Loading...
HomeMy WebLinkAboutCOMM - Meeting Minutes - 171 - 1-22-1998 - RETIREMENTSold By IMR Limited Form 825 E41735t 117 1 1 'Iinute No. 171 Washington County Retirement Board Washington, Pa., January 22, 1998 The monthly meeting of the Washington County Retirement Board was held at approximately 11:15 a.m. on Thursday, January 22, 1998, in the Public Meeting Room, Building, Washington, Pennsylvania, with the following Courthouse Square Office 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: Chief Clerk Michelle Miller; Roger Metcalfe, Budget Director; Frank Domeisen of Yanni Bilkey; Frank Burnette, RRZ Investment Management; Norm Allen, CS McKee; Joe Smydo and Linda Ritzer, Observer -Reporter, Chris Haines, Herald Standard; and Kathy Thomas, Valley Independent. Approval A Minutes Chairman Irey entertained a motion to approve Minute No. 169 dated December 23, 1997. Moved by Mr. Belcastro, seconded by Mrs. Irey, that Minute No. 169 dated December 23, 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. Commissioner Irev, additionally entertained a motion that Minute No. 170 dated January 14, 1998, be approved as written. conded by Mr. King, that Minute No. 170 dated Moved by Mr. Belcastro, se January 14, 1998, 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. 118 Treasurer's Report RETIREMENT ALLOWANCE REPORT Bank Balance as of December 1, 1997 $ 114,485.33 Deposits to Checking Account $ 143,474.07 Transfers from Investment Account $ 239,147.37 Less: Cancelled Checks $ 208,195.69 Less: Transfers to Investment Account 140,539.49 Bank Balance as of January 1, 1998 $ 148,371.59 Less: Outstanding Checks $ 73,073.68 Less: Retirement Check Run as of December 31, 1997 $ 75,297.89 Less: Encoding Error 02 Reconciled Balance as of January 22, 1998 $ 0 00 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. King - Yes; Mrs. Irey - Yes. Motion carried unanimously. Requisitions Moved by Mr. be approved: Belcastro, seconded by Mr. King, that the following Requisitions Check 1782 Pa ee James A. Hickey Amount $ 1,322.57 1783 Michelle Howell 172.59 1784 T. Rowe Price as Trustee of IRA of Deborah A. Simmons 7,868.17 1785 Linda Spontak 9.18 1786 Monique L. Stewart 2,078.17 1787 WFS as Trustee of IRA of Alicia M. Tasz 6,243.88 1788 Jacqueline Hammond 18.81 II Sold 8v IMR I unit-i I-- Aqs P-- 119 [-A 1 1789 James M. Jeffries 169.34 Transfer: PNC Bank 5,057.31 Transfer: Washington County Cash Disbursement 33,435.03 Transfer: Washington County Retirement Allowance 110,651.22 TOTAL TO BE TRANSFERRED $ 167,026.27 Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. King - Yes; Mrs. Irey - Yes. Motion carried unanimously. II Old Business none New Business To Be Noted For The Record - Retirement Repurchase The following active County employee who was originally hired under 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: Joyce Dano CETA time to be purchased: 5/23/77 to 10/1/79 $932.83 lump sum payment on 1/8/98. Meeting Dates and Times Moved by Mr. King, seconded by Mr. Burns, to approve the 1998 schedule of Retirement Board Meetings as follows: Immediately following Board of Commissioners MeetinL, at: January 22 10:00 a.m. February 19 10:00 a.m. March 19 10:00 a.m. April 30 10:00 a.m. May 28 10:00 a.m. June 25 10:00 a.m. July 23 10:00 a.m. August 20 10:00 a.m. September 17 10:00 a.m. 120 October 29 10:00 a.m. November 25 2:00 p.m. December 23 2:00 p.m. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. Interest Credit Moved by Mr. Belcastro, seconded by Mr. King, that the interest rate remain at 5-1/2% for the year 1998 (16 P.S. Section 11656). Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. 1 Purchase of 1998 Pension Benefit Statements Moved by Mr. Belcastro, seconded by Mr. Burns, authorizing the purchase of the 1998 Pension Benefit Statements from Hay/Huggins Company. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. 1997 Audit Moved by Mr. Belcastro, seconded by Mr. Burns, authorizing the soliciting of proposals for an audit of the Retirement Fund for year• 1997. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. 121 Sold By IMR Limited Form SE, L4',735•, 1 1 Cost -of -Living Increase Moved by Mr. Burns, seconded by Mr. King, to authorize a cost -of -living increase of 25% of the change in the consumer price index to retirees at an approximate cost of $59,000, effective January 1, 1998. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. Investment Managers 4th Quarter Portfolio Presentations CS McKee Norm Allen led the discussion by presenting a general overview of the financial market for 1997. He told the Retirement Board that CS McKee's performance of 17.23% trailed behind RRZ Investment Management in the equity market due to the different investment philosophies of the firms. A discussion followed as to the reason the 4th quarter performance was down. Mr. Allen responded that the stocks in CS McKee's portfolio are different from those found in RRZ's portfolio, thus resulting in different performance levels. Mr. Allen further stated that when an "up" market occurs, CS McKee tends to under perform, whereas RRZ's performance results in a higher level. RRZ Investment Management Frank Burnette from RRZ Investment Management began his presentation by discussing the different philosophies of the two money managers. He reiterated the fact that both portfolios generally do not perform at the same level during the same time period because of differing management investment philosophies. Mr. Burnette stated that RRZ's investment return for the year 1997 was 23.37%, which exceeded the benchmark by 1.8%. Yanni-Bilkey - Report of Performance Monitor Frank Domeisen of Yanni-Bilkey provided the Board members with a performance analysis of the Retirement Fund through December 31, 1997. He 122 discussed the performance levels of the money managers for the last quarter of 1997, the past year, and the previous three years. (Copy attached and made part of minutes). Mr. Domeisen said that the overall County Retirement fund had net realized gains of $732,000 in 1997. There being no further business, Chairman Irey declared the meeting adjourned at approximately 12:15 p.m.