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Minutes of Meeting
Hingham Contributory Retirement Board
February 24, 2011
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 and Henry F.G. Wey were present. Jean M. Montgomery was absent. Susan M. Nickerson, Interim Town Accountant was also present.
Henry F.G. Wey, III opened the meeting stating that due to Thomas P. Hall's resignation, Ted C. Alexiades who is the current chairman and ex-officio has been appointed by the Board of Selectmen as their member on the Board and is no longer the ex-officio. Ted C. Alexiades will remain on the Board as Chairman until June 27, 2013 when his term is due to expire. Susan M. Nickerson, Interim Town Accountant will be the ex-officio effective immediately.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to approve the above mentioned board member changes.
UNANIMOUS 3-0.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve the Minutes of the January 25, 2011 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 Eileen A. McCracken it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (February 2011)
Pension $ 418,377.93
Annuity $ 73,834.46
Veteran Benefit $ 174.28
Cost of Living $ 0.00
Dependent Allowance $ 839.87
Total Warrant #PR0211 $ 493,226.54
UNANIMOUS 4-0
Retirement Expenses (January 2011)
Salaries $ 7,903.68
Office Expenses $ 7,542.27
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 6,504.16
Service Contracts $ 20,000.00
Consultant Fees $ 0.00
Miscellaneous $ 0.00
Total Warrant #AP0211 $ 41,950.11
UNANIMOUS 4-0
RECEIVED On a motion made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to approve the following Application(s) for Membership in the Retirement System:
Ellen M. McElroy Light Plant (Customer Service Rep.) January 24, 2011
Brian W. McPherson Building (Plumbing & Gas Inspector) February 21, 2011
UNANIMOUS 4-0
RECEIVED No Application(s) for Retirement in the Retirement System.
RECEIVED On a motion made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to approve the following Application(s) for Withdrawal and/or Transfer of Deductions:
Joseph A. Mortland Fire Dept. (Firefighter) Partial Refund $ 926.98
Amy Gardner School Dept. (Paraprofessional) Refund $1,726.51
Jennifer A. Curran School Dept. (Paraprofessional) Transfer $3,812.08
Holly C. Krukonis Police Dept. (Dispatcher) Partial Transfer $ 32.73
UNANIMOUS 4-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through February 28, 2011 was discussed. A drawdown in the amount of $250,000 was completed from PRIT in order to cover ongoing retirement board expenses.
On a motion duly made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED credit the Accounts Receivable balance in the amount of $2,026.94 for the estate of Sandra Carlson who died on July 17, 2010. The balance represents the amount due on the retirement benefit overpayment due to the elimination of employer supplied automobiles included as regular compensation for retirement purposes.
UNANIMOUS 4-0
Christopher Rowlins of Fiduciary Investment Advisors attended to meeting to review: 4th quarter investments, economic & capital market review, asset allocation & account reconciliation as of December 31, 2010, portfolio investment performance, portfolio asset allocation as of January 3, 2011 and an update on retirement board fiduciary education. Board Administrator will contact Thomas Gibson, Chairman of the Middlesex Retirement Board for fiduciary training.
Board members were shown that the January 2011 Money Market account ending balance in the amount of $212,488.73 reconciles to the January 2011 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
January 31, 2011 was discussed.
Ex-officio member, Susan M. Nickerson stated that she did not want to be paid a stipend until she had been on the board a while longer. Ted C. Alexiades stated that no one would receive the stipend until further notice. This topic of receiving a stipend will be reviewed on a quarterly basis.
On a motion duly made by Eileen A. McCracken and seconded by Henry F.G. Wey, III it was
VOTED to adjourn the regular business meeting at 11:10 A.M.
UNANIMOUS 4-0
The next meeting of the Board of Retirement will be held on Tuesday, March 29, 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