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Minutes of Meeting
Hingham Contributory Retirement Board
January 25, 2011
The regular meeting of the Board of Retirement was duly posted to be held at 10:30 A.M. in the East Hearing Room of the Hingham Town Hall on the above date. Board members Ted C. Alexiades, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey were present. Thomas P. Hall was absent. Susan M. Nickerson, Interim Town Accountant was also present.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to approve the Minutes of the December 21, 2010 regular board meeting which were accepted as read and signed into the record.
UNANIMOUS 4-0.
On a motion duly made by Henry F.G. Wey, III and seconded by Jean M. Montgomery it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (January 2011)
Pension $ 412,051.75
Annuity $ 73,809.23
Veteran Benefit $ 174.28
Cost of Living $ 6,351.41
Dependent Allowance $ 839.87
Total Warrant #PR0111 $ 493,226.54
UNANIMOUS 4-0
Retirement Expenses (January 2011)
Salaries $ 5,442.19
Office Expenses $ 2,450.24
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 211,935.43
Accidental Death Refund(s) $ 0.00
Option B Refund(s) $ 0.00
Consultant Fees $ 13,750.00
Miscellaneous $ 0.00
Total Warrant #AP0111 $ 233,577.86
UNANIMOUS 4-0
RECEIVED No Application(s) for Membership in the Retirement System.
RECEIVED No Application(s) for Retirement in the Retirement System.
RECEIVED On a motion made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Kevin E. Paicos Selectmen (Town Administrator) Transfer $197,991.94
Daniel J. Nardo Police (Dispatch) Refund $ 9,258.96
Martha E. Campbell School Dept. (Paraprofessional) Refund $ 3,725.87
John Tzimorangas* Light Plant (General Manager) Refund $ 958.66
*Refund of pension deductions. Board will notify Mr. Tzimorangas that, because he requested this refund, his deferred compensation stipend will not be pensionable now or in the future.
UNANIMOUS 4-0
RECEIVED No Application(s) for Buybacks/Make-ups.
On a motion made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve Chapter 131 of the Acts of 2010 (supplemental pension allowance to surviving spouses of disabled employees increased from $6,000 to $9,000). Article will be placed on Warrant for 2011 Town Meeting.
UNANIMOUS 4-0
The Cash Flow Report through January 31, 2011 was discussed. A drawdown in the amount of $250,000 was completed from PRIT in order to cover ongoing retirement board expenses.
Board members were shown that the December 2010 Money Market account ending balance in the amount of $307,496.27 reconciles to the December 2010 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
December 31, 2010 was discussed. The PRIT Core Fund returned 4.93% for the month of December 2010 and 13.59% calendar year-to-date.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve the Audit Engagement Letter with Powers & Sullivan.
UNANIMOUS 4-0
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve the PTG (Pension Technology Group) contract revised and approved by Kevin Feeley.
UNANIMOUS 4-0
The Annual Report of the Hingham Retirement Board Annual Report was discussed. It was agreed that the following paragraph would be added: The Hingham Contributory Retirement Board in fiscal 2010 vetted various professional financial advisors and selected Fiduciary Investment Advisors (FIA) to assist in establishing both an Investment Policy and an Asset Allocation plan. FIA will monitor our performance and advise the board accordingly.
The Board of Selectmen received a resignation letter from Thomas P. Hall to be effective immediately. The board members wish to thank Tom Hall for his participation in and contributions to the Hingham Retirement Board for approximately eighteen (18) years.
On a motion duly made by Eileen A. McCracken and seconded by Jean M. Montgomery it was
VOTED to adjourn the regular business meeting at 11:05 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Thursday, February 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
Susan M. Nickerson, Ex-Officio
Eileen A. McCracken, Elected Member
Jean M. Montgomery, Elected Member
Henry F.G. Wey, III, Appointed Member