HomeMy WebLinkAboutCOMM - Meeting Minutes - 161 - 4-17-1997 - RETIREMENT77
U
i
Sold By IMR Limited Form 825 E417350
—T
Less: Cancelled Checks
141,602.02
Bank Balance as of April 1, 1997
$ 118,474.88
Less: Outstanding Checks
I
37,050.08
Less: Retirement Check run as of April 17, 1997
81,622.00
I
Bank Error
197.20
Reconciled Balance as of April 17, 1997
$ 0.00
Moved by Mr. Belcastro, seconded by Mrs.
Irey, that the Treasurer's Report be
i
approved as submitted.
i
?
i
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
1687 Barbara L. Bell $ 657.65
1688 Capital Guardian Trust Co. 27,271.95
as trustee of Individual Retirement
Account of Barbara L. Bell
1689
Carl J. Amodei
8,912.55
1690
Richard J. Bell
66.68
1691
Thomas E. D'Amico
56.74
1692
Julianne Falleroni
3,443.32
1693
Ronette McAllister
359.80
1694
Terri L. McManus
3,889.71
1695
Gail Menhart
538.88
1696
National City Bank of PA
1,925.27
as trustee of IRA of Marion Ottena
1697
Jenny L. Pataski
157.65
1698
James A. Thompson
110.25
1699
Jason A. Thompson
1,516.33
Transfer:
PNC Bank
8,729.85
78
Transfer:
Transfer:
Roll call vote taken:
Washington County Cash Disbursement 15,865.15
Washington County Retirement 110,586.61
Allowance
TOTAL TO BE TRANSFERRED $ 184,088.39
Mr. King -Yes; Mr. Belcastro -Yes; Mr. Burns -Yes; Mrs. Irey -Yes; Mr. Ford -
Yes.
Motion carried unanimously.
New Business
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.
Clara Dewey
service time repurchased: 10/28/77 to 9/24/79
$735.16 (lump sum repayment 4/8/97)
Roger Metcalfe
service time to be repurchased: 8/21/78 to 6/4/79
$461.05 (lump sum repayment 4/8/97)
Moved by Mr. Burns, seconded by Mrs. Irey, that the above noted employees be
approved to repurchase their service credit for the period of time that they were
employed under CETA.
Roll call vote taken:
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Ford -
Yes.
Motion carried unanimously.
11
79
Sold By IMR Limited Form 825 E417350
Yanni-Bilkey Review of Proposed Investment Policy for Retirement Plan
Frank Domeisen, Senior Consultant with Yanni-Bilkey, appeared before the
Retirement Board to present a statement of Investment Guidelines for the Washington
County Employees' Retirement System. Before the report was presented to the Board,
Commissioner Irey questioned Mr. Domeisen on several items. Commissioner Irey
asked whether Yanni-Bilkey verifies the bond ratings on the PNC reports. Mr.
Domeisen assured the Board that Yanni-Bilkey confirms that the County's investments
are rated at the proper level. Additionally, Commissioner Irey stated that RRZ
Investment Management recently experience turnover. She said that four of the
individuals who played a role in the County's plan are no longer with RRZ. Mr.
Domeisen told the Board that Yanni-Bilkey monitors these issues closely and had
discussions with the RRZ replacement to assure that RRZ remained adequately staffed.
At Commissioner Irey's request, Mr. Domeisen offered his opinion related to Yanni-
Bilkey's view of RRZ's investment philosophy. Commissioner Ford then asked Mr.
Domeisen to outline the statement of Investment Guidelines to the Board. Mr.
Domeisen briefly discussed this outline and the risk profile of the County's existing
portfolio. Commissioner Ford suggested that the Retirement Board be given time to
study these reports and be afforded the opportunity to ask Mr. Domeisen questions at
the May Retirement Board Meeting.
There being no further business, Chairman Ford declared the meeting
adjourned at approximately 11:35 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
1997
ATTEST:
SECRETARY
The monthly meeting of the Washington County Retirement Board was held at
approximately 11:05 a.m. on Thursday, May 29, 1997, in the Public Meeting Room,
Courthouse Square Office Building, Washington, Pennsylvania, with the following
members being present: Commissioners Diana L. Irey, J. Bracken Burns, Sr., and
Joseph A. Ford, Sr.; Treasurer Francis King, and Controller Paul Belcastro. Also being
present: Chief Clerk Michelle R. Miller; Frank Domeisen of Yanni-Bilkey; Norm
Allen of CS McKee; Bill McGowen, Director of Administration; Roger Metcalfe,
Budget Director; Bill Burnette and Tom Lechner of RRZ; Sandy Trozzo, Observer -
Reporter; Kathy Thomas, Valley Independent; and Chris Schiffbauer, Herald Standard.
Approval of Minutes
Chairman Irey entertained a motion to approve Minute No. 161 dated
April 17, 1997.
Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 161 dated
April 17, 1997, be approved as written.
Roll call vote taken:
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Ford - Yes; Mr. Burns - Yes;
Mrs. Irey - Yes.
Motion carried unanimously.
Treasurer's Report
RETIREMENT ALLOWANCE REPORT
Bank Balance as of April 1, 1997
Deposits to Checking Account
Transfers to Investment Account
Less: Cancelled Checks
Less: Transfers to Investment Accounts
$ 118,474.88
116,621.36
188,909.83
161,198.65
125,351.24
1
Bank Balance as of May 1, 1997
$ 137,456.18