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Home My WebLink AboutCOMM - Meeting Minutes - 184 - 8-17-2000 - RETIREMENTSold By IMR Limited Form 825 E417350 Z C/ 7 Minute No. 184 Washington County Retirement Board Washington, Pa., August 17, 2000 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:00 a.m. on Thursday, August 17, 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; Roger Metcalfe, Budget Director; Frank Domiesen of Yanni Bilkey; Frank Bumette, RRZ Investment Management; Norm Allen, CS McKee; Lou Valante, interested citizen; and Judy Chestnutt, Observer -Reporter. Approval of Minutes Chairman Bevec entertained a motion to approve Minute No. 183 dated May 25, 2000. Moved by Mrs. Irey, seconded by Mr. Burns, that Minute No. 183 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 M,y, 2000 Bank Balance as of May 1, 2000 Deposits to Checking Account Transfers from Investment Accounts Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits Bank Balance as of May 31, 2000 $410,872.32 139,787.18 240,067.99 158,256.19 34124653.11 56,317.99 $163,500.20 Zoe I Encoding Error 1,000.00 Less: Outstanding Checks �z 100,398.13 Less: Encoding Error .03 s Less: Retirement Check Run May 31, 2000 64,102.04 Reconciled Balance January 31, 2000 $ 0.00 June, 2000 Bank Balance as of June 1, 2000 $163,500.20 Deposits to Checking Account 216,240.16 Transfers from Investment Accounts 233,137.16 { �x Less: Cancelled Checks 200,886.24 i Less: Transfers to Investment Account 215,240.16 H Less: ACH Debits 63,515.97 Bank Balance as of June 30, 2000 $133,235.15 Less: Outstanding Checks 60,814.61 Less: Encoding Error .03 Less: Retirement Check Run June 30, 2000 72,420.51 Reconciled Balance June 30, 2000 $ 0.00 July, 2000 Bank Balance as of July 1, 2000 $133,235.15 Deposits to Checking Account 144,457.84 - Transfers to Investment Accounts 320,588.67 Less: Cancelled Checks 147,025.99 Less: Transfers to Investment Accounts 1144,457.84 Less: ACH Debits 60,259.95 Bank Balance as of July 31, 2000 $246,537.88 Less: Outstanding Checks 167,711.82 Less. Encoding Error .03 Less: Retirement Check Run July 31, 2000 78,826.03 Reconciled Balance as of March, 3.1,.2000 -_ $ 0.00. Moved by Mr. King, seconded by Mrs. Irey that the Treasurer's report for the months of May, June and July 2000 be approved as written. Sold By IMR Limited Form 825 E417350 203 1 J 1 Roll call vote taken: Mr. Belcastro — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Bevec — Yes; Mr. Burns — Yes. Motion carried unanimously. Requisitions Moved by Mr. Namie, seconded by Mrs. Irey, that the following requisitions be approved: Mav 31. 2000 Distributions Check No. Payee Amount 2088 Estate of Theresa Bertinotti 183.63 2089 Estate of George Harris 339.76 2090 Kathryn I Penn 22,300.98 2091 Dreyfus Invest. Service Corp. as trustee of IRA of Kathryn Penn 28,000.00 2092 Nat'l City as trustee of IRA of Patrica K. Barnes 5,475.85 2093 Barbara J. Carter 428.82 2094 Elliott Frazier 229.91 2095 Trustee of METLIFE Preference Plus Account FBO Gary Graminski 3,200.11 2096 Nat'l City PA as trustee of IRA of Janet Guesman 9,492.46 2097 Rhonda Sue Haddad 10.91 2098 Michelle Hull 6,967.76 2099 Black Box Corp. Tax Deferred Profit Sharing Plan FBO Sharon Kelley 264.81 2100 Flora Mastrangelo-Sakoske 1,289.93 2101 Elizabeth C. Rugh 88.56 2102 Daniel C. Walker 1,770.35 2103 Nancy C. Ward 169.75 Transfer PNC Bank 13,231.05 Transfer Washington Co. Disbursement 13,910.95 Transfer: Washington Co. Retirement Acct. 132,712.12 TOTAL TO BE TRANSFERRED $240,067.71 June 31, 2000 Distributions 2105 Clara A. Dewey 1,020.97 2106 Prudential Annuity Services as trustee of IRA of Clara A. Dewey 38,609.10 2107 Nat'l City Bank as trustee of IRA of Frances H. Parish 3,613.95 2108 Wayne D. Carmichael 8,493.90 t 2109 Lori L. Cox 2,585.73 a E 2110 Carrie L. Miller 1,835.85 2111 Sandra L. Moore 1,898.42 Transfer: PNC Bank 9,665.73 Transfer: Washington Co. Disbursement 29,455.72 Transfer: Washington Co. Retirement Acct. 135,957.79 TOTAL TO BE TRANSFERRED $233,137.16 July, 31, 2000 Distributions 2113 Estate of Marie G. Wyke 67.57 2114 Estate of Constance Mazza 166.89 - 2115 Estate of Eleanor Zavatski 200.40 2116 Estate of Mary A. Stuart 146.97 2117 Estate of Carl Kolick .:.._ 400.82 2118 BVA Federal Credit Union as trustees of IRA of Florence Rittacco 58,933.20 2119 Florence Rittacco 3,566.69 2120 DLJ lbo Doris F. Spesak 44,593.91 2121 Doris F. Spesak 545.92 2122 Pershing Div. of Donaldson, Lufkin & Jenrette. as: trustee of IRA: of: Colleen M. Arnowitz #4H8-479577" 19,986.56 2123 Kimberly A. Copechal 960.35 i i r 1 1 1 Sold By [MR Limited Form 825 E41 35G 205 r� 1 2124 Ellen Drosdick 1,607.19 2125 Wash. Community Federal Credit Union as trustee of IRA of Karen Franks 6,649.57 2126 Paula J. Galeta 5,521.40 2127 MFS Service Center as trustee of IRA of John Marshall 7,857.09 2128 Monica Maxon 847.79 2129 Joyce A. Reedy 5,015.15 2130 Gina R. Ricci 77.85 Transfer PNC Bank 9,796.52 Transfer Washington Co. Disbursement 14,712.22 Transfer Washington Co. Retirement Acct. 138,934.61 TOTAL TO BE TRANSFERRED $320,588.67 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 New Business Moved by Mrs. Irey, seconded by Mr. King, for the continuation of the current investment advisory contract with CS McKee & Company, Inc. following United Asset Management Corporation. Roll call vote taken: Mr. Namie - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Bevec - Yes. Motion carried unanimously. Yanni-Bilkey Investment Managers I" Quarter 2000 Portfolio Presentations Frank Domiesen of Yanni Bilkey gave the 2nd 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 August, 2000. Investment Managers 2nd Quarter 2000 Portfolio Presentations RRZ Investment Mana eg ment Frank Burnette commented on the second quarter portfolio performance of RRZ Investment Management and addressed the difficulties in the market during the second quarter of 2000. He noted however, that the county's account with RRZ was still in a good position. CS McKee Norm Allen of CS McKee discussed the volatility in the market during the second 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 second quarter of 2000. Adjournment There being no further business, Chairman Bevec declared the meeting adjourned at approximately 11:45 a.m. REGOING MINUTES SUBMITTED FOR APPI ATTEST: SECRETARY VAL: 2000 7 C 11