HomeMy WebLinkAboutCOMM - Meeting Minutes - 158 - 1-23-1997 - RETIREMENT1
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Less: Retirement Check Run December 31, 1996 $ 59,815.24
Reconciled Balance as of January 23, 1997 $ 0.00
Moved by Mrs. Irey, 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; Mr. Ford - Yes.
Motion carried unanimously.
Requisitions
Moved by Mr. Belcastro, seconded by Mrs. Irey, that the following Requisitions
be approved:
Check No.
Payee
Amount
1660
Betty Ruth Prebeg
10,013.03
1661
Union Electric Steel FCU as
trustee of Individual Retirement
Account of Betty Ruth Prebeg
25,000.00
1662
Karen S. Bushmire
728.96
1663
Darlene J. Eckles
134.21
1664
Jennifer L. Parker
132.11
1665
Jeffrey S. Topinka
151.35
1666
Kelly L. Ward
36.78
1667
Patricia L. Brooks
2,184.40
1668
Estate of Lewis Wasicek
147.96
1669
Estate of John Ringling
106.52
1670
PNC Bank
6,706.30
1371
Washington County Cash Disb.
27,145.06
Transfer:
Washington County Ret. Allow.
105,355.36
TOTAL TO BE TRANSFERRED
$ 177,842.04
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Moved by Mr. Burns, seconded by Mrs. Irey, to ratify authorization of a cost -of -
living increase to retirees at a cost of approximately $550,000, effective January 1, 1997.
(NOTE: This is in accordance with a Memorandum of Understanding executed by all
members of the Retirement Board.)
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Meeting Dates and Times
Moved by Mr. Belcastro, seconded by Mr. King, to approve the 1997 Schedule of
Retirement Board Meetings as follows which are held immediately following the
meetings of the Board of Commissioners which begin at 10:00:
January 23
July 24
February 20
August 21
March 20
September 18
April 17
October 30
May 29
November 26 (subject to change)
June 26
December (not yet determined)
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Interest Credit
Moved by Mr. Belcastro, seconded by Mr. King, that the interest rate remain at
5-1h% for the year 1997.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
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Purchase of 1997 Pension Benefit Statements
Moved by Mr. Belcastro, seconded by Mrs. Irey, authorizing the purchase of the
1997 Pension Benefit Statements from Hay/Huggins Company.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
1996 Audit
Moved by Mr. King, seconded by Mr. Belcastro, authorizing the soliciting of
proposals for an audit of the Retirement Fund for year 1996.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Report of Performance Monitor
Frank Domeisen of Yanni Bilkey provided to the Board members a ten-year
historical performance analysis of the Retirement Fund through September 30, 1996.
(An executive summary of the historical performance analysis is attached hereto and
made a part hereof.) He also provided to the Board members a performance analysis
for the fourth quarter ending December 31, 1996.
Discussion was held relative to Yanni Bilkey's scope of services and the cost for a'
review of asset allocation.
Moved by Mr. King, seconded by Mr. Belcastro, to approve Yanni Bilkey's scope
of services to 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. (It was noted that this information will be provided at the March 20th
meeting.)
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes;
Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
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There being no further business, Chairman Ford declared the meeting
adjourned at approximately 11:50 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
9 , 1997
ATTEST: 0�—"
SECRETARY
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