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Home My WebLink AboutCOMM - Meeting Minutes - 178 - 2-4-1999 - RETIREMENTSold By (MR Limited Form 825 E4 350 153 1 1 1 Minute No.178 Washington County Retirement Board Washington, Pa., February 4,1999 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:30 a.m. on Thursday, February 4,1999, in the Public Meeting Room, Courthouse Square Office Building, Washington, Pennsylvania, with the following members being present: Commissioners J. Bracken Burns, Sr., Diana L. Irey, Scott H. Fergus, Treasurer Francis King and Controller Paul Belcastro. Also being present: Chief Clerk Miller; Bill McGowen, Director ofAdministration; Frank Domeisen of Yanni Bilkey; Frank Burnette and Bill Burnette, RRZ Investment Management; Norm Allen, CS McKee; Joe Smydo, Observer. Chris Haines, Herald Standard; Kathy Thomas, Valley Jim Jefferson, WJPA; Mike Namie, Controller's Office; and Sabata.see, interested citizen. Chairman Burns entertained a motion to approve Minute No.177 October 29,1998. Moved by Mr. Belcaastro, seconded by Mr. Fergus, that Minute No.177 October 29,1998, be approved as written. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey- Yes; Burns - Yes. Motion carried unanimously. RETIREMENT ALLOWANCE REPORT Balance as of October 1,1998 $ 153,342.95 to Checking Account 130,729.30 Transfers from Investment Aceount 273,974.12 Less: Cancelled Checks 220,758.54 Less: Transfers to Investment Aceount 166,142.20 Bank Balance as of November 1,1998 171,145.63 Less: Outstanding Checks 96,286.27 Less: Retirement Check Run as of 10/31/98 72,203.29 Less: Deposit in Transit 2,656.08 Add: Transit Error .01 Reconciled Balance as of November 25,1998 $ 0.00 Bank Balance as of November 1,1998 $ 1,145.63 Deposits to Checking Account 127,554.22 Transfers from Investment Aceount 175,215.28 Less: Cancelled Checks 203,129.63 Less: Transfers to Investment Account 164,627 40 Bank Balance as of December 1,1998 106,158.10 Less: Outstanding Checks 32,410.80 Less: Retirement Check Run as of 11/30/98 73,747 31 Add: Transit Error .01 Reconciled Balance as of December 24,1998 $ 0.00 Bank Balance as of December 1,1998 Deposits to Checking Account Transfers from Investment Aceount Less: Cancelled Checks Less: Transfers to Investment Account Bank Balance as of January 1,1999 $106,158.10 134356.98 223,210.54 158,542.96 167,777 86 137,204.80 1 1 C �J E u Sold By IMR Limited Form 825 E417350 Less: Outstanding Cheeks Less: Retirement Cheek Run as of December 31,1998 Add: Transit Error Reconciled Balance as of January 29,1999 $ Moved by Mr. King, seconded by Mr. Beleastro, that the Treasurer's opt be approved as submitted. Roll ea11 vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Burns - Yes. Motion carried unanimously. Moved by Mr. Beleastro, seconded by Mr. King, that the following .sitions be approved: November 30,1998 Distributions Check No. Payee Amount IS90 Karen Barbao $ 2,551.70 1891 Valerie S. Costanzo 4,474.46 1892 Capital Guardian Trust Co. as trustee of IRA of John F. DiSalle 15,852.37 1893 Carey A. Miller 1,81828 1894 Matthew G. Prevuznik 552.62 1895 Estate of Rose Kopko 26.54 1896 Dornish & Seolieri, P.C. 401(k) 4,552.60 Savings Plan FBO John Chiapetta Transfer: PNC Bank 7,038.64 Transfer: Washington County Cash Disbursement 24,520.26 Transfer: Washington County Retire. Acet 113,827.31 TOTAL TO BE TRANSFERRED $175,214.78 December 31,1998 Distributions Check No. Payee Amount 1897 Barbara Roney $ 2,447 87 199S Capital Guardian Trust as trustee of IRA of Barbara Roney 9,100.70 IS99 Estate of George Knbovick 48.24 1900 Betty Lou Durante 529.34 1901 PNC Bank NA as trustee of IRA of Betty Lou Durante 23,841.14 1902 National City Bank as trustee of IRA of Cheryl L. Nemeth 34,354.89 1903 Cheryl L. Nemeth 1,889.34 1904 Cora Jo. Adams 45.93 1905 James M. Barnhart 35.85 1900 Vickie M. Boden 465.27 1907 Robert T. Callen 1,383.35 190E Danielle R. Irey 430.37 1909 Karen Meek 94.31 1910 Dean F. Palm 3,430.20 1912 Regular Payroll Escrow Ac eount 258.26 Transfer: PNC Bank 6,227.83 Transfer: Washington Cozumty Cash Disbursement 23,424.61 Transfer: Washington Coiwty Retirement Account 115,203.04 TOTAL TO BE TRANSFERRED $ 223,210.54 1 1 1 Sold BV UR Limited Form 825 E417350 Check No. 1913 1916 1917 191E 1919 1920 1921 1922 1923 1924 1 1923 1926 1927 1928 1929 Transfer: Transfer: Transfer: L January 29,1999 Distributions Payee Amount Dorothy A. Patterson 1,981.30 