HomeMy WebLinkAboutCOMM - Meeting Minutes - 159 - 2-20-1997 - RETIREMENT1
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Minute No. 159
Washington County Retirement Board
Washington, Pa., February 20, 1997
The monthly meeting of the Washington County Retirement Board was held at
approximately 10:40 a.m. on Thursday, February 20, 1997, in the Public Meeting
Room, 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.; and Controller Paul Belcastro. Absent being: Treasurer
Francis King. Also being present: Chief Clerk Tina Dallatore; Roger Metcalfe, Budget
Director; Jim Yanni of Yanni Bilkey; Jon Azzarello, interested citizen; Norm Allan,
C.S. McKee; Frank Burnette, RRZ Investment Management; Joe Smydo, Observer -
Reporter, Kris Schiffbauer, Herald Standard; Kathy Thomas, Valley Independent; Jim
Jefferson, WJPA; and J. R. Wheeler, CUTV.
Approval of Minutes
Chairman Ford entertained a motion to approve Minute No. 158 dated
January 23, 1997.
Moved by Mrs. Irey, seconded by Mr. Burns, that Minute No. 158 dated
A= January 23, 1997, be approved as written.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Amendment to Agenda
Moved by Mrs. Irey, seconded by Mr. Burns, to amend the Agenda to include
"Item b" under New Business relative to the purchase of retirement service credit by
former CETA employees.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Treasurer's Report
RETIREMENT ALLOWANCE REPORT
j Bank Balance as of January 1, 1997
$ 65,176.12
Deposits to Checking Account
$ 117,992.05
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Transfers to Checking Account
$ NONE
Less: Cancelled Checks
$
126,071.44
Less: Transfers to Investment Accounts
$
66,209.82
Less: Bank Error Debit
$
6,469.14
Bank Balance as of February 1, 1997
$
15,582.23-
Bank Deposit Error
$
181,150.52
Less: Transfers to Investment Accounts
$
57,031.95
Less: Outstanding Checks
$
36,450.92
Less: Retirement Check Run
$
72,085.42
Reconciled Balance as of February 20, 1997
$
0.00
Moved by Mr. Ford, seconded by Mrs. Irey, that the Treasurer's Report be
approved as submitted with the condition that the Treasurer furnish the Board
members with a written explanation as to the Bank Deposit Error in the amount of
$181,150.52.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Requisitions
Moved by Mr. Burns, seconded by Mrs. Irey, that the following Requisitions be
approved:
Check No. Payee Amount
1672 Estate of Evelyn Dorchak 125.54
1673 Estate of Helen McFeely 23.50
1674 William B. Burns
1675 John T. Kelley
1676 Oppenheimer Funds as trustee of
Individual Retirement Account of
Robert Stopperich
1677 State Street Research as trustee
of Individual Retirement Account
of James C. Patt
1678
Ernest S. Lee
1679 Vanguard Fiduciary Trust Co. as
trustee of Individual Retirement
Account of Newanna M. Templeton
175.78
466.66
4,555.36
6,736.72
3,723.89
26,517.00
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1680 Washington County Cash Disb. 7,928.37
Transfer:
PNC Bank
5,127.26
Transfer: Washington County Ret. Allow. 106,320.42
TOTAL TO BE TRANSFERRED $ 161,700.50
Roll call vote taken:
Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
New Business
The following employee repurchase agreement was noted for the record:
Name of Employee: Robert L. Johnson
Service Time to be Purchased: 9/9/74 - 5/31/77
Total Repurchase Amount: $1,256.18
The Board made reference to correspondence dated February 14, 1997, from
Budget Director Roger Metcalfe relative to thirty-eight (38) active county employees
who were originally hired under the Comprehensive Employment Training Act
(CETA) Program. It was noted that Hay Huggins prepared an analysis on what the
impact would be on the Retirement Fund if these employees were permitted to buy
back the time that they were employed under CETA. The result of this analysis is that
the impact on the fund would be minimal. The liabilities would increase by less than
a
one percent and the normal cost would be an additional $25,000, provided that all
thirty-eight employees buy back their time. The numbers would be proportionately
lower if fewer employees buy back their time.
Moved by Mrs. Irey, seconded by Mr. Burns, to allow active county employees
who were originally hired under the Comprehensive Employment Training Act
(CETA) Program to purchase their service credit for the period of time that they were
employed under CETA.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes.
Motion carried unanimously.
Quarterly Reports
Frank Burnette of RRZ Investment Management, Inc., provided to the Board a
quarterly report for the period of September 30 through December 31, 1996, detailing
the topics of (1) Period Portfolio Review; (2) Account Analysis; and (3) Activity/List of
Assets.
Norm Allan of C. S. McKee made a quarterly report to the Board in which he
discussed the topics of (1) Economic Perspective; (2) Portfolio Structure; (3) Cash Flow
Summary (4th Quarter 1996); (4) Performance; and (5) Portfolio Summary as of
December 31, 1996.
There being no further business, Chairman Ford declared the meeting
adjourned at approximately 11:10 a.m.
THE FOREGOING MINUTES SUBMITTEED FOR APPROVAL:
3 , 1997
ATTEST:
SECRETARY
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