HomeMy WebLinkAboutCOMM - Meeting Minutes - 168 - 11-26-1997 - RETIREMENTWashington, Pa., November 26, 1997
The monthly meeting of the Washington County Retirement Board was held at
approximately 2:30 p.m. on Wednesday, November 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.,
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; Chris Haines, Herald Standard; and Jerry Seaman, interested
citizen.
Approval of Minutes
Commissioner Irey entertained a motion to approve Minute No. 167 dated
October 30, 1997.
Moved by Mr. Belcastro, seconded by Mr. Burns, that Minute No. 167 dated
October 30, 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 October 1, 1997
Deposits to Checking Account
Transfers to Investment Account
Less: Cancelled Checks
Less: Bank Error (Check Printing Fee)
Less: Transfers to Investment Account
Bank Balance as of November 1, 1997
Less: Outstanding Checks
Less: Retirement Check run as of October 31, 1997
$ 134,058.19
118,506.75
202,243.47
199,528.48
10.74
138,439.64
$ 116,829.55
40,926.19
75,914.10
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Sold By IMR Limited Form 825 E417350
Credit: Bank Error (Check Printing Fee) 10.74
Reconciled Balance as of November 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. 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. Burns, that the following
Requisitions be approved:
Check No. Payee Amount
1765 Estate of Frances Petro $ 15.83
1766 Rinae E. Bastin 6,229.15
1767 Denise Lambert 166.53
1768 Prudential Mutual Funds FBO
Mary Louise Patton
11,692.37
1769
Robyn L. Spahr
10,877.75
1770
Carol A. Thani
437.24
Transfer:
PNC Bank
8,643.19
Transfer:
Washington County Cash Disbursement
1,693.45
Transfer:
Washington County Retirement Allowance
109,804.51
TOTAL TO BE TRANSFERRED $149,560.02
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey -
Yes.
Motion carried unanimously.
110
Old Business
Discussion on RFPs received for selection of additional money managers.
Mr. Belcastro led the discussion by stating that twenty-six RFP packets were sent
to different organizations. Seventeen proposals were subsequently received.
Mr. King told the Board that the proposals need to be reduced from seventeen
down to five to seven in each sector before Yanni-Bilkey will decrease the number of
proposals to three. He said that a method needs to be devised to review the RFP's.
Commissioner Ford suggested that the entire Retirement Board review the
RFP's and a subcommittee be formed.
RFP's.
Commissioner Irey added that Roger Metcalfe should be included to review the
Mr. King made a motion that the entire Retirement Board and Roger Metcalfe
review the RFP's during the selection process to hire additional money managers.
Commissioner Irey seconded the motion.
Roll call taken
Mr. Belcastro - yes, Mr. King - yes, Mr. Ford - yes, Mr. Burns - yes, Mrs. Irey - yes.
Motion carried.
There being no further business, Chairman Irey declared the meeting adjourned
at approximately 2:40 p.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
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