The URL can be used to link to this page

Home My WebLink AboutCOMM - Meeting Minutes - 180 - 8-5-1999 - RETIREMENTMinute No. ISO Washington County Retirement Board Washington, Pa., August 3,1999 The quarterly meeting of the Washington County i Retirement Board was held at approximately 10:43 a.m. on Thursday, August 5,1999, 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 Michelle Miller; Roger Metcalfe, Budget Director; Michael Namie, Deputy Controller; Michael Armenini, Summer Employee; Bill McGowen, Director ofAdmi nistration; Frank Domiesen of Yanni Bilkey; Frank Burnette, RRZ Investment Management; Norm Allen, CS McKee; Joe Smydo, Observer, - Reporter; and Jim Jefferson, WJPA. Approval of Minutes Chairman Burns entertained a motion to approve Minute No.179 dated May 13,1999. Moved by Mr. Belcastro, seconded by Mr. King, that Minute No.179 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. 1 1 1 Sold By IMA Limited Form 825 E4117350 Treasurer's Report RETIREMENT ALLOWANCE REPORT Bank Balance as of May 1,1999 $ 144,096.89 Deposits to Checking Account 131,222.27 Transfers from Investment Account 199,687:33 Less: Cancelled Checks 173,998.66 Less: Transfers to Investment Account 131,222.27 Less: ACH Debits $48,569.47 Bank Balance as of May 31,1999 $121,216.09 Transit Error .01 Less: Outstanding Checks 43,831.50 Less: Transfer to Investment Account 2,186.60 Less: Retirement Check Run as of 5/31/99 $ 75,198.00 Reconciled Balance as of May 31,1999 $ 0.00 Bank Balance as of June 1,1999 $ 121,216.09 Deposits to Checking Account 138,267.56 Transfers from Investment Account 276,432.16 Less: Cancelled Checks 177,766.76 Less: Transfers to Investment Account 138,269.56 Less: ACH Debits $54,216.53 Bank Balance as of June 30,1999 $165,662.96 Transit Error .01 Less: Transfer to Investment Aeeowit 2,186.60 Less: Cancelled Checks 76,234.07 Less: Retirement Check Run as of 6/30/99 $87,242.30 Reconciled Balance as of June 30,1999 $ 0.00 172 Treasurer's Renort RETIREMENT ALLOWANCE REPORT Bank Balance as of May 1,1999 $ 144,096.89 Deposits to Checking Account 131,222.27 Transfers from Investment Account 199,687.33 Less: Cancelled Checks 173,998.66 Less: Transfers to Investment Account 131,222.27 Less: ACH Debits $48,369.47 Bank Balance as of May 31,1999 $121,216.09 Transit Error .01 Less: Outstanding Checks 43,831.30 Less: Transfer to Investment Account 2,186.60 Less: Retirement Check Run as of 5/31/99 $ 75,198.00 Reconciled Balance as of May 31,1999 $ 0.00 Bank Balance as ofJune 1,1999 $ 121,216.09 Deposits to Checking Account 138,267:36 Transfers from Investment Account 276,432.16 Less: Cancelled Checks 177,766.76 Less: Transfers to Investment Account 138,269.56 Less: ACH Debits $54,216.53 Bank Balance as ofJune 30,1999 $165,662.96 Transit Error .01 Less: Transfer to Investment Account 2,186.60 Less: Cancelled Checks 76,234.07 Less: Retirement Check Run as of 6/30/99 $87,242.30 Reconciled Balance as ofJune 30,1999 $ 0.00 li 1 E 1 1 173 Sold By IMR Limited Form 825 E417350 Bank Balance as of July 1,1999 $ 165,662.96 Deposits to Checking Account 131,805.51 Transfers from Investment Account 228,371.52 Less: Cancelled Checks 231,314.17 Less: Transfers to Investment Account 65,211.95 Less: ACH Debits $46,638.97 Bank Balance as ofJuly 31,1999 $182,674.90 Transit Error .01 Less: Transfer to Investment Account 68,780.26 Less: Outstanding Checks 41,593.75 Less: Retirement Check Run as of 7/31/99 $ 72,300.90 Reconciled Balance as of June 31,1999 $ 0.00 Moved by Mr. Belcastro, 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 carried unanimously. Requisitions Moved by Mr. Belcastro, seconded by Mrs. Irey, that the following Requisitions be approved: May 28,1999 Distributions Check No. Payee Amount 1957 Patricia A. Moye $31,358.03 1958 Washington Federal Savings Bank as trustee of IRA of Stella M. Whiteman 25,899.41 1959 Gregory D. Bickford 