Washington Federal Savings Bank as trustee of IRA of Dorothy A. Patterson 45,629.85 Estate of Genevieve Morris 10713 Estate of Jay Troutman 44.71 Estate of Joseph D. Perrotta 3.19 Ellen P. Drosdick 18.44 Tones M. Error 18.46 Joseph G. Heminger 1,877.31 Tracy L. Hudak 163.34 Dreyfus Investment Services Corporation as trustee of IRA of Frank N. Konek, Jr. 8,867 84 Amy Elizabeth Martin 173.52 Capital Guardian Trust Co. as trustee of IRA of Sherri A. Skoswvron 1,701.32 Sarah J. Taylor 1,032.87 Michael A. Zahand 18,038.68 John M. Pittman 1,170.76 PNC Bank 10,192.98 Washington County Cash Disbursement 14,941.21 Washington County Retirement Account 114180.78 TOTAL TO BE TRANSFERRED $ 220,783.89 Roll call vote taken: ! Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs., Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. I j Old Business` ;i i? none 4 �z (!(1 t! New Business t I� Meeting Dates and Times Moved by Mrs. Irey, seconded by Mr. King, to approve the I 1999 schedule of Retirement Board Meetings as follows, with the stipulation that special meetings can be scheduled as r needed: 1` Immediately following Board of Commissioners Meeting at: Thursday, February 4,1999 10:00 a.m. Thursday, May 13,1999 10:00 a.m. Thursday, August 5,1999 10:00 a.m. Wednesday, November 10,1999 2:00 p.m. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. Interest Credit Moved by Mr. Belcastro, seconded by Mr. King, that the interest rate be ratified to remain at 5 -1/2% for the year 1999 (16 P.S. Section 11656), per the Memorandum of Understanding signed by the Retirement Board on January 13, 1999. Roll call vote taken: 1 1 1 l 5 9' Sold By IMR Limited Form 825 E417350 Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. Purchase of 1999 Pension Benefit Statements Moved by Mr. Beleastro, seconded by Mr. King, authorizing the purchase of the 1999 Pension Benefit Statements from Hay/Huggins Company. Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. 1998 Audit Moved by Mr. Beleastro, seconded by Mr. King, authorizing the soliciting of proposals for an audit of the Retirement Fund for the year 1998. Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. Yanni-Bilkey Investment Consulting Proposal Frank Domeisen presented a proposal to the Retirement Board where he retainer fee for calendar year 1999 would increase from $15,000 to 17,000. Mr. Domeisen discussed this proposal in detail. Moved by Mr. Kuag, seconded by Mrs. Irey to'approve the Yanni- Investment Consulting Company proposal for 1999 at an annual fee of $17,000. Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Yanni-Bilkey Investment Managers 4'li Quarter 199E Portfolio Presentations Frank Domeisen led the discussion by providing the financial backdrop for the last quarter of 1998. He discussed the differences in allocation between RRZ Investment Management and CS McKee. Mr. Domeisen also reported that the performance results in the final quarter appeared acceptable in comparison to the standards on an absolute and relative basis. Mr. Domeisen concluded his report by discussing the performance of Emerald Advisors and Inveseo. Investment Managers 4' Quarter 1998 Portfolio Presentations CS McKee Norm Allen began his presentation by thanking the Retirement Board for affording CS McKee the opportunity of a workshop. Mr. Allen gave an overview of the financial market in 1998 and discussed how the market affected the portfolio. He discussed the primary strategy changes that CS McKee made to the portfolio during 1998 and talked about staff additions. Mr. Allen ended his discussion by stating that he is optimistic about the future of the portfolio as a result of the changes. RRZ Investment Management Frank Burnette of RRZ Investment Management said that he was in agreement with CS McKee's and Yanni Bilkey's 1 161 7 L 1 Sold By IMR Limited Form 825 E417350 presentations. He continued his discussion by pointing out the style of RRZ and discussing the current economic cycle. He told the Retirement Board how RRZ's investment style has provided positive performance results. Before the Retirement Board meeting ended, Mr. Belcastro said that the investment style of CS McKee and RRZ has complimented the retirement portfolio for the past several years. Adjournment There being no fin-ther business, Chairman Burns declared the meeting adjourned at approidmately 12:15 p.m. FOREGOING MINUTES SUBMITTED FOR APPROVAL: .1999 TTEST: SECRETARY