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Minutes of Meeting
Hingham Contributory Retirement Board
November 30, 2010
The regular meeting of the Board of Retirement was duly posted to be held at 5:00 P.M. in the East Hearing Room of the Hingham Town Hall on the above date. Board members Ted C. Alexiades, Thomas P. Hall and Jean M. Montgomery were present. Eileen A. McCracken was absent and Henry F.G. Wey, III participated by speakerphone due to illness.
On a motion duly made by Thomas P. Hall and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the October 27, 2010 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 3-0.
On a motion duly made by Thomas P. Hall and seconded by Jean M. Montgomery it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (November 2010)
Pension $ 413,346.44
Annuity $ 74,055.42
Veteran Benefit $ 174.28
Cost of Living $ 6,381.41
Dependent Allowance $ 839.87
Total Warrant #PR1110 $ 495,797.42
UNANIMOUS 3-0
Retirement Expenses (November 2010)
Salaries $ 5,269.12
Office Expenses $ 527.27
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 22,706.04
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Consultant Fees $ 12,958.90
Miscellaneous $ 0.00
Total Warrant #AP1110 $ 41,461.33
UNANIMOUS 3-0
RECEIVED Application(s) for Membership in the Retirement System.
On a motion duly made by Jean M. Montgomery and seconded by Thomas P. Hall it was
VOTED to approve the following Application(s) for Membership:
Lauren T. Draper School Dept. (Paraprofessional) October 27, 2010
Katelin McLaughlin Police Dept. (Patrolman) November 15, 2010
Ryan E. Ross Police Dept. (Patrolman) November 15, 2010
Michael M. Rockoff Police Dept. (Patrolman) November 15, 2010
UNANIMOUS 3-0
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 Jean M. Montgomery it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Anna Coppinger School Dept. (Cafeteria) Rollover $6,905.06
Lori P. White School Dept. (Paraprofessional) Transfer $7,467.59
Debra J. Read School Dept. (Cafeteria) Refund $8,333.38
UNANIMOUS 3-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through November 30, 2010 was discussed. A drawdown in the amount of $300,000 was completed from PRIT in order to cover ongoing retirement board expenses.
Board members were shown that the October 2010 Money Market account ending balance in the amount of $243,024.71 reconciles to the October 2010 Trial Balance.
Discussion with Chris Rowlins of Fiduciary Investment Advisors has been postponed to the December board meeting. Discussion includes: 1. review of 3rd quarter investment results with the introduction of FIA's investment reporting and 2. Provide the board with an update on the transition (completion of paperwork, next steps, etc.)
PERAC issued six (6) proposed legislative recommendations and distributed them to all of the Massachusetts Retirement Boards for review. The Board Administrative Assistant was directed to write a summary of each recommendation for next month's board meeting.
Paul Todisco, Senior Client Services Officer from PRIM issued an email to PRIM clients concerning PRIM's exposure to two of three Hedge Fund Managers who are currently under ongoing investigation into insider trading. Henry F.G. Wey, III requested that the board ask FIA for an update on the hedge fund issue and to include the other hedge funds affiliated with PRIM previously under investigation.
The Monthly Account Statement and PRIT Fund Performance for the period ending
October 31, 2010 was discussed. The PRIT Core Fund returned 2.23% for the month of October 2010 and 9.52% calendar year-to-date.
On a motion duly made by Jean M. Montgomery and seconded by Thomas P. Hall it was
VOTED to adjourn the regular business meeting at 5:15 P.M.
UNANIMOUS 3-0
The next meeting of the Board of Retirement will be held on Tuesday, December 21, 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