HomeMy WebLinkAboutCOMM - Meeting Minutes - 182 - 2-2-2000 - RETIREMENT188
Minute No. 182
Washington County Retirement Board
Washington, Pa., February 2, 2000
The quarterly meeting of the Washington County Retirement Board was
held at approximately 10:50 a.m. on Thursday, February 2, 2000, in the Public
Meeting Room, Courthouse Square Office Building, Washington, Pennsylvania,
with the following members being present: Commissioners John P. Bevec, Duna
L. Irey, J. Bracken Burns, Sr., Treasurer Francis King and Controller Paul
Belcastro. Also being present: Chief ClerV Michelle Wi ller; Marlene Luketich,
Director of Administration; Frank Burnette and Nathen Snyder, RRZ Investment
Management; Norm Allen, CS McKee; Darrin Duda and Bill Marra, of Yanni
Bilkey; John Thompson, Emerald Advisors; Roger Metcalfe, Budget Department;
Joseph Zupancic, Assistant Solicitor; Joe Smydo, Observer -Reporter; Chris
Haines, Herald Standard; Kathy Thomas, Valley Independent; Jim Jefferson,
WJPA; Butch Gorby, interested citizen; and two high school students shadowing
Commissioner Burns for Groundhog Shadow Day.
Oath of Office
It was noted for the record that Commissioner Bevec, new board member
was administered the Oath of Office in accordance with P.S. Section 11654.
Appointment of Officers
Temporary Chairman Bevec entertained nominations for Chairnzan of the
Retirement Board.
Moved by Mrs. Irey, seconded by Mr. Belcastro, nominating
Commissioner John P. Bevec to serve as Chairman. This is in accordance with 16
P.S. Section 11654.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes;
Mr. Bevec - Yes.
Motion carried unanimously.
Chairman Bevec entertained nominations for Vice Chairman.
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Moved by Mrs. Irey, seconded by Mr. King to nominate Commissioner J.
Bracken Burns, Sr., to serve as Vice Chairman.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes;
Mr. Bevec - Yes.
Motion carried unanimously.
It was noted that Controller Paul Belcastro would serve as Secretary in
accordance with 16 P.S. Section 11655.
Approval of Minutes
Chairman Bevec entertained a motion to approve Minute No. 181 dated
November 10, 1999.
Moved by Mr. Belcastro, seconded by Mrs. Irey, that Minute No. 181
dated November 10, 1999, be approved as written.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes;
Mr. Bevec — Yes.
Motion carried unanimously.
Treasurer's Report
Treasurer King noted that since the bank statement for January was not
available, it would be added to the Treasurer's report at the next quarterly
Retirement Board meeting.
Requisitions
Moved by Mr. Belcastro, seconded by Mrs. Irey, that the following
Requisitions be approved:
November 30, 1999 Distributions
Check No. Payee Amount
2024 Legg Mason Wood Walker,
Inc. as trustee of IRA of
Brian P. Bittner $616.76
2025 Paul McGinty 5,762.35
2026 Void 0.00
2027 Washington Federal Savings Bank
as trustee of IRA of Laura A. Price 3,008.35
1 9 0
2028 Robert M. Provenzano
2029 Brian M. Scalzi
2030 Rita Yancosek
Transfer: PNC Bank
Transfer: Washington Co. Disbursement
Transfer: Washington Co. Retirement Acct.
TOTAL TO BE TRANSFERRED
December 31, 1999 Distributions
Check No.
Payee
2032
Alice Francene Ellis
2033
PNC Bank as trustee of IRA
of Sally S. Greiner
2034
Karen Lynn Stamm
2034
Washington County Regular
Payroll of IRA of Laura A. Price
Transfer:
PNC Bank
Transfer:
Washington Co. Disbursement
Transfer:
Washington Co. Retirement Acct.
TOTAL TO BE TRANSFERRED
January 31, 2000 Distributions
Check No.
Payee
2037
Jerry L. Anderson
2038
Sherry L. Bauduin
2039
Steven J. Leonard
2040
Sharon L. Valentine
2041
Joseph M. Yost
2042
Allamerica Financial Life as trustee
of IRA of Judy D. Coble
Account #PQ269505
2043
Judy D. Coble
Transfer:
PNC Bank
Transfer:
Washington Co. Disbursement
Transfer:
Washington Co. Retirement Acct.
TOTAL TO BE TRANSFERRED
233.90
8,870.89
5,775.05
10,365.95
1,885.91
126,035 *0
$162,55396
Amount'
$ 1,587.79
1,256.04
17,174.41
258.36
9,673.95
24,305.75
126,688.69
$180,944.99
Amount
$ 832.76
3,05424
55629
30267
670.97
27,071.99
55.52
6,382.44
26,087.36
127,868.49
$192,882.73
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Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes;
Mr. Bevec - Yes.
Motion carried unanimously.
Investment Management Fees - RRZ Investment Management
Mr. Belcastro discussed the new fee structure proposed by RRZ
Investment Management. At the conclusion of his explanation, Mr. Belcastro
made a motion to accept RRZ's request to change the fee structure. Mr. King
seconded the motion.
Before a roll call vote was taken, the Retirement Board held a discussion
on this issue. Mrs. Irey asked Darrin Duda of Yanni Bilkey to comment on the
proposed fee schedule of RRZ. Mr. Duda noted that the fee proposed seemed
reasonable and appropriate given the performance level of RRZ.
Mrs. Irey noted that Frank Domiesen told her otherwise. Mr. Duda further
explained that RRZ was below other comparable money managers in regards to
fee structure. Additionally, Mr. Duda noted it is necessary for the County to
consider performance, style and other factors when making a decision on whether
or not to change the fee structure.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - No;
Mr. Bevec - Yes.
Motion carried.
Ratification of 2000 Budget
It was noted that the 2000 budget needed to be ratified by the Retirement
Board since it was tabled at the last quarterly meeting. This item was held until
the Retirement Board had the opportunity to make a decision on changing the
Investment Management Fees.
Moved by Mr. Belcastro, seconded by Mr. King to ratify the 2000 budget
previously submitted by the Controller.
Roll call vote taken:
19
CS McKee
Norm Allen of CS McKee presented an overview of the market structure
during the last quarter of 1999. He discussed that a small number of stocks had
the large percentage of returns. Mr. Allen explained the performance of CS
McKee's portfolio for the last quarter of 1999.
RRZ Investment Management
Frank Bumette introduced a new portfolio manager of RRZ Investment
Management. He then discussed the performance of the portfolio during the last
quarter of 1999.
Adjournment
There being no further business, Chairman Bevec declared the meeting
adjourned at approximately 12:00 p.m.
THE FOREGOING
ATTEST:
SUBMITTED FOR APPROVAL
SECRETARY
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2000 ,