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Home My WebLink AboutCOMM - Meeting Minutes - 173 - 2-26-1998 - RETIREMENT (2)�. 2 8 Minute No. 174 Washington County Retirement Board Washington, Pa., March 19, 1998 The monthly meeting of the Washington County Retirement Board was held at approximately 11:00 a.m. on Thursday, March 19, 1998, in the Public Meeting Room, Courthouse Square Office Building, Washington, Pennsylvania, with the following members being present: Commissioners Diana L. Irey and J. Bracken Burns, Sr.; Treasurer Francis King and Controller Paul Belcastro. Absent being Commissioner Joseph A. Ford, Sr. 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; Frank Domiesen, Yanni-Bilkey, and David Antion and George Eckert, interested citizens. Approval of Minutes Chairman Irey entertained a motion to approve Minute No. 172 dated February 19, 1998. Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 172 dated February 19, 1998, be approved as written. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. Chairman Irey entertained another motion to approve Minute No. 173 dated February 26, 1998. Moved by Mr. King, seconded by Mr. Belcastro, that Minute No. 173 dated February 26, 1998, be approved as written. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. J 11 1 l27 Sold By IMR Lmied Form Minute No. 173 Washington County Retirement Board Washington, Pa., February 26, 1998 A special meeting of the Washington County Retirement Board was held at approximately 10:30 a.m. on Thursday, February 26, 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., Treasurer Francis King and Controller Paul Belcastro. Absent being: Commissioner Joseph A. Ford, Sr. Also being present: Chief Clerk Michelle Miller; Roger Metcalfe, Budget Director; and Frank Domiesen, Yanni-Bilkey. Old Business Discussion on RFP's for International and Small Cap Equity Managers Commissioner Irey directed Frank Domiesen to lead the discussion on the selection of RFP's for international and small -cap equity managers. Mr. Domiesen discussed the qualification criteria that was used by Yanni-Bilkey to evaluate the candidates. Following the criteria review, Mr. Domiesen discussed the international and small -cap manager candidates with the Retirement Board. It was determined that Invesco Capital Management and Templeton Investment Counsel, Inc. be selected to give presentations to the Retirement Board based on their ranking in the international qualification criteria. Emerald Advisors and PNC will conduct small -cap presentations based on their rank in their respective criteria. The Chief Clerk and Frank Domiesen were directed by the Retirement Board to schedule the presentations. New Business none There being no further business, Chairman Irey declared the meeting adjourned at approximately 11:00 a.m. SUBMITTED APPROVAL: 1998 SECRETARY j 1 Sold By IMR Limited For-=L, -- Treasurer's Report RETIREMENT ALLOWANCE REPORT Bank Balance as of February 1, 1998 Deposits to Checking Account Transfers from Investment Account Less: Cancelled Checks Less: Transfers to Investment Account Bank Balance as of March 1, 1998 Less: Outstanding Checks Less: Encoding Error Less: Retirement Check Run as of 2/26/98 Less: Deposits in Transit Add: Bank Error (Check Printing Fee) Add: Encoding Error Reconciled Balance as of March 19, 1998 $ 176,430.25 $ 124,919.02 $ 384,507.26 $ 157,138.90 $ 137,337.98 $ 391,379.65 $ 239,246.86 $ .16 $ 90,204.12 $ 61,983.29 $ 54.18 $ .60 $ 0.00 Moved by Mr. Burns, seconded by Mr. Belcastro, that the Treasurer's Report be approved as submitted. i Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. Requisitions Moved by Mr. Belcastro, seconded by Mr. King, that the following requisitions be approved: Check No. Payee Amount 1809 A G Edwards as Trustee of IRA of $30,433.94 Beverly A. Hofrichter 1810 Beverly A. Hofrichter 1,566.78 1811 Washington Federal Bank as trustee 30,847.06 of IRA of Rose Marie Cargini 1812 Rose Marie Cargini 2,604.80 130 1813 1814 1815 1816 1817 1818 1819 1820 1821 1822 Transfer: Transfer: Transfer: Kenneth M. Amoroso 240.79 Anthony E. Andronas 1,523.09 Robert Burke 99.92 Joyce Faiella 1,234.31 Putnam Fiduciary Trust Co. as 9,000.48 trustee of IRA of Michael K. Hertig Lisa M. Kelley 9,730.05 Michelle Lemasters 2,286.27 Washington Federal Savings Bank 3,538.86 as trustee of IRA of James Mours James Mours 1,352.63 PNC Bank as trustee of IRA of Janet E. Stys 5,671.90 PNC Bank 8,365.20 Washington County Cash Disbursement 24,720.05 Washington County Retirement Allowance 122,130.99 TOTAL TO BE TRANSFERRED $25 47.12 Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. Old Business Selection of Money Managers International Mr. King led the discussion on the selection of additional money managers to the Retirement Fund by making a motion to hire Invesco Capital Management as the international manager of the County's retirement fund. Mr. Burns seconded the motion. Before a roll call vote was taken, Mr. Belcastro questioned who would be the custodial of the County's retirement fund. Frank Domiesen from Yanni-Bilkey told the Retirement Board that PNC could either act as the fund's custodian or be directed by the County to purchase investments. A discussion followed. 1 131 Sold By IMR Limited Foam w At L-G Mr. King amended the previous motion to direct that securities be purchased through Invesco Capital Management instead of PNC. Mr. Burns seconded the motion. Roll call vote taken: Mr. Belcastro - No; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried. Roll call vote taken (on the previous motion to select Invesco Capital Management as the international manager for the retirement fund made by Mr. King, seconded by Mr. Burns): Mr. Belcastro - No; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried. Small Cap Mrs. Irey led the discussion on the selection of another small cap money manager by inquiring whether Emerald Advisors should be used as a growth based small cap manager and PNC be utilized as a value type manager of the small cap fund. Mrs. Irey asked Mr. Domiesen if CS McKee should be directed not to invest in these same areas. Mr. Domiesen said that CS McKee primarily focuses on large and mid cap type investments. Mr. Burns briefly discussed Mr. Domiesen's suggestion to address diversification in small cap growth funds with Emerald Advisors and to redirect CS McKee to invest a portion of funds into the small cap value type securities to add diversification to the retirement fund without adding another manager. Mrs. Irey noted that CS McKee did not submit a proposal to be'considered as a small cap manager. Mr. Burns additionally discussed that Mr. Domiesen recommended that three million dollars be subdivided into growth and value accounts to further diversify the small cap funds. Mr. Domiesen said that Li million should be placed in each type of fund. Mr. Burns made a 'motion to hire Emerald Advisors to invest 1.5 million dollars into a small cap growth type account. Mrs. Irey seconded the motion. Roll call vote taken: Mr. Belcastro - No; Mr. King = Yes; Mr. Burns - Yes; Mrs. Irey - Yes, I 132 Motion carried. A discussion followed related to whether the Retirement Board should hire CS McKee or PNC as a small cap value oriented manager to invest the remaining 1.5 million dollars. Mr. Burns made a motion to table the decision on which firm to hire to invest the 1.5 million dollars until CS McKee's track record of small cap value based investments could be reviewed. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - No. Motion carried. New Business Before the meeting adjourned Mr. Belcastro said that it may be appropriate for the Retirement Board to meet quarterly instead of monthly. He said that he will study this option and discuss it at a later Retirement Board meeting. There being no further business, Chairman Irey declared the meeting adjourned at approximately 11:30 a.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: C7 , 1998 SECRETARY 1 1