HomeMy WebLinkAboutCOMM - Meeting Minutes - 157 - 12-18-1996 - RETIREMENTSold By IMR Limited Form 825 E4117350
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Minute No. 157
Washington County Retirement Board
Washington, Pa., December 18, 1996
The monthly meeting of the Washington County Retirement Board was held at
approximately 11:30 a.m. on Wednesday, December 18, 1996, in Conference Room 704
of the Courthouse Square Office Building, Washington, Pennsylvania, with the
following members being present: Commissioners Joseph A. Ford, Sr., Diana L. Irey
and J. Bracken Burns, Sr.; Treasurer Francis King and Deputy Controller Michael
Namie. Also being present: Chief Clerk Dallatore; Roger Metcalfe, Budget Director;
Frank Domeisen of Yanni Bilkey; Joe Smydo, Observer -Reporter; and Jim Jefferson of
WJPA/WYTK.
Authorization for Deputies to Vote
The Board discussed the issue of whether the Deputy Controller and Deputy
Treasurer have the right to vote at the Retirement Board meetings when they are
representing the Controller and Treasurer. The Board made reference to an opinion
dated July 28, 1996, issued by Attorney Pat McCune of the Solicitor's Office wherein
he advised that "the County Retirement Board members may not delegate their right
to vote on matters to a designee". Commissioner Burns and Treasurer King suggested
that the Board ask the Solicitor's Office to reconsider this matter; and in the meantime
they recommended that the Board override the legal opinion.
Moved by Mr. Ford, seconded by Mr. Burns, to allow the Deputy Controller
and Deputy Treasurer to vote at the Retirement Board meetings when representing the
Controller and Treasurer.
Roll call vote taken:
Mr. Namie - Abstained; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - No.
Motion carried.
Approval of Minutes
Chairman Ford entertained a motion to approve Minute No. 155 dated October
31, 1996.
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Moved by Mr. King, seconded by Mr. Burns, that Minute No. 155 dated
October 31, 1996, be approved as written.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Chairman Ford entertained a motion to approve Minute No. 156 dated
November 27, 1996.
Moved by Mrs. Irey, seconded by Mr. King, that Minute No. 156 dated
November 27, 1996, be approved as written.
Roll call vote taken:
Mr. Namie - 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 November 1, 1996 $126,769.20
Deposits to Checking Account $111,077.04
Transfers from Investment Account $167,273.55
Less: Cancelled Checks $163,548.24
Less: Transfers to Investment Account $ 54,434.75
Bank Balance as of December 1, 1996 $187,136.80
Transfers to Investment Account $ 56,642.29
Less: Outstanding Checks $ 39,258.80
Less: Retirement Check Run November 30, 1996 $ 91,235.71
Reconciled Balance as of December 18, 1996 $ -0-
Moved by Mr. Burns, seconded by Mrs. Irey, that the Treasurer's Report be
approved as submitted.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes;
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Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Requisitions
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Moved by Mr. Namie, seconded by Mrs. Irey, that the following Requisitions be
approved:
Check No. Payee Amount
1656 Estate of Oliver Hormell $ 41.55
1657 PNC Bank $ 3,822.83
1658 Washington County Reg. Payroll $ 258.36
1659 Washington County Cash Disb. Acct. $ 21,657.38
Transfer: Washington County Retirement Allow. $ 99,423.99
Total To Be Transferred $125,204.11
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
NEW BUSINESS
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The following purchase of military service was noted for the record:
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Name of Employee: Andrew Rapach
4 Period: 9/23/75 through 9/23/78
Amount: $7,568.06
PERFORMANCE MONITOR
Frank Domeisen of Yanni Bilkey Investment Consulting, performance monitor,
submitted to the Board a proposed 1997 pension plan review schedule, a copy of which
is attached hereto and made a part hereof.
Moved by Mrs. Irey, seconded by Mr. Burns, to accept the proposed 1997
pension plan review schedule as presented.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
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Moved by Mrs. Irey, seconded by Mr. Burns, authorizing Yanni Bilkey to
provide (1) a ten-year past performance review for the period ending September 30,
1996; and (2) a review and report on all fees and costs borne by the fund during the
ten-year period at a total cost not to exceed $6,000.00.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
It was the consensus of the Board that Yanni Bilkey's scope of services will also
include (1) a review of asset allocation; and (2) a review and revision of existing
investment policy guidelines for diversification, risk tolerance, investment manager
style and latitude and performance expectations at a total cost not to exceed $12,000.00.
This review will be provided at the March 20th meeting.
COST OF LIVING INCREASE FOR RETIREES
Moved by Mr. Burns, seconded by Mrs. Irey, that it is the consensus of the
Board to either (1) grant a cost -of -living increase to retirees at a cost of approximately
$550,000; or (2) provide an enhanced health insurance plan through Blue Cross/Blue
Shield.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Chairman Ford stated that he will have the Director of Employee Relations
contact BC/BS to determine the cost of providing an enhanced health insurance plan
for retirees. He entertained a motion to table action on this matter until the next
meeting.
Moved by Mr. Burns, seconded by Mrs. Irey, to table action on this matter until
the next meeting.
Roll call vote taken:
Mr. Namie - Yes; Mr. King - Yes;
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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 12:10 p.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
ATTEST:
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).4AIV.qj�l 'Z/ - 1997
SECRETARY