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Home My WebLink AboutCOMM - Meeting Minutes - 188 - 8-23-2001 - RETIREMENTLimited Form 825 EDD102204 1 1 RRZ Investment Mana ement 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 quarter 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: 0(0 , 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, Dianai L. Irey, and J. Bracken Burns, Sr., Treasurer Francis King, and Controller Paul 3; Belcastro. Also being present: Catherine E. Kresh Chief Clerk/Administrator; Roger Metcalfe Budget Director; Angela Lemmon Secretary; Frank Domeisen ot" Yanni & Bilkey.; Norm Allen of CS McKee; Frank Burnette of RRZ Investment;: 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 1 1 n I Sold By IMR Limited Fcrm 825 E00102204 Less: Outstanding Checks $126,723.88 Less: Encoding Error .03 Less: Retirement Check Run $ 83,079.58 Reconciled Bank Balance as of May31, 2001 $ -0- June, 2001 Bank Balance as of June 1, 2001 $209,803.49 Deposits to Checking Account $158,300.03 Transfers from Investment Accounts $260,953.57 i s Less: Cancelled Checks i $238,127.68 Less: Transfers to Investment Accounts $158,300.03 Less. ACH Debits $ 67,164.83 Bank Balance as of June 30, 2001 4 $165,464.55 Less: Outstanding Checks $ 87,703.19 Less: Encoding Error 3.03 Less: Retirement Check Run $ 77,758.33 Reconciled Balance as of June 30, 2001 $ -0- i . Moved by Mr. King that the Treasurer's Report be approved, seconded by Mr. Belcastro. Roll call vote taken: i Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; I Mr. Burns - Yes; Mr. Bevec - Yes. Requisitions Moved by Mr. Belcastro, seconded by Mr. King, that the following I Requisitions be approved: June 29, 2001 Distributions Check No. Payee 2245 Estate of Florentino M. Garcia 2246 James D. Brezinski 2247 W. Edward Bush 2248 Diane J. Cox Amount $ 34.68 $31,392.65 $ 25.13 $ 160.06 2249 Bernard Jay Diesel $ 579.04 2250 Carrie A. Donaldson $ 4,240.44 2251 Beatrice Holma $ 117.79 2252 Paine Webber as trustee of IRA of Colleen D. Hughes $ 2,345.78 2253 Diana L. Jordan $ 334.76 2254 Linda J. Kolano $ 5,997.77 2255 Richard R. MacFarlane $ 378.56 2256 Jann C. Markley $ 172.95 2257 t Mary Martin $ 5,511.32 2258 i Prudential Insurance Co. of America as trustee of IRA of Mary Martin $ 9,118.12 2259 Lincoln Life as trustee of IRA of I Mary Janice Milarski $ 1,288.21 2260 Ronald G. Pierce $ 184.26 t 2261 Thelma J. Sepulveda $ 872.37 s 2262 Nancy Sutterfield $ 143.13 2263 Carol Thani Taylor $ 3,546.61 2264 Pamela L. Wright $ 1,370.33 Transfer: PNC Bank $18,829.11 Washington Co. Disbursement $30,318.67 Transfer: Washington Co. Retirement Acct. $143,988.83 $260,950.57 July 31, 2001 Distributions Check No. Payee Amount 2266 Kathleen J. Pollacci $ 2,714.06 2267 Capital Bank & Trust Co. as trustee of IRA of Kathleen J. Pollacci $371461.62 2268 Tiffany M. Barnes $ 737.76 2269 { Parker Hunter as trustee of IRA of Bethany A. Bowman $ 941.88 Sold By IMR Limited Form 825 E00102204 2270 Kimberly Ann Cahill $ 150.59 2271 Albert R. Cario $ 325.94 2272 Christie S. Ellis $ 197.69 2273 Jeanetta E. Fedora $ 629.32 2274 William A. Knizner $ 246.85 2275 Charles J. Kraushaar $ 294.20 I 2276 Dana L. Kushner $ 206.56 2277 Everett F. McElfresh $ 459.73 2278 Jonathan W. Miles II $ 3,960.50 I� I 2279 Amy E. Miller $ 134.52 i 2280 Cindy L. Miller y $ 307.14 2281 Carmine Molinaro, Jr. $ 878.27 2282 Sunni S. Powell $ 1,733.78 2283 Lisa I. Ruschell $ .70 2284 Traci L. Scott $ 242.88 2285 Brian J. Sulla $ 1,525.00 2286 Annemarie Sutterfield $ 1,036.97 2287 Nicole M. Thompson $ 1,650.78 2288 James E. Winters, Jr. $ 468.37 2289 Brigitte D. Yancosek $ 1,644.52 , Transfer: PNC Bank $10,639.52 2290 Washington Co. Disbursement $50,314.10 Transfer: Washington Co. Retirement Acct. $143,327.78 $262,231.02 August 31, 2001 Distributions Check No. Payee Amount 2291 Marlene Luketich $ 2,419.13 ! 