The URL can be used to link to this page

Home My WebLink AboutCOMM - Meeting Minutes - 176 - 8-20-1998 - RETIREMENTSold By (MR Limped Form �?,25 E4,' ' 3:? 139 I� Minute No. 176 Washington County Retirement Board Washington, Pa., August 20, 1998 The monthly meeting of the Washington County Retirement Board was held at approximately 10:30 a.m. on Thursday, August 20, 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 Scott H. Fergus. Also being present: Chief Clerk Michelle Miller; William McGowen, Director of Administration; Joe Smydo, Observer -Reporter, Chris Haines, Herald Standard; Kathy Thomas, Valley Independent; Frank Domiesen, Yanni-Bilkey, Norm Allen, CS McKee, Frank Burnette, RRZ Investment Management, Marcia Barna, Commissioner Fergus' Office, and Jill Devine, Assistant Solicitor. Approval of Minutes 1998. Chairman Irey entertained a motion to approve Minute No. 175 dated April 30, Moved by Mr. Belcastro, seconded by Mr. Burns, that Minute No. 175 dated April 30, be approved as written. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. Treasurer's Report RETIREMENT ALLOWANCE REPORT Bank Balance as of May 1, 1998 Deposits to Checking Account Transfers from Investment Account Less: Cancelled Checks Less: Transfers to Investment Account I Bank Balance as of June 1, 1998 $ 180,395.75 123,777.97 134,291.87 223,976.83 128,645.61 $ 85,843.15 Less: Outstanding Checks Less: Bank Error (Check Printing Fee) Less: Retirement Check Run as of 5/31/98 Less: Deposits in Transit Reconciled Balance as of June 25, 1998 Bank Balance as of June 1, 1998 Deposits to Checking Account Transfers from Investment Account Less: Bank Error (Check Printing Fee) Less: Cancelled Checks Less: Transfers to Investment Account Bank Balance as of July 1, 1998 Less: Outstanding Checks Less: Retirement Check Run as of 6/30/98 Less: Deposits in Transit Less: Encoding Error Add: Bank Error (Check Printing Fee) Reconciled Balance as of July 23, 1998 Bank Balance as of July 1, 1998 Deposits to Checking Account Transfers from Investment Account Less: Cancelled Checks Less: Transfers to Investment Account Bank Balance as of August 1, 1998 Less: Outstanding Checks Less: Retirement Check Run as of 7/31 /98 Add: Bank Error (Check Printing Fee) Reconciled Balance as of August 20, 1998 7,470.71 18.58 73,863.22 4,490.64 0.00 $ 85,843.15 128,250.12 146,559.36 11.24 154,146.87 69,348.74 $ 137,145.78 2,935.30 70,441.12 63,777.60 3.00 11.24 $ 0.00 $ 137,145.78 126,062.32 198,911.66 115,987.83 219,318.89 $ 126,813.04 31,300.63 95,523.65 11.24 $ 0.00 LI 1 1 1 C 141 Sold By IMR Limited Form 825 — Moved by Mr. Belcastro, seconded by Mr. Burns, that the Treasurer's Reports be approved as submitted. 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. Burns, that the following requisitions be approved: MAY 29. 1998 DISTRIBUTIONS Check No. Payee Amount 1839 Capital Guardian Trust Co. as trustee $ 5,815.62 of IRA of Suzanne Cappelli 1840 Janet M. Elliott 1,496.79 1841 Parker/Hunter Inc. as custodian of IRA of Lisa Strawn 1,438.58 Transfer: PNC Bank 4,864.64 Transfer: Washington County Cash Disbursement 1,841.53 Transfer: Washington County Retirement Allowance 118,834.17 TOTAL TO BE TRANSFERRED $134,291.33 JUNE 30, 1998 DISTRIBUTIONS Check No. Payee Amount 1843 Carla J. Closser $ 237.90 1844 Laurie Francis 402.93 1849 Jennifer M. Fuller 54.46 1846 Nationwide Advisory Service, Inc. as trustee of IRA of Frank P. Signore, Jr. 2,373.59 1847 PNC Bank N.A. as trustee of IRA of Amy L. Thomas 1,113.44 Transfer: PNC Bank 4,857.64 Transfer: Washington County Cash Disbursement 27,860.51 142 Transfer: Washington County Retirement Allowance 109,652.89 TOTAL TO BE TRANSFERRED $146,553.36 ULY 31.1998 DISTRIBUTIONS Check No. Payee Amount 1850 Margaret W. Wilson $ 2,020.82 1851 American Express Trust Co. as 34,488.52 trustee of IRS of Margaret W. Wilson 1852 Susanne Dorsey 28.34 1853 Brent M. Fleissner 294.28 1854 Keith R. Holdsworth 3,965.59 1855 Carol J. Lowery 10,931.60 1856 Mildred G. Penrod 8,394.78 1857 Toni Y. Tyus-Phipps 265.31 1858 Carol A. Richey 165.90 1859 Robert D. Sumney 1,582.12 Transfer: PNC Bank 11,048.64 Transfer: Washington County Cash Disbursement 10,936.89 Transfer: Washington County Retirement Allowance 114,788.87 TOTAL TO BE TRANSFERRED $ 198,911.66 Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. Old Business Memorandum of Understanding - Fund Custodian Commissioner Irey read a Memorandum of Understanding (MOU) recently signed by the Retirement Board which stipulated approval by the Washington County Retirement Board that the motion in the previous minutes to purchase securities by Invesco Capital Management instead of PNC be deleted. This MOU states that PNC J F� 143 Sold By [MR Limped Form 825 �4'735:7 will act as funds custodian and that PNC will be directed to purchase securities to benefit the Washington County Retirement Fund. A brief discussion followed. Mr. Belcastro stated that this Memorandum of Understanding will help to centralize the reporting system. Moved by Mr. Burns, seconded by Mr. King, that the Memorandum of Understanding related to the fund custodian be approved. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes. Motion carried unanimously. New Business To Be Noted for the Record - Retirement Repurchase The following active County employee will purchase service credit for the following period of time: James D. Kalakewich Service Time to be Purchased: 5/18/92 to 5/26/94 $2,605.05 payment due, payment is to be made in installments, by payroll deduction, beginning on 7/24/98 Investment Managers 2nd Quarter 1998 Pension Plan Review CS McKee Norm Allen began his discussion by describing the market conditions in the second quarter. He said that the stock market was not as strong in the second quarter as the first and that a tiering effect existed. Overall, he said that the market value of the portfolio was down slightly in the second quarter. He ended the discussion by stating that the market value of CS McKee's investment portion of the County's retirement fund portfolio was $30,506,356.21. RRZ Investment Management Frank Burnette began his discussion by highlighting market trends. He said that the County's investment portfolio with RRZ was favorable in the second quarter because of the style of the portfolio. He said that the total portfolio exceeded the benchmark numbers. Yanni Bilkey Investment Consulting 2nd Quarter 1998 Pension Plan Review Frank Domiesen discussed the asset allocations of the money managers. He said that both CS McKee and RRZ have done well with investing the County's Retirement Fund. Mr. Domiesen stated that the investment performance has improved since the first quarter. He said that both managers' portfolios complimented each other in a positive manner. Mr. Domiesen ended his discussion by stating that a portion of the «! portfolio had been taken out for Invesco and Emerald Advisors to invest. There being no further business, Chairman Irey declared the meeting adjourned at approximately 11:30 p.m. SECRETARY C 1 1