HomeMy WebLinkAboutCOMM - Meeting Minutes - 165 - 8-21-1997 - RETIREMENTSold By IMR Limited Form 825 E4j7i3,^
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Minute No. 165
Washington County Retirement Board
Washington, Pa., August 21, 1997
The monthly meeting of the Washington County Retirement Board was held at
approximately 11:00 a.m. on Thursday, August 21, 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., Joseph A.
Ford, Sr.; Treasurer Francis King, and Controller Paul Belcastro. Also being present:
Michelle Miller, Chief Clerk; 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. 164 dated
July 24, 1997.
Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 164 dated
July 24, 1997 be approved as written.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - 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 August 1, 1997
Less: Outstanding Checks
Less: Retirement Check run as of July 31, 1997
Reconciled Balance as of August 21, 1997
$ 128,387.93
118,423.23
157,340.89
161,476.23
126,002.21
$ 116,673.61
28,886.56
87,787.05
$ 0.00
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Moved by Mr. King, seconded by Mr. Belcastro, that the Treasurer's Report be
approved as submitted.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey -
Yes.
Motion carried unanimously.
Requisitions
Moved by Mr. Belcastro, seconded by Mr. Ford, that the following Requisitions
be approved:
Check No.
Payee
Amount
1731
Estate of Irene G. Steed $
76.11
1732
Estate of William C. Prentice
26.24
1733
Walter Loar
21,407.46
1734
Cynthia Angle
4,349.59
1735
Belmont Nutter
1,634.28
1736
United Life Insurance Co. as trustee of
IRA of Joanne Quattro
1,096.49
1737
Jeannine Kinskey
2,102.32
1738
A.G. Edwards & Son, Inc. as trustee of
IRA of Jeannine Kinskey
35,572.68
1739
David A. Snyder
5,432.25
1740
Regions Bank of Florida as trustee of IRA
of David A. Snyder
10,598.95
Transfer:
PNC Bank
5,949.73
Transfer:
Washington County Cash Disbursement
23,990.67
Transfer:
Washington County Retirement Allowance
111,552.35
TOTAL TO BE TRANSFERRED $223,789.12
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey -
Yes.
Motion carried unanimously.
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Sold
/ IMR Limited Form 825 E41735.
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Old Business
Mr. King requested to discuss the proposal of compensating Yanni-Bilkey
$17,500 to find two additional money managers for the County's retirement fund.
Commissioner Ford made a motion to request a discussion regarding this
proposal before a vote would be taken. Mr. Belcastro seconded the motion.
Commissioner Ford stated that he did not have information from Yanni-Bilkey
regarding the cost vs. benefit of hiring two additional money managers. He shared his
views regarding previous money managers for the retirement fund and past decisions
of the Retirement Board. He stated that he needs more concrete information before
hiring additional money managers.
Mr. King said that to protect the County's retirement fund, it is necessary to be
fully diversified and add another small cap manager and an international manager.
Commissioner Irey stated that she is not in favor of paying $17,500 for Yanni
Bilkey to perform this search. She said that it is possible for the Retirement Board to
purchase information from research firms and conduct their own evaluation to select
additional money managers. Commissioner Burns agreed.
Mr. Belcastro commented that he does not believe the County has need for
additional money managers.
Commissioner Irey asked for a roll call related to hiring Yanni Bilkey to
perform the search for additional money managers.
Roll call vote taken:
Mr. Belcastro - No; Mr. King - Yes; Mr. Ford - No; Mr. Burns - No; Mrs. Irey -
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Motion died for lack of majority.
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.
John Penderville
ser%rice time to be repurchased: 4/10/72 to 6/25/73
$473.16 lump sum repayment on 8/7/97
J uuiLn %,osLa aassem
service time to be repurchased: 11/18/74 to 9/24/79
$3032.19 lump sum repayment on 8/20/97
Vito Pisani
service time to be repurchased: 7/9/79 to 9/29/79
3/31/80 to 7/28/80
$270.98 - cost to repurchase
will pay $10.00 biweekly deductions
To be Noted for the Record - Retirement Service Credit Repurchases
only:
The following Retirement Service Credit Repurchases are noted for the record
Mary Heaton
service time to be repurchased: 11/23/87 to 12/11/92
$7600.65 - cost of repurchase
will pay $20.00 biweekly deductions
Susan Keeling
service time to be repurchased: 7/6/74 to 12/13/74
12/4/78 to 2/28/83
$2552.19 - cost to repurchase
will pay $103.00 biweekly deductions
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There being no further business, Chairman Irey declared the meeting adjourned
at approximately 11:30 a.m.
SECRETARY