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Home My WebLink AboutCOMM - Meeting Minutes - 189 - 11-15-2001 - RETIREMENTSold By IMR Limited Form 825 E00102204 0 0 Minute No. 189 Washington County Retirement Board Washington, Pa., November 15, 2001 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:50 a.m. on Thursday, November 15, 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 Deputy Controller Michael Namie. Also being present: Catherine E. Kresh Administrator/Chief Clerk; Roger Metcalfe Budget Director; Angela Lemmon Secretary; Darrin Duda and Bill Marra of Yanni Partners; Norm Allan of CS McKee; Frank Burnette of RRZ Investment Management; Chris Haines, Herald -Standard; Linda Metz, Observer -Reporter. Approval of Minutes Chairman Bevec entertained a motion to approve Minute No. 188 dated August 23, 2001. Moved by Mr. King, seconded by Mrs. Irey, that Minute No. 188 be approved as written. Roll call vote taken: Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes;Mr. Bevec - Yes. Motion carried unanimously. Treasurer's Report RETIREMENT ALLOWANCE REPORT July, 2001 Bank Balance as of Julyl, 2001 $165,464.55 Deposits to Checking Account $234,329.23 Transfers from Investment Accounts $262,231.02 Less: Cancelled Checks $195,505.17 Less: Transfers to Investment Accounts $234,329.23 Less: ACH Debits $ 80,447.45 Bank Balance as of July 31, 2001 $151,742.95 Less: Outstanding Checks $ 70,058.49 Less: Encoding Errors $ 4.03 Less: Retirement Check Run 7/31/01 $ 81,680.43 Reconciled Bank Balance as of July 31, 2001 $ -0- August, 2001 Bank Balance as of August 1, 2001 $151,742.95 Deposits to Checking Account $155,890.18 Transfers from Investment Accounts $243,726.82 Less: Cancelled Checks $149,556.88 Less: Transfers to Investment Accounts $153,517.68 Less: ACH Debits $ 71,579.97 Bank Balance as of August 31, 2001 $176,705.42 Less: Outstanding Checks $ 98,572.01 Less: Encoding Error $ 1.03 Less: Retirement Check Run 8/31/01 $ 75,756.44 Reconciled Balance as of August 31, 2001 $ -0- September, 2001 Bank Balance as of September 1, 2001 $176,705.42 Deposits to Checking Account $151,152.56 Transfers from Investment Accounts $367,406.93 Less: Cancelled Checks $201,356.86 Less: Transfers to Investment Accounts $153,528.53 Less: ACH Debits $ 73,385.85 Bank Balance as of September 30, 2001 $266,993.67 Less: Outstanding Checks $187,655.65 Less: Encoding Error $ 1.00 Less: Retirement Check Run 9/30/01 $ 79,337.02 Reconciled Balance as of September 30, 2001 $ -0- u 0 Sold By IMR Limited Form 825 E00102204 I� October, 2001 Bank Balance as of October 1, 2001 $266,993.67 II Deposits to Checking Account $153,193.30 Transfers from Investment Accounts $204,128.92 Less: Cancelled Checks $248,543.10 i Less: Transfers to Investment Accounts $153,193.30 Less: ACH Debits $ 75,499.58 Bank Balance as of October 31, 2001 $147,079.91 Less: Outstanding Checks $ 65,917.23 �3 Less: Encoding Error $ 1.00 i Less: Retirement Check Run October 31, 2001 4 $ 81,161.68 Reconciled Bank Balance as of October 31, 2001 $ -0- Moved by Mr. King that the Treasurer's Report be approved, seconded by I Mrs.Irey. I Roll call vote taken: 1 Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Requisitions Moved by Mr. Burns, seconded by Mr. King, that the following Requisitions be approved: August 31, 2001 Distributions Check No. Payee Amount 2291 Marlene Luketich $ 2,419.13 2292 Croation Fraternal Union Annuity as trustee of IRA of Marlene Luketich $ 50,579.31 2293 Salamon Smith Barney as trustee F' of IRA of Jacqueline P. Robertson $ 12,423.25 �6 {E{ 2294 Paul A. Josson $ 5,270.87 2295 Nationwide Family of Funds i� Is as trustee of IRA of Richard D. Kennedy $ 1,302.46 1 2296 Angela Morris $ 3,214.06 8 2297 State Farm Mutual Funds as trustee of IRA of Tracy Reese $ 5,198.23 2298 Sean R. Walters $ 3,551.04 2299 t Toni J. Warnfeld $ 1,249.59 2300 Joyce A. Winters $ 175.20 Transfer: PNC Bank $ 10,075.00 2301 Washington Co. Disbursement $ 2,222.12 Transfer: Washington Co. Retirement Acct. $146,046.56 $243,726.82 i September 28, 2001 Distributions Check No. Payee Amount 2302 Estate of Mary Donahue $ 165.25 2303 Stanley A. Rockovich $ 2,972.06 2304 TIAA-CREF Retirement Accounts as trustee of IRA of Stanley A. Rockovich $ 93,790.94 2305 George C. Hamilton $ 12,345.74 2306 National City Bank as trustee of IRA of Alberta Abbadini $ 39,798.72 2307 PNC Brokerage Corp as trustee of IRA of Lynne A. Daniels $ 1,945.27 2308 Lincoln Life as trustee of IRA of Dawn E. Flort $ 2,463.94 2309 Washington Federal as trustee of IRA of David C. McClelland $ 5,870.03 2310 Maureen E. Pauley $ 4,679.92 2311 Stephen A. Pickios $ 2,512.14 2312 PNC Bank as trustee of IRA of Lynn Marie Ponchlone $ 4,015.17 2316 Betty Richardson $ 92.81 2314 Tracy L. Satterfield $ 449.97 M 2315 WesBanco Bank, Inc. as trustee of IRA of Mark A. Talerico ansfer: PNC Bank 2317 Washington Co. Disbursement ansfer: Washington Co. Retirement Acct. i �g October 31, 2001 Distributions Check No. Payee 2319 Estate of Francis E. Pettit, Jr. 2320 Estate of Tom Cox 2321 Shirley E. Buxhanan 2322 Angela Chichon 