HomeMy WebLinkAboutCOMM - Meeting Minutes - 162 - 5-29-1997 - RETIREMENTSold By !MR Limited Gorr, 8_
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Less: Outstanding Checks 48,546.98
Less: Retirement Check run as of April 30, 1997 89,295.72
Bank Error (charged fees) 175.03
Bank Error (encoding) 398.65
Less: Deposit Error 187.16
Reconciled Balance as of May 29, 1997 $ 0.00
Moved by Mr. Burns, seconded by Mr. Belcastro, that the Treasurer's Report be
approved as submitted.
Roll call vote taken:
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Ford - Yes; Mr. Burns - Yes;
Mrs. Irey - Yes.
Motion carried unanimously.
Requisitions
Moved by Mr. King, seconded by Mr. Burns, that the following Requisitions be
approved:
Check No. Payee Amount
1701 Estate of Florence Cummins $ 15.58
1702 Putnam fiduciary Trust Co. FBO 13,109.16
Donald A. Giuffrida
1703
Washington Federal Savings Bank
2,110.63
as trustee of IRA of Randy J. Butka
1704
PPI Retirement Plan FBO Dawn E. Fiori
2,653.70
1705
Neil Gossett
130.87
1706
Carmine Molinaro, Jr.
134.00
1707
Rhonda L. Mull
1,203.47
1708
Washington Federal Savings Bank as
3,019.22
trustee of IRA of Catherine R. Pallett
1709
Mary Petka
7,684.60
1710
Carol Roupe
525.57
1711
Georgieanne Summers
2,781.72
Transfer:
PNC Bank
7,213.57
Transfer:
Washington County Cash Disbursement
1,777.09
Transfer:
Washington County Retirement Allowance
108,499.94
Rem
TOTAL TO BE TRANSFERRED $ 150,859.12
Roll call vote taken:
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Ford - Yes; Mr. Burns - Yes;
Mrs. Irey - Yes.
Motion carried unanimously.
New Business
To Be Noted For The Record - CETA Employee Repurchases
The following active County employee who was originally hired under the
Comprehensive Employment Training Act (CETA) ram wP program ill purchase his service
P g #�
credit for the period of time that he was employed under the CETA program.
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Stephen Svitek
service time repurchased: 3/30/81 to 9/30/81
$338.41 (lump sum repayment 5/15/97)
CS McKee - 1st Quarter Portfolio Presentation €f
Norm Allen, Sr. Vice President of CS McKee presented the First Quarter, 1997
Investment Review. Mr. Allen gave an overview of the recent market trends during
the first quarter of 1997. In the first quarter CS McKee reduced the average duration
in maturity of client portfolios. Mr. Allen discussed Washington County's portfolio
structure in the first quarter, which showed a slight shift from the equity to the fixed
income allocation. Additionally, Mr. Allen discussed the cash flow and investment
performance of the Washington County Employees' Retirement Fund. Mr. Allen told
the Board that the County's Retirement Fund is invested in nine economic sectors and
mostly large cap investments to control risk.
RRZ Investment Management - 1st Quarter Portfolio Presentation
Bill Burnette gave the first quarter Portfolio presentation of RRZ Investment
Management. Mr. Burnette reiterated the status of the market in the first quarter and
told that a volatile market is expected to continue into the future. Mr. Burnette
explained that RRZ invests portfolios that are weighted in favor of technology,
financial, and oil stocks and are underweighted in consumer cyclicals and utilities
because RRZ believes stocks are fairly valued and produce meaningful returns over
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longer periods of time. Mr. Burnette told the Board that in the first quarter, RRZ
outperformed the S & P 500 index. Mr. Burnette introduced Tom Lechner of RRZ to
discuss the equity markets. Mr. Lechner explained the asset allocation and the decision
to hold stocks instead of bonds. Mr. Lechner further illustrated that the County has
eleven categories in the S & P 500 index and is overweighted in financial technology
stocks.
(Commissioner Burns left the meeting).
Yanni-Bilkey Investment Consulting 1st Quarter 1997 Pension Plan Review
Frank Domiesen, from Yanni-Bilkey briefly discussed a draft of a statement of
investment guidelines for the Washington County Employees' Retirement System.
These guidelines relate to defining investment policies, objectives, and procedures
applicable to the Washington County Employees' Retirement System's assets. Mr.
Domiesen asked the Retirement Board to review these guidelines before the next
meeting.
Commissioner Irey asked for Mr. Domiesen's opinion regarding the memo sent
from the Director of Budget related to realized gains. A brief discussion followed.
Paul Belcastro made a motion to act on the memo in order to realize a two million
dollar gain contingent upon a written recommendation by Yanni-Bilkey.
Commissioner Ford seconded the motion, adding that Yanni-Bilkey must confirm the
Retirement Board's actions in writing within 30 days of this meeting.
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Ford - Yes; Mrs. Irey - Yes.
Motion carried unanimously.
Commissioner Irey asked Mr. Domiesen to meet with the Director of Budget
following the meeting to discuss the realized gain potential.
There being no further business, Chairman Irey declared the meeting adjourned
at approximately 12:15 p.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
SECRETARY
Minute No. 163
Washington County Retirement Board
Washington, Pa., June 26, 1997
The monthly meeting of the Washington County Retirement Board was held at
approximately 10:30 a.m. on Thursday, June 26, 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.; Treasurer
Francis King, and Controller Paul Belcastro. Absent being: Commissioner Joseph A.
Ford, Sr. Also being present: Chief Clerk Michelle R. Miller; Frank Domeisen of
Yanni-Bilkey; Bill McGowen, Director of Administration; Roger Metcalfe, Budget
Director; Joe Smydo, Observer -Reporter; Kathy Thomas, Valley Independent; Jim
Jefferson, WJPA; and Chris Haines, Herald Standard.
Approval of Minutes
Chairman Irey entertained a motion to approve Minute No. 162 dated
May 29, 1997.
Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 162 dated May
29, 1997 be approved as written.
Roll call vote taken:
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes.
Motion carried unanimously.
Treasurer's Report
RETIREMENT ALLOWANCE REPORT
Bank Balance as of May 1, 1997 $ 137,456.18
Deposits to Checking Account 117,278.48
Transfers to Investment Account 151,939.94
Less: Cancelled Checks 183,309.24
Less: Transfers to Investment Accounts 124,492.02
Bank Balance as of June 1, 1997 $ 98,873.34
Less: Outstanding Checks 25,632.68