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Home My WebLink AboutCOMM - Meeting Minutes - 187 - 5-31-2001 - RETIREMENTSold By IMR Limited Form 825 E001o2204 1 Minute No. 187 Washington County Retirement Board Washington, Pa., May 31, 2001 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:00 a.m. on Thursday, May 31, 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: Catherine E. Kresh Chief Clerk/Administrator; Roger Metcalfe Budget Director; Linda Belcher Secretary; Angela Lemmon Secretary; Allison Corbally INVESCO; Norm Allen CS McKee; Frank Burnette RRZ Investment Management; Frank Domiesen of Yanni & Bilkey. Approval of Minutes Chairman Bevec entertained a motion to approve Minute No. 186 dated February 8, 2001. Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 186 be approved as written. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Bevec - Yes. Motion carried unanimously. Treasurer's Report RETIREMENT ALLOWANCE REPORT January, 2001 Bank Balance as of January 1, 2001 $176,485.18 Deposits to Checking Account $241,090.38 Transfers from Investment Accounts $296,632.18 Less: Cancelled Checks $161,359.19 Less: Transfers to Investment Accounts $272,221.60 Less: ACH Debits $ 68,265.99 Bank Balance as of January 31, 2001 $212,360.96 2 Less: Transfers to Investment Accounts $ 9,672.14 Less: Outstanding Checks $129,699.57 Less: Encoding Error .03 Less: Retirement Check Run January 31,2001 $ 72,989.22 Reconciled Bank Balance as of January 31, 2001 $ -0- February, 2001 Bank Balance as of February 1, 2001 $212,360.96 Deposits to Checking Account $154,080.40 Transfers from Investment Accounts $216,520.27 Less: Cancelled Checks $219,075.22 Less: Transfers to Investment Accounts $163,752.54 Less: ACH Debits $ 79,052.20 Bank Balance as of February 29, 2001 $121,081.67 Less: Transfers to Investment Account $ 85.82 Less: Outstanding Checks $ 47,510.26 Less: Encoding Error .03 Less: Retirement Check Run February 28, 2001 $ 73,485.56 Reconciled Balance as of February 28, 2001 $ -0- March, 2001 Bank balance as of March 1, 2001 $121,081.67 Deposits to Checking Account $158,076.90 Transfers from Investment Accounts $461,731.42 Less: Cancelled Checks $155,255.95 Less: Transfers to Investment Accounts $155,700.93 Less: ACH Debits $ 63,607.60 Bank Balance as of March 31, 2001 $366,325.51 Less: Transfers to Investment Accounts $ 2,461.79 Less: Outstanding Checks $290,366.94 Less: Encoding Error .03 Less: Retirement Check Run March 31, 2001 $ 73,496.75 Reconciled Bank Balance as of March 31, 2001 $ -0- 1 E 3 Sold By IMR Limited Form 825 F00?02204 April, 2001 Bank Balance as of April 1, 2001 Deposits to Checking Accounts Transfers from Investment Accounts Credit for Returned Check Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits Bank Balance as of April 30, 2001 Less: Outstanding Checks Less: Encoding Error $366,325.51 $149,142.74 $262,603.67 $ 100.96 $394,250.88 $151,604.53 $ 73,164.64 $159,152.83 $ 83,388.53 1_x Less: Retirement Check Run April 30, 2001 $ 75,764.27 Reconciled Bank Balance as of April 30, 2001 $ -0- Moved by Mr. King that the Treasurer's Report be approved, seconded by Mr. Belcastro. j Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Requisitions Moved by Mr. Belcastro, seconded by Mr. King, that the following Requisitions be approved: February 28, 2001 Distributions Check No. Payee Amount 2209 Paine Webber, Inc. as trustee of IRA of $23,281.50 Edward D. Rutledge Acct# PB-68375AU 2210 Parker/Hunter, Inc. as trustee of Cynthia $16,205.88 R. Zubaty Acct# 066-1808316AJC Transfer: PNC Bank $ 6,067.76 2211 Washington Co. Disbursement $ 1,925.00 Transfer: Washington Co. Retirement Acct. $139,528.44 $187,008.58 L, Check Number 2212 2213 2214 2215 2216 2217 2218 2219 2220 2221 2222 Transfer: 2223 Transfer: March 31, 2001 Puee Amount State Employee's Retirement Fund $244,603.00 (Brady, Hood, Michalski, Shire) Edward C. Hutter $ 16,304.65' Betty L. Barnhart $ 4,782.22 Richard Bosco $ 1,404.55' Michael Joyce III $ 2,051.19 Barbara Linkish $ 1,138.55' David Necciai $ 194.45 Leann Sachek $ 741.97 i Georgia Vincent $ 3,780.38 Dayna M. Wozolek $ 1,665.74j Community Bank as trustee of IRA of Brenda Wright $ 536.99 PNC Bank $ 13,875.091 Washington Co. Disbursement $ 30,542.89' Washington Co. Retirement Acct. $ 140,109.741 $ 461,731.421 April 30, 2001 Check Payee Amount 2224 Estate of Rachel McCavitt $ 54.57 2225 Fiduciary Trust Co., NH Custodian of IRA of Vicki L. Clark $ 7,706.43 2226 Prudential Classic Fixed Annuity as trustee of IRA of Emily B. Darney E0223880# $ 15,707.0( 2227 Yvonne S. Dupain $ 