110.97 1960 Trade L. Igoe 196.07 1961 John W. Keller 232.96 1962 American Century Investments as trustee of IRA of Jennifer R. Lindsay 3,650.52 1963 James C. McFeely 89.09 1964 Beth A. Ross 136.70 1965 National City Bank as trustee of IRA of Darla L. Openbrier 917 53 1966 Charles A. Sochor 1,062.27 Transfer: PNC Bank 13,059.34 Transfer: Washington County Cash Disbursement 1,883.36 Transfer: Washington County Retirement Account 121,091.08 TOTAL TO BE TRANSFERRED $199,687 33 June 30,1999 Distributions Cheek No. Payee Amount 1969 Martha D. Dougherty $ 1,160.37 1970 Scudder Trust Co. Custodian of IRA 1bo Martha D. Dougherty 35,931.07 1971 Darlene Etta 44.15 1972 Mike Powell 44.15 1973 Allene Steinberg 44.15 1974 Ann Powell 44.16 1975 Prudential Annuity Service Center as trustee of IRA of Sally L. Waggoner 20,000.00 1976 Sally Waggoner 5,532.25 1 1 II Sold By [MR Limited Form 825 E417�5C 1977 Compass Capital Qualified Plans FBO Linda Jill Balmer 3,050.08 1978 GE Capital Brokerage as trustee of IRA of Jennifer L. Breese 3,055.79 1979 Alan B. Carter 568.37 1980 Deborah A. Gibbs 13,030.05 1981 Kathleen Gray 13,886.25 1982 Kelley Oliver 2,077.S7 1983 Michael V. Pallesco 8.26 1984 Darra Tyler 141.75 1985 Lee Ann Vester 861.92 Transfer: PNC Bank 16,536.55 Transfer: Washington County Cash Disbursement 24,370.63 Transfer: Washington County Retirement Account 136,044.34 TOTAL TO BE TRANSFERRED $ 276,432.16 Julv 31.1999 Distributions Check No. Payee Amount 1986 Estate of John P. Liekar $ 318.42 1987 Estate of Catherine Musearo 131.86 1988 Paine Webber as trustee of IRA of Robert A. LaMendola 17,728.87 1989 Linda Franell 5,163.50 1990 Traci L. McDonald Kubitz 1,222.26 1991 Tina M. Plants 412.87 1992 Cynthia L. Romaseo 6,658.56 1993 Prudential Securities C/F as trustee of IRA of Heidi A. Sherman 16,235.65 176 1994 Kenneth J. Wilson 5,370.55 Transfer: PNC Bank 9,950.08 Transfer: Washington County Cash Disbursement 39,589.49 Transfer: Washington County Retirement Account 125,589.41 TOTAL TO BE TRANSFERRED $228,371.52 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 Request to Purchase Service Credit for Per Diem Service Time Chairman Burns presented Robert C. Valentine's request to purchase service credit for per diem service time at a cost of $1,289.43 for the period of 8/12/82 to 12/31/82 and 1/1/83 to 12/25/83. Moved by Mr. Belcastro, seconded by Mrs. Irey that Mr. Valentine be permitted to purchase service credit for per diem service time. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. Ll LJ Sold By WR Limited Form 825 E417350 17 7' 1 1 Yanni-Bilkey Investment Managers 2' Quarter 1999 Portfolio Presentations Frank Domiesen led the discussion on the CS McKee and RRZ portfolios by reviewing the performance of the market for the second quarter of 1999. He noted the dramatic turnaround with the mid and small cap stocks and discussed the broadening of the market during the quarter. Mr. Domiesen discussed the asset allocation of each fiend and noted that both CS McKee and RRZ Investment Management were within the range. He also said the other small cap and international portfolios were on target. Investment Managers 1st Quarter 1999 Portfolio Presentations CS McKee Norm Allen commented on the second quarter stock portfolio performance of CS McKee. He discussed that this quarter was good for value stocks and ended by giving the market value of the portfolio. RRZ Investment Management Frank Burnette discussed the overall market in the second quarter as it related to the RRZ fimd. He noted that the portfolio trailed the S & P during this quarter, but beat the growth index. Mr. Burnette also commented on the equity allocation of the RRZ portfolio. 178 Adjournment There being no further business, Chairman Burns declared the meeting adjourned at approximately 11:20 a.m. THE FOREGOING MINUTES SUBMITTED FOR ATTEST: SECRETARY 1999 1 E