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Minutes of Meeting
Hingham Contributory Retirement Board
March 29, 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, Sue M. Nickerson, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey were 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 January 25, 2011 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 Susan M. Nickerson it was
VOTED to issue payment for the following monthly Warrants:
Retirement Allowances (March 2011)
Pension $ 418,720.05
Annuity $ 74,017.76
Veteran Benefit $ 174.28
Cost of Living $ 0.00
Dependent Allowance $ 839.87
Total Warrant #PR0311 $ 493,751.96
UNANIMOUS 5-0
Retirement Expenses (March 2011)
Salaries $ 5,096.05
Office Expenses $ 7,405.21
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 100,234.50
Service Contracts $ 0.00
Consultant Fees $ 0.00
Miscellaneous $ 0.00
Total Warrant #AP0311 $ 112,735.76
UNANIMOUS 5-0
RECEIVED No Application(s) for Membership in the Retirement System:
RECEIVED No Application(s) for Retirement in the Retirement System.
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:
William M. McCormick School Dept. (Paraprofessional) Refund $ 1,089.81
Jacquelyn M. Crombie School Dept. (Paraprofessional) Refund $ 3,069.52
Richard L. Partridge Board of Assessors (Assessor) Transfer $ 86,935.39
Deborah F. Rathnam School Dept. (Paraprofessional) Transfer $ 7,429.93
Daniel C. Rogier School Dept. (Paraprofessional) Transfer $ 1,709.85
UNANIMOUS 5-0
RECEIVED No Application(s) for Buybacks/Make-ups.
The Cash Flow Report through March 31, 2011 was discussed. A $300,000 monthly drawdown was fulfilled from PRIT in order to cover ongoing retirement board expenses.
On a motion made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve a supplemental redemption in the amount of $300,000 in order to cover ongoing retirement board expenses.
UNANIMOUS 5-0
On a motion duly made by Henry F.G. Wey, III and seconded by Susan M. Nickerson it was
VOTED to approve the 2010 PERAC Annual Statement. Michael Daley of Financial Advisory Associates, Inc. provided the board with written assurance that the 2010 Annual Statement accurately represents the fiscal activity of the Hingham Contributory Retirement System during 2010.
UNANIMOUS 5-0
The board asked that a public hearing will be posted for the April board meeting to vote on the retiree cost of living adjustment. Pursuant to Chapter 32, Section 103(i) the board may vote to approve a cost of living adjustment up to 3% on the first $12,000 to be effective July 1, 2011.
On a motion duly made by Henry F.G. Wey, III and seconded by Susan M. Nickerson it was
VOTED to appoint Nancy M. Hutt as Election Officer for the upcoming election of the "third member". Eileen A. McCracken's term is due to expire on July 1, 2011. The election will take place entirely by mail. Ballots will be mailed on May 30, 2011 and counted on June 14, 2011.
UNANIMOUS 4-0. Eileen A. McCracken abstained from voting.
Board members were shown that the February 2011 Money Market account ending balance in the amount of $188,679.17 reconciles to the February 2011 Trial Balance.
The Monthly Account Statement and PRIT Fund Performance for the period ending
February 28, 2011 was discussed. Ted Alexiades attended the PRIM Board meeting and stated that PRIM has redesigned their web page and will hold client conferences starting in May 2011. PRIM intends to offer trustee education to all boards. Nancy Hutt is to contact Paul Todisco asking for fiduciary and ethics training for the board.
On a motion duly made by Eileen A. McCracken and seconded by Susan M. Nickerson it was
VOTED to adjourn the regular business meeting at 10:50 A.M.
UNANIMOUS 5-0
The next meeting of the Board of Retirement will be held on Tuesday, April 26, 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