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Home My WebLink AboutCOMM - Meeting Minutes - 186 - 2-8-2001 - RETIREMENTMinute No. 186 Washington County Retirement Board Washington, Pa., February 8, 2001 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:15 a.m. on Thursday, February 8, 2001, 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: Marlene Luketich Director of Administration; Chief Clerk Catherine E. Kresh; Roger Metcalfe Budget Director; Debra A. McKinney Secretary; Frank Domiesen of Yanni & Bilkey; Frank Burnette RRZ Investment Management; Norm Allen CS McKee; Gregg Melvin CS McKee, John Thompson Emerald Advisors. Approval of Minutes Chairman Bevec entertained a motion to approve Minute No. 185 dated November 9, 2000. Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 185 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 RETIREMENT ALLOWANCE REPORT October, 2000 Bank Balance as of October 1, 2000 Deposits to Checking Account Transfers from Investment Accounts Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits $123,049.22 151,110.69 247,813.57 198,997.63 151,110.69 $ 53,883.71 i Sold By IMR Limited Form 825 E417350 C1.2/3 7 Bank Balance as of October 31, 2000 $ 117,981.45 Less: Outstanding Checks 54,720.57 Less: Encoding Error .03 Less: Retirement Check run October 31, 2000 $ 63,260.85 Reconciled Balance as of October 31, 2000 $ 0.00 November, 2000 Bank Balance as of November 1, 2000 $ 117,981.45 Deposits to Checking Account 148,877.20 Transfers from Investment Accounts 220,607.44 Less: Cancelled Checks 91,285.73 Less: Transfers to Investment Accounts 72,552.87 Less: ACH Debits $ 82,316.71 Bank Balance as of November 30, 2000 $ 241,310.78 Less: Transfer to Investment Accounts (in transit) 76,324.33 Less: Outstanding Checks 82,704.05 Less: Encoding Error .03 Less: Retirement Check run November 30, 2000 $ 82,282.37 Reconciled Balance as of November 30, 2000 $ 0.00 December Bank Balance as of December 1, 2000 $ 241,310.78 Deposits to Checking Account 153,434.79 Transfers from Investment Accounts 240,196.78 Less: Cancelled Checks 204,203.63 Less: Transfers to Investment Accounts 191,291,83 Less: ACH Debits $ 62,961.71 Bank Balance as of December 31, 2001 $ 176,485.18 'Less: Transfer to Investment Account (in transit) 38,467.29 Less: Outstanding Checks 68,476.40 Less: Encoding Error .03 : Retirement Check run December 31, 2000 $ 69,541.46 >nciled Balance as of December 31, 2000 $ 0.00 Requisitions Moved by Mr. Belcastro, seconded by Mrs. Irey, that the following Requisitions be approved: November 30, 2000 Distributions Check No. Payee Amount 2164 Dawn Abruzzi $ 186.42 2165 Marcia C. Barna 170.16 2166 Blane Black 2,654.20 2167 Investors Bank & Trust as trustee of IRA of Bonnie S. Bouch 5,768.38 2168 Shari Cox 169.91 2169 Holly J. Martin 792.72 2170 Betty J. Gallo 1,992.10 2171 Firsery Securities, Inc. as trustee of IRA of Betty J. Gallo 309-58-3096 47,584.73 2172 Mary A. Interval 3,927.63 Transfer: PNC Bank 7,954.14 Transfer: Washington Co. Disbursement 11,473.54 Transfer: Washington Co. Retirement Acct. 137,933.51 Total to be Transferred $ 220,607.44 December 29, 2000 Check No. Payee Amount 2175 Estate of Louise Bartkus $ 74.01 2176 Donna Banish (Bene. Of Marcella Frankovitch) 12,030.03 2177 Denise Melvin (Bene. Of Marcella 12,030.02 Frankovitch) 2178 Capitol Bank and Trust Co. as trustee of 9,669.76 IRA of Diane Bianchin 2179 Jennifer M. Capozza 4,421.30 2180 Susan B. Gardner 250.41 2181 John Daniel Associates, Inc. 401(k) Plan FBO Michael A. Gragan 796.06 2182 Lori Ann Gray 5,011.06 2183 Federated Services Co. as trustee of IRA of Sandra Hlipala 6,130.45 1 �I Sold By IMR Limited Form 825 E417350 1 1 T. 2184 2185 2186 2187 2188 2189 Check No. 2193 2194 2195 2196 2197 2198 2199 2200 2201 2202 2203 2204 2205 2206 Tr sfer: 11 2192 Michele Hull 393.66 Lisa J. Latkanich 183.25 Chubb Capital Accumulation Plan FBO Maria Anetakis Tripodes 5,102.39 Jennifer C. Smith 4,539.88 Estate of Mary L. Francis 253.65 Wash County Regular Payroll 258.36 PNC Bank 