HomeMy WebLinkAboutCOMM - Meeting Minutes - 153 - 8-22-1996 - RETIREMENT1
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Minute No. 153
Washington, Pa., August 22, 1996
The monthly meeting of the Washington County Retirement Board was held at
approximately 11:25 a.m. on Thursday, August 22, 1996, in the Public Meeting Room,
Courthouse Square Office Building, Washington, Pennsylvania, with the following
members being present: Commissioners Ford, Irey and Burns; Controller Paul
Belcastro and Treasurer Francis King. Also being present: Chief Clerk Dallatore;
Attorney Jim McCune, County Solicitor; Jill Devine, Assistant Solicitor; Roger
Metcalfe, Budget Director; Frank Burnette, RRZ Investment Management, Inc.; Jon
Azzarello, interested citizen; Joe Smydo, Observer -Reporter; Kathy Thomas, Valley
Independent; Chris Haines, Herald Standard; Jim Jefferson, WJPA; and Dennis
Bastian, CUTV.
Approval of Minutes
Chairman Ford entertained a motion to approve Minute No. 151 (continued)
and Minute No. 152 dated July 25, 1996. Moved by Mr. Burns, seconded by Mrs. Irey,
that Minute No. 151 (continued) and Minute No. 152 dated July 25, 1996, be approved
as presented.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Treasurer's Report
RETIREMENT SYSTEM REPORT
Bank Balance as of July 1, 1996 $153,465.97
Deposits to Checking Account $125,315.38
Transfers from Investment Account $192,312.45
Less: Cancelled Checks $193,772.55
Less: Transfers to Investment Account $125,315.38
Bank Balance as of August 1, 1996 $152,005.87
Less: Outstanding Checks $ 81,161.09
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Less: Retirement Check Run - July 31, 1996 $ 70,844.78
Reconciled Balance as of August 22, 1996 $ -0-
Moved by Mr. Burns, seconded by Mrs. Irey, that the Treasurer's Report be
accepted as presented.
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
1605 Helen Messerotes $ 48,538.76
1606 Donald H. Owen $ 4,524.19
1607 Washington Federal Savings Bank $ 4,000.00
#120631900 as trustee of IRA of
Donald H. Owen
1608
National City Bank, PA, as trustee of IRA
$
1,293.28
of Judith M. Ault
1609
Carolyn G. Bowyer
$
1,633.44
1610
John D. Corwin
$
1,161.11
1611
Linda L. Daniels
$
593.21
1612
Nancy J. Franks
$
232.32
1613
Dawn M. Holub
$
688.41
1614
Kristi L. Large
$
7,503.14
1615
Shirley Matthis
$
1,270.88
1616
Barbara J. Meyers
$
2,917.93
1617
Evelyn D. Molisee
$
1,473.90
1618
Washington Federal Savings Bank as
$
1,019.21
trustee of IRA of Nancy D. Robertson
1619
Cindy D. Wade
$
165.02
1620
Gardenia A. Wolanski
$
182.90
1621
Alicia M. Wolf
$
2,189.88
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1623 Wash. Co. Cash Disbursement
Transfer: Wash. Co. Retirement Allowance
Total To Be Transferred
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Old Business
4 3
$ 13,822.80
$ 21,556.35
$ 99,102.38
$ 213,869.11
Treasurer Francis King asked for clarification as to why his Deputy Treasurer
was not able to vote for him in his absence at the last meeting. Chairman Ford stated
that at Commissioner Irey's request, Attorney Pat McCune of the Solicitor's Office
issued an opinion that the Retirement Board members may not delegate their right to
vote on matters to a designee. Mr. King stated that he had not received a copy of
Attorney McCune's opinion. Chairman Ford stated that he would furnish a copy to
him.
Disability Retirement Allowance
Moved by Mr. Burns, seconded by Mrs. Irey, approving Disability Retirement
Allowance for Lyndal Giuffrida, a LPN at the Health Center, effective July 26, 1996;
proof of her Social Security Disability Award Letter has been provided to Employee
Relations.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Quarterly Report
Frank Burnette of RRZ Investment Management, Inc., provided to the Board a
quarterly report for the period of 3/31/96 - 6/30/96 detailing the topics of (1) Period
Portfolio Review; (2) Account Analysis; and (3) Activity/List of Assets. Discussion
followed. Mr. Burnette noted that the asset allocation as of 6/30/96 is 41% fixed
income, 58% equities and 1% cash.
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There being no further business, Chairman Ford declared the meeting
adjourned at 11:45 a.m.
THE FOREGO
ATTEST:
MINUTES SUBMITTED FOR APPROVAL:
, 1996
SECRETARY
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