HomeMy WebLinkAboutCOMM - Meeting Minutes - 156 - 11-27-1996 - RETIREMENT55
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Requisitions
Moved by Mr. Belcastro, seconded by Mr. King, that the following Requisitions
be approved:
Check No. Payee Amount
1651 Duane A. Kavka $ 20,802.56
1652 Edison S. McKeag 3,494.17
1653 Lisa A. Urso 5,469.88
1654 PNC Bank 11,352.34
1655 Washington County Cash Disb. Acct. 25,937.68
Transfer: Washington County Retirement Allow. 100,216.92
Total To Be Transferred $167,273.55
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
NEW BUSINESS
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Controller Paul Belcastro, who chaired the committee for reviewing the RFP's I
for a new performance monitor, recommended that the Board hire the investment j
consulting firm of Yanni Bilkey of Pittsburgh, Pennsylvania, as per the firm's proposal
dated August 19, 1996; and that the agreement include a sixty-day termination I
provision by either party.
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Moved by Mr. Belcastro, seconded by Mr. Burns, that the Board hire the
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investment firm of Yanni Bilkey of Pittsburgh, Pennsylvania, as performance monitor
as per above, effective December 1, 1996.
Remarks: Treasurer Francis King commented on the selection procedure and extended
his appreciation to each of the eleven firms which submitted a proposal and to the
members of the committee for their due diligence in examining each of the proposals.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
James Yanni of Yanni Bilkey explained to the Board that he will begin the
initial study by meeting with the Controller and Treasurer and obtaining past bank
records; examining ten years of history; and looking at prior costs and expenses that
the fund has borne. He stated that he will provide the Board with an analysis of how
the monies have been managed, at what risk level, and how the rates of return earned
on the fund compare to common market indices for similar invested pools of money.
He stated that he will also provide a report on how expenses compare to other funds of
similar size; will review the current investment policy and the most recent actuarial
report.
Treasurer Francis King asked Mr. Yanni if it would be possible for him to use
the most recent ten-year review that was done by the past consultant and expand on it.
Mr.
Yanni stated that he feels he could use it which would keep the cost down.
Commissioner Irey provided to the Board members and representatives of Yanni
Bilkey copies of correspondence from her addressed to Norm Allan of C.S. McKee
dated November 18, 1996, and Mr. Allan's response dated November 25, 1996, relative
to $95.86 (U.S. currency) on page 5 and $224.95 (conversion amount from Canadian
dollars to U.S. currency) on page 9 of the October PNC statement, copies of which are
attached hereto and made a part hereof. She questioned whether the Board should be
paying this cost as she believes that C.S. McKee should be responsible for paying the
cost for these investments. She stated that this issue needs to be addressed by the new
performance monitor.
There being no further business, Chairman Ford declared the meeting
adjourned at approximately 11:00 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
17 , 1996
ATTEST: y"a
SECRETARY
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