HomeMy WebLinkAboutCOMM - Meeting Minutes - 163 - 6-26-1997 - RETIREMENT1
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Sold By IMR Limited Form ;V,
Less: Retirement Check run as of May 31, 1997 73,240.66
Reconciled Balance as of June 26, 1997 $ 0.00
Moved by Mr. Belcastro, seconded by Mr. Burns, 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.
Motion carried unanimously.
Requisitions
Moved by Mr. Belcastro, seconded by Mr. King, that the following Requisitions
be approved:
Check No. Payee Amount
1713 Shirley Gisoni $ 1,850.69
1714 PNC Bank NA as Trustee of IRA
of Shirley Gisoni
38,408.36
1715
Estate of Della Schepisi
13.57
1716
Estate of Angelo Borne
63.07
1717
Estate of Achillio J. Demedio
61.96
1718
Allison M. Clemens
520.08
1719
Amy L. Grover
1,209.33
1720
Jean I. Long
353.91
1721
Thomas A. Mustachio
599.94
1722
Sandra S. Riddle
2,078.30
1723
Kristin M. Taylor
5,178.88
VOID
Randy Butka (Ck # 1703)
(2,110.63)
Transfer:
PNC Bank
6,464.47
Transfer:
Washington County Cash Disbursement
65,745.42
Transfer:
Washington County Retirement Allowance
109,020.92
TOTAL TO BE TRANSFERRED $ 229,458.27
Roll call vote taken:
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Burns - Yes; Mrs. Irey - Yes.
Motion carried unanimously.
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New Business
To Be Noted For The Record - CETA E
The following active County employee wno was originauy nirea unaer the
Comprehensive Employment Training Act (CETA) program will purchase her service
credit for the period of time that she was employed under the CETA program.
Janice Urban
service time repurchased: 12/6/76 to 2/28/77
$ 84.27 (lump sum repayment 6/12/97)
Retirement Service Credit for Absence Without Pay
Moved by Mr. Belcastro, seconded by Mr. Burns, that Lou Ellen Smith, an
employee from the Health Center be permitted to purchase service credit for the
period that she was absent from work without pay, 10/24/94 to 11/9/94 at a cost of
$142.71. (This request was also approved at the Board of Commissioners meeting, per
min # 567, dated 6/26/97.)
Mr. King - Yes; Mr. Belcastro - Yes; Mr. Burns; Mrs. Irey - Yes.
Motion carried unanimously.
Yanni-Bilkey Investment Consulting - Proposed Asset Allocation Review
Frank Domiesen, Senior Consultant with Yanni-Bilkey, told the Retirement
Board that he submitted a memo, per instructions from the previous meeting, related
to the excess interest account. In this memo, Yanni-Bilkey agreed with the proposal set
forth by the Director of Budget's memorandum dated May 28, 1997 directing the
managers of the funds to realize gains of $1,000,000 each for 1997, given the difference
between the cost and market value of the securities held.
Mr. Domiesen presented a report related to the allocation strategies for specific
risk levels and projected return results reflected by altering assets to various levels. Mr.
Domiesen led his presentation with the question of whether the potential gains or
"value added" for the proposed employee diversified asset allocation would "pay" for an
additional manager to the fund. Mr. Domiesen discussed the types of equity and fixed
income that comprise the County's current portfolio, reiterating that the current asset
allocation consists of mostly large -cap and fixed -income assets. Mr. Domiesen pointed
out by integrating small -cap and international assets to the current retirement
portfolio, the level of return on the retirement fund could be increased.
Mr. Domiesen also presented several observations related to the effects of
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moving the current portfolio to a fully diversified portfolio. He ended his presentation
with the premise that by changing to a fully diversified portfolio, the addition of
another manager would pay for itself. Mr. King asked whether one or two managers
would need to be hired to work with this proposed change. Mr. Domiesen suggested
that two additional managers would be required to monitor the international and small
cap funds if the County moved to a fully diversified portfolio.
Mr. King made a motion to approve the policy submitted by Yanni-Bilkey,
consistent with changing the current portfolio to a fully diversified model. Mr. Burns
seconded the motion.
Roll call vote taken:
Mr. King -Yes; Mr. Belcastro-No; Mr. Burns -Yes; Mrs. Irey-Yes.
Motion carried.
Mr. Domiesen told the Board that Yanni-Bilkey's next step is to begin searching
for candidates to serve as managers to the small cap and international fund. Mr.
Domiesen stated that Yanni-Bilkey will provide a proposed letter detailing the costs
and services for performing the search before the July Retirement Board meeting.
There being no further business, Chairman Irey declared the meeting adjourned
at approximately 11:00 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
SECRETARY
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Minute No. 164
Washington County Retirement Board
Washington, Pa., July 24, 1997
The monthly meeting of the Washington County Retirement Board was held at
approximately 10:30 a.m. on Thursday, July 24, 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: Linda Hands, Secretary; David Martino, Commissioner
Ford's Office; Jill Devine, Solicitor's Office; Norman Allen, C.S. McKee; Frank
Burnette, RRZ Investment Management; 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. 163 dated
June 26, 1997.
Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 163 dated
June 26, 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 July 1, 1997
Deposits to Checking Account
Transfers to Investment Account
Less: Cancelled Checks
Less: Transfers to Investment Accounts
Bank Balance as of June 1, 1997
$ 98,873.34
120,695.14
229,458.27
193,479.21
127,159.61
$ 128,387.93
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