HomeMy WebLinkAboutCOMM - Meeting Minutes - 145 - 1-25-1996 - RETIREMENT1
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Minute No. 145
Washington County Retirement Board
Washington, Pa., January 25, 1996
The monthly meeting of the Washington County Retirement Board was held
at approximately 10:35 a.m. on Thursday, January 25, 1996, in the Public Meeting
Room, Courthouse Square Office Building, Washington, Pennsylvania, with the
following members being present: Commissioners Ford, Irey and Burns, Treasurer
Francis King and Controller Belcastro. Also being present: Chief Clerk Dallatore;
Roger Metcalfe, Budget Officer; Ron Schmeiser, Financial Advisor; Don
Herrington, Smith Barney; Joe Smydo, Observer -Reporter; Jim Jefferson, WJPA;
Chris Haines, Herald -Standard; Kathy Thomas, Valley Independent; and Dave
Templeton, Post -Gazette.
Oath of Office
It was noted for the record that Commissioners Irey and Burns and
Treasurer Francis King, new Board members, were administered the oath of office
in accordance with 16 P.S. Section 11654.
Appointment of Officers
It was noted that Commissioner Ford, Chairman of the Board of
Commissioners, would serve as Chairman of the Retirement Board in accordance
with 16 P.S. Section 11654, and Controller Belcastro would serve as Secretary in
accordance with 16 P.S. Section 11655.
Chairman Ford entertained nominations for Vice -Chairman.
Moved by Chairman Ford, seconded by Mr. Burns, nominating
Commissioner Irey as Vice -Chairman.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Meeting Dates and Times
Moved by Mr. Belcastro, seconded by Mrs. Irey, to approve the 1996
Schedule of Retirement Board Meetings as follows which are held immediately
following the meetings of the Board of Commissioners which begin at 10:00:
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January 25
February 22
March 21
April 18
May 30
June 27
Roll call vote taken:
July 25
August 22
September 19
October 31
November 27 (subject to change)
December (not yet determined)
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Treasurer's Report
RETIREMENT ALLOWANCE REPORT
Bank Balance as of December 1, 1995
$ 273,614.35
Deposits to Checking Account
$ 1,394,788.62
Transfers from Investment Account
$ 136,297.16
Less: Cancelled Checks
$ 328,560.08
Less: Transfers to Investment Account
$ 1,394,788.62
1 Bank Balance as of January 1, 1996
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$ 81,351.43
Less: Outstanding Checks
$ 13,489.74
Less: Retirement Check Run December 31, 1995
$ 67,861.69
Reconciled Balance as of January 25, 1996
$ 0.00
Moved by Mr. Belcastro, seconded by Mr. Burns, that the Treasurer's Report
be approved as submitted.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Requisitions
Moved by Mr. Belcastro, seconded by Mr. Burns, that the following
Requisitions be approved:
Check No. Payee Amount
1516 JOHN P. BASIAL $ 3,010.56
1517 LINDA L. BELL 629.92
1518 PPI Retirement Programs 29,821.03
F/B/O LINDA L. BELL
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1
1
1519
CAROL A. CHASE
1,100.66
1520
Reliable Savings & Loan as
1,100.66
trustee of Individual Retirement
Account of NORALYNN
B. CRYBLSKEY
1521
JEFFERY B. HYMSON
2,165.99
1522
GENEVIEVE R. MAURO
6,661.71
1523
Mellon Bank, NA -Western Region
4,734.87
as trustee of Individual Retirement
Account of NORMA J. TEMPLE
1524
Estate of GEORGE RATICA
82.90
1525
ANN ANTONIOLLI
558.40
1526
PNC BANK
6,469.14
1527
Washington County Cash Disb. Acct.
12,044.74
Transfer:
Washington County Retirement
94,438.94
Allow.
TOTAL TO BE TRANSFERRED $ 162,894.30
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
NEW BUSINESS
Interest Credit
Moved by Mr. Belcastro, seconded by Mr. King, that the interest rate remain
at 5-1/2% for the year 1996.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Cost -of -Living Increase
Moved by Mr. Belcastro, seconded by Mr. King, after discussing the matter
of a cost -of -living increase for retirees as required by statute, it was the consensus
of the Board that the County continue to provide health insurance coverage for
retirees in lieu of a cost -of -living increase.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Purchase of 1996 Pension Benefit Statements
Moved by Mr. Belcastro, seconded by Mr. Burns, authorizing the purchase
of the 1996 Pension Benefit Statements from Hay/Huggins Company.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
1995 Audit
Moved by Mr. Belcastro, seconded by Mr. King, authorizing the soliciting of
proposals for an audit of the Retirement Fund for year 1995.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Repurchase Agreement
Moved by Mrs. Irey, seconded by Mr. Belcastro, approving the following
Repurchase Agreement:
Name: Metro Petrosky, Jr.
Service Time to be Repurchased: 8-8-66 to 3-25-75 and 1-5-76 to 4-5-82
Total Repurchase Amount: $15,976.21
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
There being no further business, Chairman Ford declared the meeting
adjourned at approximately 10:40 a.m.
THE FOREGOING
SUBMITTED FOR APPROVAL:
1996
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ATTEST:
SECRETARY