Link back to Retirement Board page
Minutes of Meeting
Hingham Contributory Retirement Board
December 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, Eileen A. McCracken, Thomas P. Hall, Jean M. Montgomery and Henry F.G. Wey were present.
On a motion duly made by Thomas P. Hall and seconded by Jean M. Montgomery it was
VOTED to approve the Minutes of the November 23, 2010 regular board meeting
which were accepted as read and signed into the record.
UNANIMOUS 5-0.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (December 2010)
Pension $ 412,051.21
Annuity $ 73,809.77
Veteran Benefit $ 174.28
Cost of Living $ 6,351.41
Dependent Allowance $ 839.87
Total Warrant #PR1210 $ 493,226.54
UNANIMOUS 5-0
Retirement Expenses (November 2010)
Salaries $ 3,778.77
Office Expenses $ 325.69
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 0.00
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Consultant Fees $ 0.00
Miscellaneous $ 1,278.57
Total Warrant #AP1210 $ 5,383.03
UNANIMOUS 5-0
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:
Susan R. Rowe Health Dept. (Health Agent) December 1, 2010
UNANIMOUS 5-0
RECEIVED No Application(s) for Retirement in the Retirement System.
RECEIVED No Application(s) for Withdrawal and/or Transfer of Deductions.
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through December 31, 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 November 2010 Money Market account ending balance in the amount of $202,325.47 reconciles to the November 2010 Trial Balance.
Chris Rowlins of Fiduciary Investment Advisors reviewed 3rd quarter investment results and provided the board with an update on the transition. In addition, the board discussed submitting a letter to PRIM concerning the Vintage Year 2011 Private Equity Program. It was decided to make a commitment in the amount of $750,000 to this portfolio.
On a motion duly made by Thomas P. Hall and seconded by Henry F.G. Wey, III it was
VOTED to approve an additional PRIT Fund transfer in the amount of $200,000 to cover the transfer-out of deductions for Kevin Paicos to the Norfolk County Retirement System in January 2011.
UNANIMOUS 5-0
The Monthly Account Statement and PRIT Fund Performance for the period ending
November 30, 2010 was discussed. The PRIT Core Fund returned -1.15% for the month of November 2010 and 8.26% 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 10:40 A.M.
UNANIMOUS 5-0
The next meeting of the Board of Retirement will be held on Tuesday, January 24, 2011 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