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Home My WebLink AboutCOMM - Meeting Minutes - 160 - 3-20-1997 - RETIREMENTSob, aY WR Lim tpc s -- 71 1 1 1 Minute No. 160 Washington County Retirement Board Washington, Pa., March 20, 1997 The monthly meeting of the Washington County Retirement Board was held at approximately 10:45 a.m. on Thursday, March 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.; Treasurer Francis King, and Controller Paul Belcastro. Also being I present: Chief Clerk Michelle R. Miller; Bill McGowen, Director of Administration, I Frank Domeisen of Yanni Bilkey; Joe Smydo, Observer -Reporter, Kris Schiffbauer, Herald Standard; Kathy Thomas, Valley Independent; Jim Jefferson, WJPA; and J. R. Wheeler, CUTV, Jack Miller, interested citizen, and other interested citizens. I Approval of Minutes Chairman Ford entertained a motion to approve Minute No. 159 dated March 20, 1997. Moved by Mrs. Irey, seconded by Mr. Belcastro, that Minute No. 159 dated February 20, 1997, be approved as written. Roll call vote taken: Mr. King - abstain; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes. Motion carried unanimously, Treasurer's Report RETIREMENT ALLOWANCE REPORT Bank Balance as of February 1, 1997 $ - 15,582.23 Deposits to Checking Account $ 59,390.27 Transfers to Checking Account $ 343,821.63 Less: Cancelled Checks $ 153,013.65 Less: Transfers to Investment Accounts $ 120,293.30 Bank Balance as of March 1, 1997 $ 114,322.72 Less: Deposit Error $ 187.16 72 Less: Deposit in Transfer $ 1,256.18 Less: Outstanding Checks $ 37,958.12 Less: Retirement Check Run $ 74,921.26 Reconciled Balance as of March 20, 1997 $ 0.00 Moved by Mr. Burns, seconded by Mrs. Irey, that the Treasurer's Report be approved as submitted. Roll call vote taken: Mr. King - Yes; 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 1681 Patricia J. Stansberry $ 1,345.07 1682 Washington Federal Savings & Loan 31,182.76 as trustee of Individual Retirement Account of Patricia J. Stansberry 1683 Valley 1st Community Federal Credit 3,910.03 Union as trustee of Individual Retirement Account of Rita C. Morrow 1684 First Nation Bank of Boston as trustee 424.64 of Individual Retirement Account of Sonja C. Steward 1685 Estate of Dushan Nicksick 187.58 Transfer: PNC Bank 3,734.30 Transfer: Washington County Cash Disbursement 1,802.11 Transfer: Washington County Retirement 107,899.43 Allowance TOTAL TO BE TRANSFERRED $ 150,485.92 Roll call vote taken: Mr. King -Yes; Mr. Belcastro -Yes; Mr. Burns -Yes; Mrs. Irey -Yes; Mr. Ford - Yes. Motion carried unanimously. rw E 1 Sold By iMiR Lim ed Fo New Business Commissioner Ford entertained a motion to the Board for their consideration and approval of a proposal from DePretis and Ware, CPA's, to perform an audit of the records of the Washington County Retirement Fund for the year ending December 31, 1996, at a cost of $1,950.00 Moved by Mr. King, seconded by Mr. Belcastro, that DePretis and Ware, CPA's perform an audit of the Retirement Funds records for the year ending December 31, 1996. Roll call vote taken: Mr. King - Yes; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes. Motion carried unanimously. Disability Retirement Allowance Moved by Mr. Belcastro, seconded by Mr. King, approving a Disability Retirement Allowance for Gerald Pellegrini, the County Garage Supervisor, effective March 15, 1997; proof of his Social Security Disability Award letter has been provided to the Employee Relations Department. Roll call vote taken: Mr. King - Yes; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes. Motion carried unanimously. To Be Noted For The Record - CETA Employee Repurchases The following active County employees who were originally hired under the Comprehensive Employment Training Act (CETA) program will purchase their service credit for the period of time that they were employed under the CETA program. Betty Simonelli service time repurchased: 5/12/80 to 10/1/81 $ 857.04 (lump sum repayment 3/14/97) 74 ' Roberta Phillips service time to be repurchased: 3/22/77 to 11/21/77 $240.25 (repay thru payroll deduction, installments of $15.00, beginning 3/21/97) Linda Hands service time to be repurchased: 4/11/78 to 9/24/79 $600.31 (repay thru payroll deduction, installments of $50.00, beginning 3/21/97) Martha Dougherty service time repurchased: 1/30/78 to 6/5/78 $135.86 (lump sum repayment 3/11/97) Carol Rossi service time to be repurchased: 3/19/79 to 1/14/80 $391.79 (repay thru payroll deduction, installments of $20.00, beginning 3/21/97) Cindy Zubchevich service time repurchased: 1/27/75 to 3/28/77 $1002.30 (lump sum repayment 3/12/97) Elaine Thomas service time to be repurchased: 2/3/75 to 10/22/79 $2112.13 (repay thru payroll deduction, installments of $44.00, beginning 3/21/97) Moved by Mr. King, seconded by Mr. Belcastro, that the above noted employees be approved to repurchase their service credit for the period of time that they were employed under CETA. 1 1 75 Sold By IMR Limited Form 825 F41.7350 1 Roll call vote taken: Mr. King - Yes; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes. Motion carried unanimously. Yanni-Bilkey Asset Allocation & Policy Review Frank Domeisen, Senior Consultant with Yanni-Bilkey attended the Retirement Board meeting to present the Yanni-Bilkey Investment Consulting Asset Allocation and Policy Review. This report dated January 1, 1996, gave an overview of the asset allocation and risk / return characteristics of the Washington County Pension Fund. Also, Mr. Domeisen presented reports related to diversification fundamentals of the County's pension fund, asset allocation modeling, actuarial assumptions with investment implications, and the projected results related to diversification optimization of the Washington County Pension Fund. Finally, Mr. Domeisen discussed with the Retirement Board objectives and common elements of investment programs. At the conclusion of the report, Commissioner Irey requested that Mr. Domeisen draft a proposal related to the investment policy for the retirement plan for the Retirement's Boards review at the meeting in April. There being no further business, Chairman Ford declared the meeting adjourned at approximately 11:30 a.m. THE FOREGOING MINUTES SUBMTTED FOR APPROVAL: � 44 --- _,. � _ , 1997 ATTEST: SECRETARY 76 Minute No. 161 Washington County Retirement Board Washington, Pa., April 17, 1997 The monthly meeting of the Washington County Retirement Board was held at approximately 10:45 a.m. on Thursday, April 17, 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.; Treasurer Francis King, and Controller Paul Belcastro. Also being present: Chief Clerk Michelle R. Miller; Frank Domeisen of Yanni Bilkey; Joe Smydo, Observer -Reporter, Kathy Thomas, Valley Independent; Amanda Sirochman, interested citizen, and J. R. Wheeler, CUTV. Approval of Minutes Chairman Ford entertained a motion to approve Minute No. 160 dated March 20, 1997. Moved by Mr. Burns, seconded by Mr. King, that Minute No. 160 dated March 20, 1997, be approved as written. Roll call vote taken: Mr. King - yes; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford - Yes. Motion carried unanimously. Treasurer's Report RETIREMENT ALLOWANCE REPORT Bank Balance as of March 1, 1997 Deposits to Checking Account Transfers to Investment Accounts Credits (check reversal) Debit: IRS Tax Payment Less: Transfers to Investment Accounts Less: Bank Error (charged fees) $ 114,322.72 176,096.65 150,485.92 433.74 3,734.30 177,352.83 175.00 1