Link back to Retirement Board page
Minutes of Meeting
Hingham Contributory Retirement Board
June 28, 2011
The regular meeting of the Board of Retirement was duly posted to be held at 11:30 A.M. at the South Shore Country Club on the above date. Board members Ted C. Alexiades, Susan M. Nickerson, Eileen A. McCracken, Jean M. Montgomery and Henry F.G. Wey, III were present. Also present were Thomas P. Hall and Christopher Rowlins.
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 May 24, 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 (June 2011)
Pension $ 438,706.21
Annuity $ 78,319.05
Veteran Benefit $ 174.28
Cost of Living $ 0.00
Dependent Allowance $ 839.87
Total Warrant #PR0611 $ 518,039.41
UNANIMOUS 5-0
Retirement Expenses (June 2011)
Salaries $ 6,863.35
Office Expenses $ 1,138.51
3(8)(c) Payment(s) $ 0.00
Refund(s)/Transfer(s) $ 9,871.85
Professional Services $ 20,050.00
Consultant Fees $ 0.00
Miscellaneous $ 0.00
Total Warrant #AP0611 $ 37,923.71
UNANIMOUS 5-0
RECEIVED Application(s) for Membership in the Retirement System
On a motion made by Henry F.G. Wey, III and seconded by Eileen A. McCracken it was
VOTED to approve the following Application(s):
Keith A. Jermyn Veteran's Agent (Director) May 1, 2011
Laurie A. Zivkovich Selectmen (Admin. Secretary) June 6, 2011
Kevin W. Kazlauskas Housing Authority (Maintenance) June 1, 2011
UNANIMOUS 5-0
RECEIVED Application(s) for Retirement in the Retirement System
On a motion made by Henry F.G. Wey, III and seconded by Susan M. Nickerson it was
VOTED to approve the following Application(s):
Marilyn A. Harrington Selectmen (Licensing Clerk) May 28, 2011 Option A
Francis B. Krause, III Fire Dept. (Shift Captain) May 28, 2011 Option C
Kenneth B. Durant Police Dept. (Deputy Chief) June 1, 2011 Option C
Kathleen A. D'ercole Light Plant (Customer Service) May 19, 2011 Option A
UNANIMOUS 5-0
RECEIVED Application(s) for Withdrawal and/or Transfer of Deductions
On a motion made by Eileen A, McCracken and seconded by Susan M. Nickerson it was
VOTED to approve the following Application(s):
Frank Yetman Building Dept. (Plumbing Inspector) Refund $8,248.41
UNANIMOUS 5-0
RECEIVED Application(s) for Buybacks/Make-ups
On a motion made by Susan M. Nickerson and seconded by Henry F.G. Wey, III it was
VOTED to approve the following Application(s):
Keith A. Jermyn Veteran's Agent (Director) 0 years/6 months Lump Sum
UNANIMOUS 5-0
The Cash Flow Report through June 30, 2011 was discussed. Another $300,000 PRIT Fund drawdown is planned to cover ongoing Retirement Board expenses.
The Monthly Account Statement and PRIT Fund Performance for the period ending
May 30, 2011 was discussed.
Chris Rowlins of Fiduciary Investment Advisors distributed to the Board a Comparative Performance Report as of May 31, 2011 which compares the Hingham Retirement System portfolio v. PRIT Core Fund showing that Hingham lost 0.4% and the PRIT Core Fund fell 1.0% as of May 31, 2011. FIA also provided an Executive Summary of the First Quarter 2011 showing Asset Allocation Plan Performance results as of March 31, 2011. Chairman Alexiades wants to address the current PERAC regulation (Chapter 68, a 2007 Addition to Chapter 32, provides for voluntary and involuntary transfer of investment management and assets of "underperforming" retirement systems to the PRIT Fund). Hingham has designed an asset allocation plan which cannot be compared to the PRIT Core Fund because our board intends to preserve as much principal as possible in down markets. Questions were also addressed pertaining to the PRIM Board: 1.) the resignation of Karen Gershman, PRIM's Chief Operating Officer and Chief Financial Officer and 2.) PRIM being overcharged at least $20 million by its custodian bank, BNY Mellon, for foreign exchange transactions.
Chairman Alexiades is puzzled by the number of cities and towns approving the COLA base increase during this time of employees being laid off and/or losing employment benefits. What is their argument for the increase? Nancy Hutt will contact other boards and track the various COLA base increases on a color coded map.
Board members were shown that the May 2011 Money Market account ending balance in the amount of $224,165.78 reconciles to the May 2011 Trial Balance.
Board members presented Thomas P. Hall with a signed Certificate of Appreciation for his eighteen years of service on the Hingham Retirement Board. Tom, appointed by the Board of Selectmen, was replaced by Ted C. Alexiades in February 2011. A luncheon in his honor follows the board meeting.
The next meeting of the Board of Retirement will be held on Tuesday, July 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