12,963.2 2228 Northwest Savings Bank as trustee of IRA of Ruth E. Higinbotham $ 6,937.5 1 S Sold By IMR Limited Form 825 E00'02204 2229 PSECU as trustee of IRA of Rose Marie Keeling $ 13,639.59 2230 John E. Magruda $ 14,187.11 2231 Kimberly Martos $ 223.58 2232 Chantel E. Nichols $ 354.43 2233 James Reid $ 2,893.12 2234 Sherri L. Watson $ 5,034.27 2235 Autumn Wilson $ 1,571.26 Transfer: PNC Bank $ 14,868.75 2236 Washington Co. Disbursement $ 23,188.90 Transfer: Washington Co. Retirement $ 143,273.80 $ 262,603.67 May 31, 2001 Check Payee Amount 2237 Estate of Herver Kerner $ 4.01 2238 Fiduciary Trust Co., NH Custodian of IRA of Mike V. Orlin $ 20,208.70 2239 Bonnie J. Palfrey $ 1,527.91 2240 Fiduciary Trust Co., NH Custodian of IRA Rollover of Bonnie J. Palfrey $ 46,648.33 2241 Jarrod A. Caruso $ 835.80 2242 Kathleen A. Lightner $ 883.31 2243 Prudential Securities as Trustee of IRA of Julie C. Moreschi $ 5,674.06 Transfer: PNC Bank $ 6,702.81 2244 Washington Co. Disbursement $ 29,164.69 Transfer: Washington Co. Retirement Acct. $ 143,947.62 $ 255,597.24 Moved by Mr. Belcastro, seconded by Mr. King, approving the foregoing requisitions. 9 Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Bevec - Yes. Motioned carried unanimously. Old Business None New Business To be Noted for the Record: A Memorandum of Understanding stipulating the approval of a di pension request from Victoria Davidson, from the office of District Justice Weller. It has been noted she has published valid proof to receive Social S Disability. Moved by Mrs. Irey, seconded by Mr. Belcastro. Roll call vote taken for the above: Mr. Belcastro - Yes; Mr. King - Yes; Mr. Burns - Yes; Mrs. Irey - Yes; Mr. Bevec - Yes. Motion carried unanimously. Investment Managers 1st Quarter 2001 Portfolio Presentations INVESCO Allison Corbally explained the workings of their investment company gave an overview of the world market, stating that the economy is rapidly down. She did explain that the growth chart showed positive performance as the end of April and that they had out performed the benchmark. CS McKee Norm Allen began with stating that they had a strong first quarter, but a positive one. He mentioned that in the first quarter they had a positive performance relative to a negative benchmark; he believes that things will improve on a long-term basis. He discussed slower economic growth, touching on high energy prices, a rise in unemployment, and increased consumer debt, adding that we are in a negative savings rate in the U.S. 1 1 825 FCC'022C4 1 1 RRZ Investment Mana _ eg ment Frank Burnette gave an overview of the past six months and the negative impact it has had on our economy. He explained that the continued increase in unemployment and consumer debt should begin to change by the beginning of next year. Yanni-Bilkey Investment Managers Frank Domiesen stated his company monitors performance on a month by month basis and explained that for the first quarter they were running ahead, but the index for a one year period was actually below average. The value tilt has continued down to form the index which has resulted in the first qua r t e r relative performance. Adjournment There being no further business, Chairman Bevec declared the meeting adjourned at approximately 11:30 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: of () , 2001 ATTEST: " SECRETARY Minute No. 188 Washington County Retirement Board Washington, Pa., August 23, 2001 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:00 a.m. on Thursday, August 23, 2001, in the Public Meeting Room, Courthouse Square Office Building, Washington, Pennsylvania, with the following members being present: Commissioners John P. Bevec, Dian4; L. Irey, and J. Bracken Burns, Sr., Treasurer Francis King, and Controller Paul Belcastro. Also being present: Catherine E. Kresh Chief Clerk/Administrator; Roger Metcalfe Budget Director; Angela Lemmon Secretary; Frank Domeisen of Yanni & Bilkey.; Norm Allen of CS McKee; Frank Burnette of RRZ Investment 0 Management; Stacy Wolford, Valley Independent. Approval of Minutes Chairman Bevec entertained a motion to approve Minute No. 187 dated May 31, 2001. Moved by Mr. Belcastro, seconded by Mr. King, that Minute No. 187 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 May, 2001 Bank Balance as of May 1, 2001 $159,152.83 Deposits to Checking Account $155,277.72 Transfers from Investment Accounts $255,597.24 Less: Cancelled Checks $129,224.34 Less: Transfers to Investment Accounts $155,277.72 Less: ACH Debits $ 75,722.24 Bank Balance as of May 31, 2001 $209,803.49