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Home My WebLink AboutCOMM - Meeting Minutes - 181 - 11-10-1999 - RETIREMENT17 9' Sold By IMR Limited Form 825 F417i50 Minute No.181 Washington County Retirement Board Washington, Pa., November 10,1999 The quarterly meeting of the Washington County Retirement Board was held at approximately 3:00 p.m. on Wednesday, November 10,1999, 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; Bill McGowen, Director ofAdministration; Frank Domiesen of Yanni Bilker Frank Burnette, RRZ Investment Management; Norm Allen, CS McKee; Linda Ritzer, Observer -Reporter; John Bevec, Commissioner Elect; Chris Haines, Herald -Standard, Kathy Thomas, valley Independent, and Howard Balis, WJPA. Approval of Minutes Chairman Burns entertained a motion to approve Minute No.180 dated August 5,1999. Moved by Mr. Belcastro, seconded by Mr. Fergus, that Minute No.180 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 i nanimously. E Treasurer's Reuort RETIREMENT ALLOWANCE REPORT Bank Balance as ofAugust 1,1999 Deposits to Checking Account Transfers from Investment Accounts Less: Cancelled Checks $1S2,674.00 198,208.90 224,380.06 122,339.63 Less: Transfers to Investment Accounts 198,208.90 Less: ACH Debits 48,490.55 Bank Balance as ofAugust 31,1999 $236,204.76 Transit Error .01 Less: Transfers to Investment Accounts 68,873.66 Less: Outstanding Checks 98,074.83 Less: Retirement Check Run 8/31/99 $ 69,236.28 Reconciled Balance as of 8/31/99 $ 0 Treasurer Francis King noted that he was unable to provide an up to date Treasurer's report for September and October because the bank statements were not received. He noted that a full report would be given when the outstanding statements are sent to the County. Requisitions Moved by Mr. Belcastro, seconded by Mrs. Irey, that the following Requisitions be approved: August 31,1999 Distributions Check No. Payee Amount 1998 Martha J. Logan $ 6,906.40 1999 Nationwide Advisory Services as trustee of IRA of Martha J. Logan 30,000.00 1 11 181 1 0 Sold By IMR Limited Form 825 E41735,C 2000 Pioneer Group Inc. as trustee of IRA of Marlene Dranzo 36,405.20 2001 Barbara J. Casey 2,012.67 2002 Rhonda Wylie 6,309.80 2003 Estate of Edna R. Russell 9.88 Transfer: PNC Bank 8,705.18 Transfer: Washington Co. Disbursement 7,903.03 Transfer: Washington Co. Retirement Acet. 126,127 90 Total to be Transferred $ 224,380.06 September 30,1999 Distributions Check No. Payee Amount 2004 Walter L. Brookman $ 789.33 2003 Professional Pension, Inc. FBO Colleen R. Butka 6,703.67 2006 Sandra L. Danna 9,757 48 2007 PNC Bank as trustee of IRA of Carla D. Drew 3,319.29 200E Michael Georgeou 3,461.62 2009 Jeffrey Hammond 198.39 2010 Lori A. Hill 11,409.43 2011 Tonya S. Kepich 706.64 2012 Fiduciary Trust Co., NH. As trustee of IRA John Layman 30,126.39 2013 Mickey J. Marshall 5,425.97 2013 Putnam Trust Company as trustee of IRA of Janeen A. Muse 2,129A9 Transfer: PNC Bank 13,113.21 8 2 Transfer: Washington County Disbursement 26,701.54 Transfer: Washington County Retirement Account 127,149.88 TOTAL TO BE TRANSFERRED 240,992.65 October 31,1999 Distributions Check No. Payee Amount 2016 National City Bank as Trustee of IRA of Carol Jo Bevans 29,681.68 2017 Jill A. Devine 7,245.33 2018 Tamara L. Morgan 941.50 2019 Lois A. Thomas 2,759.17 2020 Rebecca M. Posgate 13,399.60 2021 Janney Montgomery Scott, Inc. as trustee of IRA of Carole J. Gincometti 4,838.82 Transfer: PNC Bank 11,290.95 Transfer: Washington Co. Disbursement 44,784.28 Transfer: Washington County Retirement Acet. 126,134.46 TOTAL TO BE TRANSFERRED $214,075.79 Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. I �1 183 Sold By IMR Limited Form 825 E417350 L 1 Old Business Ratification of 2000 Budget MOU It was noted that the Board signed an MOU which approved the following 2000 budget for the Retirement Board. This was previously submitted by Controller Bekastro. WASHINGTON COUNTY RETIREMENT BOARD PROPOSED 2000 BUDGET PERSONAL SERVICES: Wages - Regular $ 240 FICA 18 TOTAL PERSONAL SERVICES $ 238 OTHER SERVICES: Miscellaneous $ 2,000 Telephone 100 Postage 1,000 Copying/Printng 200 Contracted Services: Actuarial 23,400 Investment 264,500 Custodian 32,000 Auditing 2,300 Monitoring 17,000 TOTAL OTHER SERVICES $342,700 MATERIALS AND SUPPLIES Office Supplies $ 300 TOTAL MATERIALS AND SUPPLIES $ 300 TOTAL BUDGET - OPERATING $343,458 ESTIMATED COUN'ITYAPPROPRIATION 10- TOTAL BUDGET REQUEST $343,458 Commissioner Burns entertained a motion to table the budget ratification pending a contract adjustment recently submitted by RRZ Investment Management which could affect the submitted budget for 2000. Moved by IWrA Irey, seconded by Mr. King to table the budget ratification. Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus .'Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. MOU Ratification - Request to Purchase Service Credit Barbara Chesnik Purchase Service Credit: 2/9/83-12/6/83 $1331.16 7/29/97- 8/22/97 146.19 TOTAL $1477 33 Moved by Mr. Beleastro, seconded by Mr. Fergus t ratify the MOU previously signed by the Board related to Barbara Chesnik's request to purchase service credit. Roll call vote taken: Mr. Beleastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. New Business Request for RRZ Contract Revision Frank Burnette presented a request to the Retirement Board to consider updating RRZ's contract and fee schedule. Mr. Brunette explained that this revision is necessary due to several changes that have occurred since 1 I Sold By IMR Limited Form 825 E417350 185* 1 RRZ began managing County fimds. It was noted that in 1981 RRZ managed $12 million in funds and now manages $31 million. Therefore, it would be appropriate to raise the fee level to a level closer to the peers in the market. Mr. Burnette suggested that the fee be established at fifty basis points, and noted this is still below average. He said other "housekeeping" contract revisions should occur to update the contract. Commissioner Burns suggested that Frank Domeesen review the contract and a make a recommendation at the next meeting. Mr. Belcastro suggested that the fee schedule of both RRZ Investment Management and CS McKee be reviewed before action is taken. Moved by Mr. King, seconded by Mr. Belca tro to have Frank Domeisen review the fee schedules of RRZ Investment Management and CS McKee and make related recommendations to the Retirement Board. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Fergus - Yes; Mrs. Irey - Yes; Mr. Burns - Yes. Motion carried unanimously. TO BE NOTED FOR THE RECORD Chairman Burns noted the following requests to purchase service credit: Geraldine Shire Purchase Service credit: 1/6/75 to 5/24/76 Total Cost: $678.92 186 John D. Smith Purchase of CETA Service Credit: 6/25/79 to 12/22/80 Total Cost: $1573.27 Yanni-Bilkey Investment Managers 3rd Quarter 1999 Portfolio Presentations Frank Domiesen led the discussion on the portfolios by reviewing the performance of the market for the third' quarter of 1999. He discussed the equity returns. Mr. Domiesen also explained that technology and small cap growth oriented stocks performed well in the third quarter. The asset allocation was noted to be on target. Mr. Domiesen ended his discussion by noting that collectively the portfolios over the past three years were above median in return, but slightly below the median in risk. Investment Managers 3rd Quarter 1999 Portfolio Presentations RRZ Investment Management Frank Burnette commented on the third quarter portfolio performance of RRZ Investment Management. He discussed the management style of RRZ and the importance of having technology stocks in the portfolio. He noted that RRZ was weighted above the S & P index in technology And communications stocks. CS McKee Investment Management Norm Allen discussed the indexes and benchmarks that are used to measure CS McKee's portfolio. He then discussed the changes in the portfolio over the past several Sold By IMR Limited Form 825 E417350 months and noted the improvement in the overall performance. Adjournment There being no further business, Chairman Burns declared the meeting adjourned at approximately 3:43 p.m. THE FOREGOING MINUTES SUBMITTED FOR ATTEST: SECRETARY 1