The URL can be used to link to this page

Home My WebLink AboutCOMM - Meeting Minutes - 185 - 11-9-2000 - RETIREMENT.201 sold By IMR Limited Form 825 E417350 Minute No. 185 Washington County Retirement Board Washington, Pa., November 9, 2000 on County Retirement Board was held at The quarterly meeting of the Washingt sda November 9, 2000, in the Public Meeting Room, approximately 10:55 a.m. on Thursday, with the following members being house Square Office Building, Washington, Pennsylvania, CourtBracken Burns, Sr., Treasurer Francis present: Commissioners John P. Bevec, Diana L. Irey and J. Catherine E. Kresh; Human King and Controller Paul Belcastro. Also being present: Chief Clerk Cat e Budget Director Roger Metcalfe; Secretary Debbie McKinney; Resource Director Michelle R. Miller; � harles W. Gregor, CFA, Frank R. Barnette, President of RRZ Investment Management, Inc.; Senior President of Yanni tali President, C.S. McKee & l Co., Norman S. Alan, � Bilkey; Eugene Na tali, gitzer of the Observer/Reporter; Chris Haines of the Vice President, C.S. McKee & co, Inc., L Herald Standard and Kathy Thomas of the Valley Independent. A royal of Minutes vec entertained a motion to approve Minute No. 184 dated August 17, 2000. Chairman Be roved as written I Moved by Mrs. Irey, seconded by Mr. Burns, that Minute No.184 be app 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 RETIREMENT SYSTEM REPORT Au st, 2000 $246,537.88 Bank Balance as of August 1, 2000 147,684.15 Deposits to Checking Account 206,696.79 Transfers from Investment Accounts 255,758 75 Less: Cancelled Checks 147,684.15 Less: Transfers to Investment Accounts $ 62,561,41 T .Pss: ACH Debits 4�O& Bank Balance as of August 31, 2000 Less: Outstanding Checks 136,914.51 Less: Encoding Error 59,107.29 Less: Retirement Check Run Au .03 gust 31, 2000 Reconciled Balance as of Au gust 31, 2000 $ 77�8- -19 September 2000 Bank Balance as of September 1, 2000 Deposits to Checking Account $136,914.51 Transfers from Investment 148,545.08 Accounts Less: Cancelled Checks 223,735.54 Less: Transfers to Investment 174,998.36 Accounts Less: ACH Debits 148,545.08 Bank Balance as of September 30, 2000 $ 62,6Q2 47 Less: outstanding Checks $123,049.22 Less: Encoding Error 51,637.28 Less: Retirement Check R Run September 30, 2000 .03 Reconciled Balance as of September 30 2000 $ 71,411.91 $ 0.00 Moved by Mr. King, seconded b - y Mrs. � Bey, that the Treasurer's Month of September 2000 be report for the approved as written. Roll call vote taken: Mr. Belcastro - Yes; Mr. King _ Yes; Mrs. Ir ey Yes; _ Mr. Bevec - Yes; Mr. Burns - Yes. Motion carried unanimously. Re uisitions Moved by Mr. Namie, seconded by Mrs. Ir ey, that the following approved: requisitions be Au st 31 2000 Distributions Check No p e 2132 Estate of R.ickiO-t M. Adams $192.97 Sold By UR Limited Form 825 E417350 ao9 1 2133 Estate of Twila Reynier 62.28 2134 Estate of Elizabeth McCurry 137.43 2135 Douglas Hamilton 52.06 2136 Melany L. Agnew 3,730.75 2137 Richard Christian 10,621.43 2138 Aleta DeFabbo 167.08 2139 Marcella Minucci 107.37 Transfer: PNC Bank 8,983.08 Transfer: Washington Co. Disbursement 45,696.21 Transfer: Washington Co. Retirement Acct. $136,946.13 TOTAL TO BE TRANSFERRED $206,696.79 September, 2000 Distributions 2141 Prudential Mutual Fund Services as trustee of IRA of $1,684.85 Amanda N. Cario 2142 Corrie L. Froats 4,374.18 2143 Terry P. Hannigan 1,412.10 2144 PNC Bank FBO Lorraine K. Henry 884.07 2145 Angela H. Kostelansky 2,103.82 2146 Julie Pattison 15,831.17 2147 Equitable/Equivest Express as trustee of IRA of 17,410.28 Shannon A. Smith 2148 Christina L. Wilson 163.13 Transfer: PNC Bank 11,868.08 Transfer: Washington Co. Disbursement 31,209.91 Transfer: Washington Co. Retirement Acct. $136,793.95 TOTAL TO BE TRANSFERRED $233,735.54 October 31, 2000 2150 Patricia J. Brodak $736.17 2151 Stacy S. Carroll 2,009.64 2152 Ronald B. Coulter, Jr. 249.75 2153 Franklin Templeton Bank & Trust FBO John B Greenlee 2,730.29 a,1 D 2154 Becky Bradley -Knox 17,980.94 2155 Bobbie Jo Lawyer 103.55 2156 Lisa K. McCracken 2,568.75 2157 Renee C. Walmsley 269.14 2158 Chantel Nichols 3,336.87 2159 Patti Jo Whitmer 9,554.26 2160 Fiduciary Trust Co. NH Custodian as trustee if IRA of 585.83 Nancy Wyland 2161 Muriel J. Lee (Bene. Of Ernest S. Lee) 3,200.77 2162 Estate of Russell Marino 447.27 Transfer: PNC Bank 16,400.04 Transfer: Washington Co. Disbursement 48,360.26 Transfer: Washington Co. Retirement Acct. $139,280.04 TOTAL TO BE TRANSFERRED $247,813.57 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 Mr. Bevec, seconded by Ms. Irey, for the approval of the Washington County Retirement Board Proposed 2001 Budget. See attached. 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 3rd Quarter 2000 Portfolio Presentations Charles W. Gregor of Yanni Bilkey gave the 3rd Quarter 2000 portfolio report update to the Retirement Board members. Mr. Gregor presented the Equity market performance and the S & P 500 index. He additionally presented the Bond Market 11 Sold By WR Limited Form 825 E417350 7 Total Returns and spoke on the Performance Comparisons ending September 30, 2000 Mr. Gregor concluded his presentation with the GRID® Comparison on Risk and Return Analysis. Investment Managers 3rd Quarter 2000 Portfolio Presentations RRZ Investment Management Frank Burnette commented on the third quarter portfolio performance of RRZ Investment Management and addressed the Economic Perspective in reference to growth during the third quarter of 2000. He commented on valuation worries, earnings warnings and surging energy prices. Mr. Burnette spoke on the differences of the value portfolio of today and the value portfolio from prior years. CS McKEE Mr. Eugene Natali, President of CS McKee discussed the volatility in the market during the third quarter. Norm Allen discussed the new hires Mr. Robert A. McGee and Mr. Gregory M. Melvin, stating both come highly recommended. Adjournment There being no further business, Chairman Bevec declared the meeting adjourned at approximately 11:55 a.m. II ATTEST: SECRETARY AL: 2000