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Minute No. 147
Washington County Retirement Board
Washington, Pa., March 21, 1996
The monthly meeting of the Washington County Retirement Board was held
at approximately 10:45 a.m. on Thursday, March 21, 1996, in the Public Meeting
Room, Courthouse Square Office Building, Washington, Pennsylvania, with the
following members being present: Commissioners Ford, Irey and Burns, Treasurer
King and Controller Belcastro. Also being present: Chief Clerk Dallatore; Ron
Schmeiser, Financial Advisor; Joe Smydo, Observer -Reporter; Kathy Thomas, The
Valley Independent; Jim Jefferson of WJPA/WYTK; Bob Irey, husband of
Commissioner Diana Irey; Joseph Gorby, interested citizen.
Approval of Minutes
Chairman Ford entertained a motion to approve Minute No. 146 dated
February 22, 1996. -
Moved by Mr. Belcastro, seconded by Mr. Burns, that Minute No. 146 be
approved as written.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Abstain.
Motion carried.
(Commissioner Ford abstained due to the fact that he was absent from the meeting
on February 22, 1996.)
Treasurer's Report
RETIREMENT SYSTEM REPORT
�I Bank Balance as of February 1, 1996 $127,227.11
11 Deposits to Checking Account $143,247.79
II Transfers from Investment Account $141,231.67
11 Less: Cancelled Checks $129,686.68
11 Less: Transfers to Investment Account $143,247.79
(I Bank Balance as of March 1, 1996 $138,772.10
11 Less: Outstanding Checks $ 64,450.52
Less: Retirement Check Run - February 29, 1996 $ 74,321.58
Reconciled Balance as of March 23, 1996 $ - 0 -
Moved by Mr. Burns, seconded by Mrs. Irey, 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. King, seconded by Mr. Belcastro, that the
following
Requisitions be approved:
Check No.
Payee
Amount
1539
Louise Heider
$ 15,692.04
1540
Karen Barbao
381.02
1541
Apryle L. McCourt
109.34
1542
Sandra L. Simon
109.34
1543
Jeanette L. Dellirocili
966.26
1544
Metro Petrosky, Jr.
3,840.62
1545
PNC Bank, NA as trustee of
62,685.27
Individual Retirement Account of
Metro Petrosky Jr.
1546
PNC Bank
7,671.47
1547
Washington County Cash Disb. Acct.
21,233.57
Transfer:
Washington County Retirment Allow.
95,801.19
Total To Be Transferred
$208,490.12
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, to accept a proposal
submitted by DePretis & Ware of Washington in the amount of $1,950.00 to audit
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the Retirement Fund for year 1995.
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REMARKS: It was noted that a second proposal was submitted by Palermo &
Associates in the amount of $2,100.00. It was also noted that the Board of
Commissioners acted on this matter at its meeting on March 7, 1996.
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 10:50 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
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1996
ATTEST:
SECRETARY
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Minute No. 148
Washington County Retirement Board
Washington, Pa., April 11, 1996
A special meeting of the Washington County Retirement Board was held at
approximately 10:05 a.m. on Thursday, April 11, 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 Paul Belcastro. Also being present: Chief Clerk Dallatore;
Roger Metcalfe, Budget Officer; Duane Kavka, Acting Director of Administration;
Ron Schmeiser, Financial Advisor; Don Herrington, Smith Barney; Norm Allan,
C. S. McKee; Frank Burnette, RRZ Investment Management, Inc.; Kathleen Flynn
Reda, Register of Wills; Bob Irey, husband of Commissioner Diana Irey; Kirk and
Terri Holman of California, interested citizens; Jon Stevens, Observer -Reporter; Jim
Jefferson, WJPA; Chris Haines, Herald -Standard.
Chairman Ford stated that the purpose of this special meeting was to
address questions raised by Ron Schmeiser, Tinancial Advisor, relative to the
Retirement Fund.
Board Members Francis King and Paul Belcastro were provided with a copy
of Ron Schmeiser's memorandum dated February 21, 1996, directed to the Board of
Commissioners which represented an interim report on his study for cost savings
and included recommended changes in the operation of the pension plan relative
to the following five areas. The Board discussed at length each of these
recommended changes.
1. Fees of Monitor
Suggested change by Ron Schmeiser:
Presently the $25,000 annual fee is paid in cash. This fee can be
paid in "soft dollars", i.e. stock and bond trades can be directed to
the monitor's firm and the commissions earned would be credited
towards the fee. Such commissions will be more than enough to
pay the $25,000 so that the pension fund will save this cost each year.
Once the $25,000 is earned the Board may direct trades to other
brokers if the Board desires.
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