HomeMy WebLinkAboutCOMM - Meeting Minutes - 146 - 2-22-1996 - RETIREMENTSold By IMR Limited Form B25 E417350
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Minute No. 146
Washington County- Retirement Board
Washington, Pa., February 22,1996
The monthly meeting of the Washington County Retirement Board was held
at approximately 10:40 a.m. on Thursday, February 22, 1995, in the Public Meeting
Room, Courthouse Square Office Building, Washington, Pennsylvania, with the
following members being present: Commissioners Irey and Burns, Treasurer
Francis King and Controller Belcastro. Absent being: Commissioner Ford, who
was on vacation. Also being present: Chief Clerk Dallatore; Attorney Jim
McCune, Interim County Solicitor; Roger Metcalfe, Budget Officer; David Martino
of Commissioner Ford's office; Frank Burnette of RRZ; Don Herrington of Smith
Barney; Norm Allan of C. S. McKee; Joe Smydo, Observer -Reporter; Chris Haines,
Herald Standard; Kathy Thomas, The Valley Independent; Jim Jefferson, WJPA;
Attorney Thomas Lonich; and John Logar, Tax Appeal Board Member.
Approval of Minutes
Vice -Chairman Irey entertained a motion to approve Minute No. 145 dated
January 25, 1995.
Moved by Mr. Belcastro, seconded by Mr. Burns, that Minute No. 145 be
approved as written.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes:
Motion carried unanimously.
�I Treasurer's Report'
RETIREMENT SYSTEM REPORT
II Bank Balance as of January 1, 1996
11 Deposits to Checking Account
II Transfers from Investment Account
I) Less: Cancelled Checks
II Less: Transfers to Investment Account
IIBank Balance as of February 1, 1996
11 Less: Outstanding Checks
$ 81,351.43
$ 61,210.42
$162,894.30
$117,018.62
$ 61,210.42
$ 127,227.11
$ 61,835.86
Less: Retirement Check Run -January 31, 1996 $ 65,391.25
Reconciled Balance as of February 22,1996 $ - 0 -
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;
Motion carried unanimously.
Requisitions
Moved by Mr. King, seconded by Mr. Burns, that the following Requisitions
be approved:
Check No. Payee Amount
a
1528 Estate of EDWARD MAPLE 93.54
1529 Estate of JOHN C. ROGERS 155.13
1530 The Vangard Group as trustee of
Individual Retirement Account of
BRIAN L. BARK
11,836.56
1531
Fidelity Trust as trustee of
Individual Retirement Account of
12.11
MARGARET ANN DIAMOND
1532
MARK KARPINSKY
5.88
1533
MARY C. O'NEAL
129.86
1534
PAULA J. WOOD
4,877.50
1535
PNC BANK
5,099.37
1536
Washington County Cash Disb. Acct.
$21,208.09
Transfer:
Washington County Retirement Allowance
$97,813.63
Total To Be Transferred
$141,231.67
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes,
Motion carried unanimously.
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Sold By IMR Limited Form 825 E417350
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Quarterly Reports
Don Herrington of Smith Barney reviewed with the Board members the
Fund's Investment Performance Review as of December 31, 1995, which reflected
the performance of the two managers as follows:
Quarter Ending Year to
Total Fund 12/31/95 Date
Entire Fund 4.82 26.23
McKee 4.19 25.26
RRZ 5.47 27.21
50 SP/50 LB G/C 5.35 28.17
Equities
Entire Fund
4.75
McKee
3.36
RRZ
6.17
S + P 500
6.02
Russell 1000 Growth
4.55
Russell 1000 Value
6.64
Fixed Income
Entire fund
4.96
McKee
5.27
RRZ
4.64
LB G/C Bonds
4.66
C. S. McKee
Beginning Value $20,390,743
Ending Value $21,715,273
Difference $+1,324,530
32.80
30.00
35.64
37.58
37.19
38.35
19.49
20.23
18.67
19.25
RRZ
Difference
$19,733,366
$657,377
$21,282,876
$432,397
$ 1,549,510
$224,980
Frank Burnette of RRZ Investment Management, Inc., made a quarterly and
year-end report to the Board in which he discussed the following topics. A written
report was distributed to each Board member.
A. Period Portfolio Review
B. Account Analysis
C. Activity/List of Assets
Mr. Burnette informed the Board, that John Sofis, Manager of Equity
Investments at RRZ Investment Management, Inc., has resigned and will be
assuming a position with PNC Bank. They are in the process of recruiting to fill
his position and expect to have it filled within six months or by year end. In the
interim, the Secretary of the Investment Policy Committee will serve as the Equity
Manager.
(Fred Fleet of the Highland -Erie Committee entered the meeting.)
Norm Allan of C.S. McKee made a quarterly report to the Board in which he
discussed the following topics. A written overview of each topic was distributed
to the Board Members.
A. Economic Perspective
B. Portfolio Structure
C. Cash Flow Summary
D. Performance
Mr. Allan explained why his firm trailed in the equity market in 1995 and
reviewed with the Board C. S. McKee's equity philosophy.
There being no further business, Vice -Chairman Irey declared the meeting
adjourned at approximately 11:25 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
ATTEST:
SECRETARY
1996
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