2323 Paula Franks 2324 Edward Green 2325 Tina Katherine Bails (Beneficiary of Diane Babin) j 2326 Elizabeth A. Muransky (Beneficiary of Diane Babin) E ansfer: PNC Bank i 2317 2318 Washington Co. Disbursement ansfer: Washington Co. Retirement Acct. Roll call vote taken: Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motioned carried unanimously. Old Business None $ 2,089.30 $ 11,995.39 $ 34,534.61 $147,685.67 $367,406.93 Amount $ 126.95 $ 379.45 $ 144.57 $ 2,122.85 $ 77.34 $ 629.82 $ 3,650.41 $ 3,650.41 $ 7,400.80 $ 40,265.44 $145,680.88 $204,128.92 New Business Moved by Mrs. Irey, seconded by Mr. Burns, for the approval of the Washington County Retirement Board Proposed 2002 Budget. See Attached. Roll call vote taken: Mr. Namie —Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Burns — Yes; Mr. Bevec — Yes. 't To be Noted for the Record: Karen Mruk agreement to purchase service credit dated 08/25/78 to 09/29/90. F Cost - $13,201.75. Moved by Mr. Burns, seconded by Mrs. Irey. Roll call vote taken for the above: Mr. Namie — Yes; Mr. King — Yes; t Mrs. Irey — Yes; Mr. Burns — Yes; Mr. Bevec — Yes. Motion carried unanimously. F To be Noted for the Record Mary Bryker agreement to purchase service credit dated 03/06/94 to 04/05/94, and from 12/25/94 to 06/13/95 and again from 07/07/01 to 11/20/01. Total Cost - $1133.69. Moved by Mr. Burns, seconded by Mrs. Irey. Roll call vote taken for the above: Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. Investment Managers 2"d Quarter 2001 Portfolio Presentations Yanni-Bilkey Investment Managers Darrin Duda discussed the market during the 3rd quarter. He commented on low capital spending, consumer fear and low savings rates. Bill Marra then discussed major events in history and their effect on the market. He commented on the performance of the value manager, small cap size and international allocation. He concluded his presentation by discussing the historical perspectives of the C 1 Sold By IMR Limited Fora 825 E0,0102204 U 1 1 international market, large cap equity universe and mutual fund international equity universe. CS McKee Norm Allan began by stating that in spite of how poorly the market has been doing it was still able to generate a positive return through September 30, 2001. He mentioned that the average pension fund year-to-date is down between 9.2% and 12.5%. Mr. Allan stated that the hiring of Greg Melvin as the Chief Investment Officer in October 2000 has definitely been a benefit to the company. He later discussed how this is a period of uncertainty and that the economy will struggle for a little while longer, but he mentioned that in time the market will go back up. He also stated that the potential for growth is alot greater internationally than it is domestically right now. Mr. Allan ended by discussing the impact that the economy will experience next year due to the recent increase in sales due to low/no interest rates. RRZ Investment Frank Bumette discussed how the economy is going to be effected long-term, and how he believes that a recession may have started back in 1998/1999. He then commented on how interest rates and sales have both dropped. He stated that as of right now they are not able to see a trend on where this extra money will go, whether it will be placed into savings or back, into the economy is still unclear at this time. Mr. Burnette then commented on how their performance was not up to their standards for the year due to the circumstances. Adjournment There being no further business, Chairman Bevec declared the meeting adjourned at approximately 11:55 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: ATTEST: SECRETARY 12001 Minute No. 190 Washington County Retirement Board Washington, Pa., February 21, 2002 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:50 a.m. on Thursday, February 21, 2002, in the Public Meeting Room, Courthouse Square Office Building, Washington, Pennsylvania, 3 with the following members being present: Commissioners John P. Bevec, Diana R. L. Irey and J. Bracken Burns, Sr., Treasurer Francis King, and Controller Mike Namie. Also being present: Catherine E. Kresh, Administrator/Chief Clerk; s Roger Metcalfe, Budget Director; Angela Lemmon, Secretary; Frank Domeisen, Yanni Partners; John Thompson, Emerald Advisors; Norm Allen, CS McKee; s Frank Burnette, RRZ Investment Management; Linda Metz, Observer -Reporter. rt? Approval of Minutes R Chairman Bevec entertained a motion to approve Minute No. 189 dated November 15, 2001. Moved by Mr. Burns, seconded by Mrs. Irey, that Minute No. 189 be approved a written. E Roll call vote taken: 3 Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes;Mr. Bevec - Yes. Motion carried unanimously. Treasurer's Report RETIREMENT ALLOWANCE REPORT November, 2001 Bank Balance as of November 1, 2001 $147,079.91 Deposits to Checking Account $168,912.16 Transfers from Investment Accounts $238,802.97 Less: Cancelled Checks $178,349.14 Less: Transfers to Investment Accounts $168,912.46 Less: ACH Debits $ 70,239.52 S Bank Balance as of November 30, 2001 $137,293.92 E 1 1