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Home My WebLink AboutCOMM - Meeting Minutes - 179 - 5-13-1999 - RETIREMENT162 Minute No.179 is Washington County Retirement Board Washington, Pa., May 13,1999 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:23 a.m. on Thursday, May 13,1999, in the Public Meeting Room, Courthouse Square Office Building, Washington, Pennsylvania, with the following members being present: Commissioners J. Bracken 3s Burns, Sr., Diana L. Irey, Scott H. Fergus, Treasurer Francis King and Controller Paul Belcastro. Also being present: Chief Clerk Michelle Miller; Roger Metcalfe, Budget Director, Chuck Gregor and Bill Marra of Yanni Bilkey; Frank Burnette, RRZ Investment Management; Norm Allen, CS McKee; Joe Smydo, '3 Observer -Reporter, Chris Haines, Herald Standard; Kathy Thomas, Valley Independent; and Angela Alampi and Debbie DeStefano, Aging Services. Approval of Minutes Chairman Burns entertained a motion to approve Minute No.178 dated February 4, 1999. Moved by Mr. Belcastro, seconded by Mr. Fergus, that Minute No.178 dated February 4,1999, be approved as written. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey- Yes; Mr. Burns - Yes. Motion carried unanimously. rj n J LJ 163 1 Sold By IMR Limited Form 825 F417350 Treasurer's Report RETIREMENT ALLOWANCE REPORT Bank Balance as ofJanuary 1,1999 $ 137,204.80 Deposits to Checking Account 192,854.98 Transfers from Investment Account Less: Cancelled Checks Less: Transfers to Investment Account Bank Balance as of February 1,1999 Less: Outstanding Checks Less: Retirement Check Run as of 1/31/99 Less: Deposit in Transit Add: Transit Error Reconciled Balance as of February 25,1999 Bank Balance as of February 1,1999 Deposits to Checking Account Transfers from Investment Account Less: Cancelled Checks Less: Transfers to Investment Account Bank Balance as of February 28,1999 Deposit Error Transit Error Less: Outstanding Checks Less: Deposit in Transit Less: Retirement Check Run as of 2/28/99 Reconciled Balance as of 2/28/99 284,070.49 149,310.57 222,223.38 $242,596.32 110,836.61 68,343.00 63,416.72 .01 $ 0.00 $ 242,596.32 129,627.93 243,733.37 220,746.60 112.012.31 283,200.91 90.00 .01 21,031.63 194,752.00 67,507.29 $ 0.00 16 Bank Balance as of March 1,1999 - not available due to bank error. Bank Balance as of Apri11,1999 $154,340.91 Deposits to Checking Account 133,918.16 Transfers from Investment Accounts 265,016.56 Less: Cancelled Checks 123,047.42 Less: Transfers to Investment Account 201,565.06 Bank Balance as ofApri130,1999 $ 226,663.15 Less: Outstanding Checks 105,784.61 Less: Retire. Check Run as ofApril 30,1999 120,878.54 Reconciled Balance as of May 13,1999 $ 0.00 Moved by Mr. King, seconded by Mrs. Irey, that the Treasurer's Report be approved as submitted. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion earried unanimously. Requisitions Moved by Mr. Belcastro, seconded by Mr. King, that the following Requisitions be approved: February 26.1999 Distributions Check No. Payee Amount 1933 PNC Bank as trustee of IRA Harriet Giles $14,407 61 1934 Carl Hoy 6,617.33 f Fj C 1 1 11 Sold By IMR Limped Form 825 E417350 1934 1936 1937 193S 1939 Transfer: Transfer: 165 Estate of Bernard B. Kobosky 30.46 Estate of Mildred Orndoff 99.30 Dale Wood 361.63 Iron & Glass Bank as trustee of IRA Bernard M. Zoscak 1,473.32 Bernard M. Zoscak 684.03 PNC Bank 6,476.26 Washington County Cash Disbursement 31,562.63 Transfer: Washington County Retirement Account 116,968.71 TOTAL TO BE TRANSFERRED $178,701.30 March 31,1999 Distributions Check No. Payee Amount 1942 Alyssa Lee $ 444.43 1943 Sherril A. McDonald 3,948.18 1944 Tina R. Schroeder 1,590.22 Transfer: PNC Bank 6,618.05 Transfer: Washington County Cash Disbursement 24,422.72 Transfer: Washington County Retirement Account 116,316.5 TOTAL TO BE TRANSFERRED $ 133,340.17 April 30,1999 Distributions Check No. Payee Amount 1946 Estate of Philomena Bellino $ 78.72 1947 Shirley A. Coleman 3,963.85 166 1948 Slovenian Savings & Loan Association as trustee of IRA of Shirley A. Coleman 44,430.08 1949 Connie Lynn Dunn 