HomeMy WebLinkAboutCOMM - Meeting Minutes - 166 - 9-18-1997 - RETIREMENTSold By IMR Limited Form 62
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Minute No. 166
Washington County Retirement Board
Washington, Pa., September 18, 1997
The monthly meeting of the Washington County Retirement Board was held at
approximately 11:00 a.m. on Thursday, September 18, 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;
Joe Smydo, Observer -Reporter; Kathy Thomas, Valley Independent; Kris Schiffbauer,
Herald Standard; and Andy Briggs, KDKA-TV.
Approval of Minutes
Chairman Irey entertained a motion to approve Minute No. 165 dated
August 21, 1997.
Moved by Mr. Belcastro, seconded by Mr. Burns, that Minute No. 165 dated
I August 21, 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.
I Treasurer's Report
RETIREMENT ALLOWANCE REPORT
Bank Balance as of August 1, 1997
Deposits to Checking Account
II Transfers to Investment Account
Less: Cancelled Checks
II Less: Transfers to Investment Account
11 Bank Balance as of September 1, 1997
11 Less: Outstanding Checks
11 Less: Retirement Check run as of August 31, 1997
II Reconciled Balance as of September 18, 1997
$ 116,673.61
117,825.50
223,789.12
178,293.18
117,825.50
$ 162,169.55
82,813.85
79,355.70
$ 0.00
1�resl'
Moved by Mr. Belcastro, seconded by Mr. Ford, 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 Mrs. Irey, that the following Requisitions
be approved:
Check No. Payee Amount
1742 Estate of Peter Elish $ 516.85
1743 Estate of Josephine Piccioni 20.29
1744 Lou Ellen Smith 1,777.58
1745 Raymond James and Assoc. Inc. 41 753.22
as trustee of IRA of Lou Ellen Smith
1746
Frank G. Adams
2,193.69
1747
Karen Lynn Behling
1,633.80
1748
National City Bank as trustee of IRA
of Karen Lynn Behling
5,000.00
1749
Denise A. Blackburn
454.14
1750
Janet S. Kujawa
5,003.51
Transfer:
PNC Bank
6,519.70
Transfer:
Washington County Cash Disbursement
25,333.72
Transfer:
Washington County Retirement Allowance
110,464.14
TOTAL TO BE TRANSFERRED $200,670.64
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey -
Yes.
Motion carried unanimously.
Sold By IMR Limited Form 823 E4?73.SC)
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Old Business
Commissioner Irey presented the memorandum of understanding that was
signed by Retirement Board members prior to this meeting. This memorandum
stipulates approval by the Washington County Retirement Board, evidenced by the
signatures designated, to proceed with an RFP for the selection process of two
additional money managers for the Washington County Retirement fund as approved
at the June 26, 1997 Retirement Board meeting.
Mr. Burns made a motion to ratify the memorandum of understanding relating
to proceeding with an RFP for the selection of additional money managers. Mr. King
seconded the motion.
Roll call vote taken:
Mr. Belcastro - No; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey -
Yes.
Motion carried.
Commissioner Irey asked for a discussion regarding the method the Retirement
Board would use for the RFP process.
Francis King stated that he would send a rough draft of the RFP to Roger
Metcalfe, the Director of Budget.
Commissioner Burns asked that Mr. Metcalfe report to the Retirement Board on
how he will proceed with the RFP.
Commissioner Ford told the Retirement Board that he still needs clarification
from Yanni-Bilkey relating to improving the yield of the equity funds by adding
additional money managers. Commissioner Ford said that he asked Yanni-Bilkey to
provide a related benchmark comparison. He said that the comparison he received was
not an "apples to apples" comparison. Commissioner Ford stated that the information
received from Yanni-Bilkey relating to the equity accounts is positive, however, he is
requesting additional clarification from Yanni-Bilkey. He stated that he would send a
copy of the information he received to the Retirement Board members.
New Business
To Be Noted For The Record - CETA Employee Purchases
The following active County employees who were originally hired under the
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Comprehensive Employment Training Act (CETA) program will purchase their service
credit for the period of time that they were employed under the CETA program.
J. Denise Skoczylas
service time to be purchased: 4/23/72 to 3/15/76
$1,181.98 lump sum payment on 9/9/97
Imogene Bable
service time to be purchased: 7/27/77 to 5/22/78
$292.73 lump sum payment on 9/4/97
Debra Rea
service time to be purchased: 5/19/75 to 7/17/78
$1,613.57 lump sum payment on 9/8/97
There being no further business, Chairman Irey declared the meeting adjourned
at approximately 11:10 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
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