Advisors attended the meeting in order to:
• update the board on their investment portfolio with PRIT.
• revisit findings of asset allocation study
• discuss transitioning from "Participating" to "Purchasing" System
• answer our questions on investment return assumptions
• discuss investment opportunities as a "Purchasing" system
Fiduciary Investment Advisors will assist the board in filing a Statement of Investment Objectives using January 1, 2011 as the transition date from participating to a purchasing system. The board again stated that they do not intend to withdraw from the PRIT Fund, only to reallocate the assets within PRIM to assume less risk. Ted Alexiades suggested that board members plan to attend any fiduciary training classes/seminars in the local Boston area. Nancy Hutt will ask representatives of PERAC and PRIM what the board's requirements are and develop an education plan.
On a motion duly made by Henry F.G. Wey, III and seconded by Thomas P. Hall it was
VOTED to notify PRIM that the Hingham Contributory Retirement System votes to revoke its status as a Participating system and convert to a Purchasing system effective January 1, 2011.
UNANIMOUS 5-0
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 11:15 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Thursday, October 28, 2010 at 1:00 P.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