12,090.75 Washington Co. Disbursement 29,809.75 Washington Co. Retirement Acct. 137,151.99 Total To Be Transferred $240,196.78 JANUARY 31, 2001 Payee Amount Estate of Violet Fazzolare $ 189.57 Judith A. Anesetti 208.10 Washington Community FCU as trustee of IRA of Amy L. Fisher Tina Fisher Fidelity Management Trust Co., as trustee of IRA of John V. Garcia Linda Gaston Putam Fiduciary Trust as trustee of IRA of Sally J. Gordon Alice M. Heather Jamie S. McAvoy Leann N. McCombs First Federal Savings and Loan of Green County as trustee of IRA (Shelly Rogers) Eva Jancart Diane Tatar Ronald R. Smith PNC Bank Washington Co. Disbursement 4,283.48 15.69 7,502.74 10,558.25 25,894.12 7,680.86 1,634.18 454.15 7,193.84 3,153.57 16,230.18 22,889.04 21,695.86 25,231.18 Transfer: Washington Co. Retirement Acct. 139,481.30 Total to be Transferred $294.296.11 Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. Old Business None To Be Noted for the Record - Retirement Repurchase The following active County employee will purchase service credit for the following period of time: Sandra Willet Service Time to be Purchase: 7/13/77 to 1/1/83. Cost - $1,729,70. Meeting Dates for 2001 February 8, 2001 May 31, 2001 August 23, 2001 November 15, 2001 Roll call vote taken for the above: Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. Moved by Mr. Belcastro, seconded by Mr. Burns that the interest rate remain at 5-1/2% for the year 2001 (16 P.S. Section 11656). Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously Purchase of 2001 Pension Benefit Statements E d/! Sold By IMR Limited Form 825 E417350 Moved by Mr. Belcastro, seconded by Mr. Burns, authorizing the purchase of the 2001 Pension Benefit Statements from Hay Huggins Company. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. 2000 Audit Moved by Mr. Belcastro, seconded by Mr. Burns, to accept a proposal from the Accounting Firm of Maher Duessel. The cost of the audit will remain at $1,950.00. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. Cost of Living Increase The Board discussed a cost -of -living increase and determined not to grant an increase at this time due to market volatility and an increase in health insurance costs from $243,000 in 1998 to $630.00 for 2001. It was agreed that the matter will be reviewed again next year. Mr. Burns requested that a letter be sent to all retirees advising them of this decision. State Invoice - Court Administration Employees Controller Belcastro presented an invoice from the Commonwealth in the amount of $244,603.00. This represents the County's liability for the four court employees that transferred to the State last year. The Board agreed to have the Controller and the Budget Director determine the proper timing of the payment (Required to be paid within 120 days). Investment Managers 4th Quarter 2000 Portfolio Presentations CS McKEE Norm Allen of CS McKee introduced Gregg Melvin who gave an overview of Company's Investment Philosophy. Both men discussed the poor of the market for both the most recent quarter and the previous quarters. i RRZ Investment Management Frank Burnette gave an overview of economic conditions that impacted the market last year. He also discussed the changes in the fixed income economic conditions market. Emerald Advisors John Thompson discussed the recent performance of his company and indicated that they would continue with their overall investment philosophy. Yanni-Bilkey Investment Managers 4tn Quarter 2000 Portfolio Presentations } Frank Domiesen concurred with all three money managers concerning the market performance for the year 2000. He informed the Board that he met privately with C.S. McKee and expressed his concern over their below average performance. He planned to monitor their results very closely in the next 6 to 9 months and would report back to the Board. Adjournment There being no further business, Chairman Bevec declared the meeting adjourned at approximately 12:33 p.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: 2001 ATTEST SECRET RY