3,769.52 1930 Trade Y. Johnson 15,993.76 1931 Brenda Lemley 9,961.24 1932 Kristie L. Salzman 194.82 1933 Andreas Veneris 12,012.91 Transfer: PNC Bank 15,077.86 Transfer: Washington County Cash Disbursement 43,250.12 Transfer: Washington County Retirement Account 116,283.68 TOTAL TO BE TRANSFERRED $265,016.56 Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. Old Business none New Business It ,vas noted for the record that Dorothy Patterson purchased service credit for the period of l/2/69 to 9/13/76 at the cost of $2,822.35. (This was paid on 12/2/98.) C n 'C Sold By WR Limited Form 825 E417350 16� 1 C Retirement Fund Audit Commissioner Burns discussed that the Board of Commissioners unanimously approved a proposal submitted by DePretis & Ware for the audit of the Retirement Fund for the year 1998 at the cost of $1950. Moved by Mr. Beleastro, seconded by Mr. King to approve the acceptance of a proposal submitted by DePretis & Ware to perform the Retirement Fund audit. Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. Ratification of Memorandums of Understanding Commissioner Burns read the following memorandums of understanding related to disability pension requests that needed to be ratified by the Retirement Board: 1. Mae Hereeg, approval of county disability pension, effective February 2,1998 (Social Security Pension effective April,1997.) 2. Diane Porter, approval of county disability pension, effective March 17,1997 (Social Security Pension effective March, 1997) Moved by Beleastro, seconded by Mr. King to ratify the Memorandums of Understanding as per above for county disability pensions. Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. Yanni-Bilke_y Investment Managers 1s` Quarter 1999 Portfolio Presentations Chuck Gregor led the discussion on the portfolios by reviewing the performance of the market through April of 1999. He said the market narrowed with the five largest stocks accounting for over 30% of the returns. Mr. Gregor discussed the change in interest rates during the first quarter and reviewed the asset allocation of the County's retirement portfolio. S, Additionally, Mr. Gregor discussed that large cap stocks performed well during the quarter. He said small cap stocks were almost on target while the international stocks were on target. He noted the retirement plan remains structured according to the instructions given by the Retirement Board. Mr. Gregor gave a brief comparison of the performance of the managers over the quarter and compared each fund with peer managers. He ended his discussion by noting the County's retirement fimd outperformed the average fimd in the universe. Mr. King asked Mr. Gregor to discuss the impact Y2K issues may have on the Retirement fund. Mr. Gregor suggested the Retirement Board ask each money manager for a Y2K compliance letter. Mr. Gregor introduced Bill Marra to the Retirement Board. Mr. Marra discussed the market index performance for the quarter ending March 31,1999 and year to date ending April 30,1999. He also gave an overview of the large cap, small cap, international and fixed income fimds. 1 1 f 1 Sold BV IMR Limited Form 825 c41,7350 Investment Managers 1st Quarter 1999 Portfolio Presentations RRZ Investment Manaeement Frank Burnette led the presentation by discussing the Y21L issue. He said the possibility of a malfimetion is remote, but RRZ is aware that an overreaction in the market could occur. Mr. Burnette then discussed the performance of the portfolio in the first quarter. He ended the discussion by stating RRZ's portion of the County's portfolio is generally sector neutral. CS McKee Norm Allen of CS McKee reiterated the first quarter portfolio performance given by Mr. Gregor. He discussed that the stocks driving the markets were narrower than at the end of last year. He said a change in the market is long overdue and has expectations that the value style will improve during 1999. Adjournment There being no further business, Chairman Burns declared the meeting adjourned at approximately 12:05 p.m. THE FOREGOING MINUTES SUBMITTED FOR ATTEST: SECRETARY 1999