HomeMy WebLinkAboutCOMM - Meeting Minutes - 183 - 5-25-2000 - RETIREMENT195
11 Sold By IMR Limited Form 825 F4i735^
Minute No. 183
Washington County Retirement Board
Washington, Pa., May 25, 2000
The quarterly meeting of the Washington County Retirement Board was
held at approximately 10:45 a.m. on Thursday, May 25, 2000, in the Public
Meeting Room, Courthouse Square Office Building, Washington, Pennsylvania,
with the following members being present: Commissioners John P. Bevec,
Diana L. Irey and J. Bracken Burns, Sr., Treasurer Francis King and Controller
Paul Belcastro. Also being present: Chief Clerk Michelle Miller; Marlene
Luketich, Director of Administration; Ellen Carlson, Secretary; Roger Metcalfe,
Budget Director; Frank Domiesen of Yanni Bilkey; Frank Burnette, RRZ
Investment Management; Norm Allen, CS McKee; John Thompson, Emerald
Advisors; Judy Chestnutt, Observer -Reporter.
Approval of Minutes
Chairman Bevec entertained a motion to approve Minute No. 182 dated
February 2, 2000.
Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 182 be
approved as written.
Roll call vote taken:
Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey- Yes;
Mr.Bevec - Yes; Mr. Burns — Yes.
Motion carried unanimously.
Treasurer's Report
January, 2000
Bank Balance as of January 1, 2000 $209,854.35
Deposits to Checking Account 208,506.86
Transfers from Investment Accounts 192,882.73
Less: Cancelled Checks 105,435.84
Less: Transfers to Investment Accounts 348,450.97
Less: ACH Debits 48,729.46
Bank Balance as of January 31, 2000 $108,627.67
2064 Richard C. Wynn 10,366.36
Transfer: PNC Bank 11,637.60
2065 Washington Co. Disbursement 29,977.40
Transfer: Washington Co. Retirement
Acct. 134,358.76
TOTAL TO BE TRANSFERRED $476,159.36
March 31, 2000 Distributions
2066
Estate of Wilbert T. Shaw
176.91
2067
Joseph A. Carroll
937.76
2068
Capital Guardian Trust Corp.
As trustee of IRA of Alison
M. Chunko
7,390.13
2069
Charles Schwab FBO
Denise A. DeBlasio IRA
Rollover 2802-9893
8,854.26
2070
Karen Kessen
4,269.03
2071
Andrea S. Mitchell
9,870.43
2072
Jeffrey E. Oliver
4,905.77
2073
Marc S. Scott
6,180.67
2074
Robert C. Valentine
31,893.79
2075
Anna Marie Hete
13,526.32
Transfer:
PNC Bank
23,492.33
Washington Co. Disbursement
24,783.98
Transfer:
Washington Co. Retirement
Acct.
133,215.22
TOTAL TO BE TRANSFERRED $269,496.60
Roll call vote
taken:
Mr. Belcastro
— Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Bevec
— Yes; Mr. Burns —
Yes.
Motion carried unanimously.
Old Business
None
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Moved by Mrs. Irey, seconded by Mr. Belcastro for the following MOU
ratification for purchase of service credit and disability pension:
MOU signed on May 8, 2000 for Arthur Couts III to purchase the
following service credit and receive a disability pension, effective May
17, 2000. (It should be noted that Art Couts received social security
disability, effective April, 2000.)
Dates to purchase
Cost: $2,158
Roll call vote taken:
1-29-98 to 2-6-98
10-28-99 to 12-31-99
1-1-0 to 1-16-00
4-7-00 to 5-16-00
Mr. Belcastro — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Bevec
— Yes; Mr. Burns — Yes.
Motion carried unanimously.
MOU Ratification for Disability Pension
Moved by Mr. Belcastro, seconded by Mr. King for the following MOU
ratification:
MOU signed on March 20, 2000 for Mary Sape to receive a disability
pension, effective April 1, 2000. (It is noted that Mary received social security
disability, effective April, 2000.)
Roll call vote taken:
Mr. Belcastro — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Bevec
— Yes; Mr. Burns — Yes.
Motion carried unanimously.
Yanni-Bilkey Investment Managers 1" Quarter 2000 Portfolio Presentations
Frank Domiesen of Yanni Bilkey gave the 1 st Quarter 2000 portfolio
report update to the Retirement Board members. Mr. Domiesen presented the
activity of each account against the established benchmarks and discussed the
overall market conditions. He additionally presented the asset allocations of the
county's Retirement fund account. Mr. Domiesen concluded his presentation
with an update on the market situation through April, 2000.
Investment Managers 1 st Quarter 2000 Portfolio Presentations
RRZ Investment Management
Frank Burnette commented on the first quarter portfolio performance of
RRZ Investment Management and addressed the difficulties in the market
during the first quarter of 2000. He noted however, that the county's account
with RRZ was still in a good position.
Emerald Advisors
John Thompson of Emerald Advisors discussed the county's account for
the first quarter of 2000. He said that the Emerald account was still performing
in an acceptable range based on the Russell 2000 index despite the volatile
market conditions. He commented that the Washington County Retirement
Board has a prudent asset allocation structure.
CS McKee
Norm Allen of CS McKee discussed the volatility in the market during
the first quarter. He said that the growth style continued to dominate the market
during the quarter. He ended by discussing the market conditions and different
scenarios that were present during the first quarter of 2000.
Adjournment
There being no further business, Chairman Bevec declared the meeting
adjourned at approximately 11:30 a.m.
THE
SUBMITTED F
ATTEST: SECRETARY
PROVAL:
ZY-I&" , 2000
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