The Hull Contributory Retirement System, having accepted the provisions of Section 1 – 28, under Chapter 32 of the Massachusetts General Laws, is one of 106 contributory retirement systems within the Commonwealth of Massachusetts, operating independently, however bound by one uniform retirement law. The administrator and governing authority is the Retirement Board. The Board consists of five members:
Ex-Officio Member: A member by virtue of office, currently the Town Accountant
Two Elected Members: Each of whom is either an employee or a retiree within the system who is elected by the employees and retirees.
Appointed Member: Chosen by the Board of Selectmen
Fifth Member: Chosen by the other four members and cannot be an employee, retiree or official of the Town
All Board meetings are open to the public and are held on the last Tuesday of each month at 9:00 am in the Louis C. Costa meeting room in Town Hall.
The retirement system covers all town employees and certain school employees working more than 20 hours per week, as well as the Hull Housing Authority. Retirement is available to the members of the system after at least 10 years of employment and after reaching age 55 (age 60 for members after April 2, 2012).
The December 31, 2011 asset balance was $26.6 million, with $4.6 million in receipts, including the Town and Hull Housing Authority appropriation of $3,020,137.00, plus current member contributions totaling $846,694.36. There was $3.7 million in disbursements, of which $3,297,329.83 was retirement benefits paid to retirees and beneficiaries, inclusive of a 3% cost of living adjustment effective July 1, 2011plus an additional $119,262.20 for retirement benefits paid to retirees of other systems, $70,838.36 for member refunds and transfers, and $227,437.57 in administrative expenses, inclusive of investment management expenses. The investment return for the period was $246,759.50, resulting a decrease in assets in 2011.