2292 Croation Fraternal Union Annuity i� as trustee of IRA of Marlene Luketich $50,579.31 2293 Salomon Smith Barney as trustee of IRA of Jacqueline P. Robertson $12,423.25 2294 Paul A. Josson $ 5,270.87 2295 Nationwide Family of Funds as trustee of IRA of Richard D. Kennedy $ 1,302.46 2296 Angela Morris $ 3,214.06 2297 State Farm Mutual Funds as trustee of IRA of Tracey Reese $ 5,198.23 2298 Sean R. Walters $ 3,551.04 2299 Toni J. Warneld $ 1,249.59 2300 Joyce A. Winters $ 175.20 Transfer: PNC Bank $10,075.00 2301 Washington Co. Disbursement $ 2,222.12 it Transfer: Washington Co. Retirement Acct. $146,046.56 $243,726.82 Moved by Mr. Belcastro, seconded by Mr. King, approving the foregoing` rs requisitions. Roll call vote taken: Mr. Belcastro - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motioned carried unanimously. Old Business None New Business To be Noted for the Record: s Stephen Svitek agreement to purchase military service credit dated 12/07/70 to 08/07/71. Cost - $1,962.12. Moved by Mr. Belcastro, seconded by Mr. King. 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. 1 I Sold By IMR 3 1 1 1 To be Noted for the Record : A Memorandum of Understanding stipulating the approval of a disability pension request from Douglas S. Griffith, effective June 1, 2001. It has been noted she has published valid proof to receive Social Security Disability. Moved by Mr. King, seconded by Mr. Belcastro. 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. Investment Managers 2nd Quarter 2001 Portfolio Presentations Yanni-Bilkey Investment Managers Frank Domeisen stated that in the second quarter the equity markets outperformed the bench markets for the first time in over a year. He mentioned that we saw positive numbers for the S&P Index; April was particularly strong. Mr. Domeisen also noted that we saw a reversion to growth in the stocks. The larger stocks were not doing as well as the smaller stocks, whereas the smaller cap stocks were doing better. The bond market performance showed a slight increase in mortgage rates and a concern over poor earnings and credit quality in the quarter. Performance was up for the quarter compared to the static benchmark, but year to date we are still in negative productivity. Mr. Domeisen then gave a brief overview of each company for the last year. He stated that over a five-year period on an annualized basis we are seeing fairly good numbers, but we are behind the benchmark. CS McKee Norm Allen stated that the economy has hit a low point for the year. He explained that recovery will take longer than anticipated. Interest rates and unemployment had both increased in the second quarter, which will cause a continued weakness in our economy. Mr. Allen explained that it will be quite some time before we start to pick up any strength in the equity markets, but that he does expect great things to happen the balance of the year. RRZ Investment Frank Burnette began by stating that these are difficult markets and that things are a little more fundamental. He explained that we will have to be moderate, may get outside surprises and we could return to a super growth environment. He then discussed how capitalization has historically been much higher than E average, but that RRZ now has a lower capitalization. He ended by stating that their performance is not up to their standards and that they are not performing at their peak. Adjournment There being no further business, Chairman Bevec declared the meeting adjourned at approximately 11:25 a.m. J• SECRETARY U 1