HomeMy WebLinkAboutCOMM - Meeting Minutes - 172 - 2-19-1998 - RETIREMENT123
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Minute No. 172
Washington County Retirement Board
Washington, Pa., February 19, 1998
The monthly meeting of the Washington County Retirement Board was held at
approximately 10:55 a.m. on Thursday, February 19, 1998, 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: Chief Clerk Michelle Miller; Roger Metcalfe, Budget Director; William
McGowen, Director of Administration; Joe Smydo, Observer -Reporter, Chris Haines,
Herald Standard; Kathy Thomas, Valley Independent; Jim Jefferson, WJPA; and Jerry
Seaman and Fred Fleet, interested citizens.
Approval of Minutes
Chairman Irey entertained a motion to approve Minute No. 171 dated January
122, 1998.
Moved by Mr. Belcastro, seconded by Mr. Burns, that Minute No. 171 dated
i January 22, 1998, be approved as written.
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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 January 1, 1998 $ 148,371.59
11 Deposits to Checking Account
Il Transfers from Investment Account
II Less: Cancelled Checks
II Less: Transfers to Investment Account
11 Less: Check Printing Fee
$ 184,876.73
$ 170,614.76
$ 203,989.25
$ 123,389.40
$ 54.18
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Bank Balance as of February 1, 1998 $ 176,430.25
Less: Outstanding Checks $ 20,965.42
Less: Encoding Error $ .02
Add: Encoding Error $ .30
Less: Cash in Transit $ 61,487.33
Less: Retirement Check Run as of 1/31/98 $ 94,031.96
Check Printing Fee $ 54.18
Reconciled Balance as of February 19, 1998 $ 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. King - 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
1791
Rosalie McCoy
$ 349.33
1792
National City as Trustee of IRA
of Rosalie McCoy
$ 22,581.92
1793
Developing Growth Fund Class A
as Trustee of IRA of Rosalie McCoy
$ 5,000.00
1794
Marcia J. Wilson
$ 4,785.94
1795
Federated Services Company as
Trustee of IRA of Marcia J. Wilson
$ 69,813.05
1796
Estate of James L. Hubbard
$ 86,542.98
1797
Prudential Bache Securities as
Trustee of IRA of Samuel J. Secreet
$ 46,763.73
1798
Samuel J. Secreet
$ 792.27
1799
Pamela J. Duffy
$ 1,402.10
1800
Timothy A. Gilbert
$ 994.52
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Prudential Bache as Trustee of�
IRA of Joseph T. Murray
$ 11,366.53
1802
Jeffrey L. Nash
$ 273.97
1803
Deborah E. Hannah
$ 10,915.44
1804
Ronette McAllister
$ .75
1805
Newanna Templeton
$ 7.57
1806
Estate of Frank Liberatore
$ 142.68
Transfer:
PNC Bank
7,857.28
Transfer: Washington County Cash Disbursement 2,006.88
Transfer: Washington County Retirement
Allowance 112,910.24
TOTAL TO BE TRANSFERRED $ 384,507.18
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mr. Ford - Yes; Mr. King - Yes; Mrs. Irey -
Yes.
Motion carried unanimously.
Old Business
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Cost -of -Living Increase
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Commissioner Irey led the discussion by stating that the Retirement Board
voted to approve a cost of living increase for retirees at 25% of the change in the
Consumer Price Index (CPI) at the January 22, 1998 meeting. She directed Roger
Metcalfe to discuss the related effect of this cost of living increase on the retirees'
monthly retirement checks.
Mr. Metcalfe said when Hay/Huggins calculated the cost of living increase of
25% of the change in the CPI, it was determined that 75 retirees would not receive an
increase in their monthly amount. Therefore, in order for all retires to be guaranteed
an additional amount each month, the cost of living adjustment should be increased
from 25% to 35% of the change in the CPI for 1998. The total cost of this adjustment
(from the excess interest account) would be $338,783.
Moved by Mr. Belcastro, seconded by Mr. King, to authorize a cost -of -living
increase of 35% of the change in the Consumer Price Index for retirees at an
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approximate cost of $338, 783 (from the excess interest account), 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.
New Business
none
There being no further business, Chairman Irey declared the meeting adjourned
at approximately 11:00 a.m.
SECRETARY
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