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Home My WebLink AboutCOMM - Meeting Minutes - 190 - 2-21-2002 - RETIREMENTSold By IMR L[mited Form 825 E00102204 21 u 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 Burnette 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: 1%EG'E�9'BER 3 ATTEST: 2v�� SECRETARY MW 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, with the following members being present: Commissioners John P. Bevec, Diana L. Irey and J. Bracken Burns, Sr., Treasurer Francis King, and Controller Mike Namie. Also being present: Catherine E. Kresh, Administrator/Chief Clerk; Roger Metcalfe, Budget Director; Angela Lemmon, Secretary; Frank Domeisen, Yanni Partners; John Thompson, Emerald Advisors; Norm Allen, CS McKee; Frank Burnette, RRZ Investment Management; Linda Metz, Observer -Reporter. "s Approval of Minutes 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 aO 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 November, 2001 Bank Balance as of November 1, 2001 $147,079.91 Deposits to Checking Account Transfers from Investment Accounts Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits Bank Balance as of November 30, 2001 $168,912.16 $238,802.97 $178,349.14 $168,912.46 $ 70,239.52 $137,293.92 1 1 1 IMR Limited Farm 825 EM102204 I 1 1 1 Less: Outstanding Checks $ 64,706.67 Less: Encoding Error 1.00 Less: Retirement Check Run November 30, 2001 $ 72,586.25 Reconciled Bank Balance as of November 30, 2001 $$0- December, 2001 Bank Balance as of December 1, 2001 $137,293.92 Deposits to Checking Account $248,673.23 Less: Cancelled Checks $167,397.26 Less: Transfers to Investment Accounts $170,432.62 Less: ACH Debits $ 78,526.26 Bank Balance as of December 31, 2001 $ 30,388.99- Transfers from Investment Accounts $213,397.92 Less: Encoding Error 2.00 Less: Transfers to Investment Accounts $ 90,380.04 Less: Outstanding Checks $ 20,854.42 Less: Retirement Check Run December 31, 2001 $ 71,772.47 Reconciled Balance as of December 31, 2001 $ -0- January, 2002 Bank Balance as of January 1, 2002 $ 30,388.99- Deposits to Checking Account $155,959.14 Transfers from Investment Accounts $431,355.05 Less: Cancelled Checks $ 93,147.92 Less: Transfers to Investment Accounts $234,198.75 Less: ACH Debits $ 79,577.99 Bank Balance as of January 31, 2002 $150,000.54 Less: Outstanding Checks $ 70,440.62 Less: Encoding Error 2.00 Less: Retirement Check Run January 31, 2002 $ 79,557.92 Reconciled Balance as of January 31, 2002 $ -0- Moved by Mr. King that the Treasurer's Report be approved, seconded by Mrs. Irey. t 24 v: i Roll call vote taken: Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. Requisitions Moved by Mr. Namie, seconded by Mrs. Irey, that the following Requisitions be approved: November 30, 2001 Distributions Check No. Payee 2328 All American Financial Life as trustee of IRA of Patricia L. Berdine 2329 Patricia L. Berdine 2330 Shelley R. Crawford 2331 Capital Bank & Trust as trustee of IRA of Renee Fava-Crockett 2332 Oppenheimer Funds as trustee of IRA of Christine L. Emery 2333 Sharon McCloskey 2334 The Vanguard Group as trustee of IRA of Lori Ann McKown 2335 Kenneth McKinney 2336 Amanda Prinkey 2337 Frances R. Pugne 2338 Mark T. Ritenour 2339 Parker/Hunter Inc. FBO Dorothy Diane Terhorst IRA Account # 0661916119 2340 Capital Bank & Trust as trustee of IRA of Renae D. Wilkins 2341 Renae D. Wilkins 2342 Shannon Williams 2343 Curtis Lee Younger Amount $ 3,443.29 $ 551.79 $ 2,836.45 $ 3,019.51 $ 2,337.65 $ 4,533.97 $ 2,475.71 $ 561.95 $ 187.44 $ 1,495.98 $ 946.86 $ 11,955.49 $ 12,000.00 $ 11,473.49 $ 10,643.97 $ 1,922.11 Sold By !MR Limited Form 825 E00102204 Transfer: PNC Bank $ 15,348.80 2344 Washington Co. Disbursement $ 8,647.14 Transfer: Washington Co. Retirement Acct. $144,421.37 $238,802.97 jj Ii Check No. December 31, 2001 Distributions Payee Amount 2345 Cora Jo Adams $ 3,996.42 2346 Rebecca Sue Bowers $ 8,803.95 2347 Cheryl Hartzell $ 6,060.22 2348 Billie Jo Klaus $ 1,315.64 2349 Mellon Bank/POB Leslie A. Vassilaros $ 3,043.27 2350 Lorraine L. Yasenosky $ 1,458.63 �1 2351 Washington County Regular P Escrow Account $ 258.36 ggPayroll I� Transfer: PNC Bank $12,140.43 2352 Washington Co. Disbursement $30,757.08 Transfer: Washington Co. Retirement Acct. $145,563.92 $213,397.92 January 31, 2002 Distributions Check No. Pee Amount 2353 Estate of Mary W. Chriswell $ 117.50 2354 Estate of Stanley Hulton $ 1.28 2355 i National City Bank successor Custodian F/B/O Rueben Brock $ 1,092.17 2356 Rueben Brock $ 439.25 i 2357 Kelli L. George $ 815.42 s 2358 Charles E. Walker $ 4,273.50 2359 David W. Whipkey $ 2,124.84 2360 Genevieve M. Stewart i) (Bene. David W. Costello) $ 1,541.82 lansfer: PNC Bank $ 7,853.78 2361 Washington Co. Disbursement $ 50,536.54 Transfer: Washington Co. Retirement Acct. $149,161.03 $217,957.13 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 New Business To Be Noted For The Record: Willliam R. Saghy agreement to purchase military service credit dated 04/28/65 tib 04/15/67. Cost - $7,350.86. 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. To Be Noted For The Record: Mary M. Bryker agreement to purchase service credit dated 03/06/94 to 04/05/94=' and 12/25/94 to 06/13/95 for $767.36, 07/08/07 to 11/22/01 for $366.33, 04/20/8ti to 10/08/84 for $429.33. Total cost - $1,563.02. 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. 1 F� 1 I Sold By WR Limited Ferm 825 EOCIO- 204 To Be Noted For The Record: Dolores Gentile requests approval from the county for disability pension benefits. 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. i Motion carried unanimously. To Be Noted For The Record: February 21, 2002 May 16, 2002 August 15, 2002 November 21, 2002 Moved by Mrs. Irey, seconded by Mr. Burns, to approve the meeting dates set for 2002. Roll call vote taken for the above: Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Burns — Yes; Mr. Bevec — Yes. s a Motion carried unanimously. Moved by Mr. Namie, seconded by Mr. King that the interest rate remain at 5.5% for the year 2002. 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. Purchase of 2002 Pension Statements Moved by Mrs. Irey, seconded by Mr. Namie, authorizing the purchase of the i 2002 Pension Benefit Statements. Roll call vote taken for the above: i Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Burns — Yes; Mr. Bevec — Yes. Motion carried unanimously. 2001 Audit Moved by Mr. Namie, seconded by Mrs. Irey, to accept a proposal from the Accounting Firm of Maher Duessel with the cost of the audit remaining at $1,950.00. Roll call vote taken: Mr. Namie — Yes; Mr. King —Yes; Mrs. Irey — Yes; Mr. Burns — Yes; Mr. Bevec — Yes. Motion carried unanimously. Investment Managers 4th Quarter 2001 Portfolio Presentations Yanni-Bilkey Investment Managers Frank Domeisen stated that the larger stocks in general were lagging the smaller stocks for the year and that the S & P Index was down 12%. Mr. Domeisen theta noted that there were eleven interest rate cuts in the bond market. In 2001 the corporate bonds outperformed all other segments, while the treasury had underperformed. He stated that the portfolio at large was up 5.9%, which was right in line with the absolute performance benchmark for the year. Mr. Domeisen also noted that CS McKee had outperformed for the year, while RRZ had underperformed. RRZ missed 2001 by ten percentage points, leaving them'," with a weak stock selection for the year. He stated that this was the first year in the last five that the benchmark had been missed. It was then stated that Invesco had a negative performance for the year, but had outperformed on an internal basis. Emerald Advisors John Thompson began by stating that Emerald has a new CPO, Ed Poll. He stated that the growth over the last year had been in their favor and that Emerald has a good job relationship to the benchmark. He noted that it will be very difficult foil the larger companies to grow as they had in the late 1990's. He then mentioned =g that they had better growth on the small cap side. INVESCO Allison Corbally gave a brief overview of the workings of their investment company for the previous year, stating that they did not have a performance Sold By IMR Limited Form 825 E00102204 1 L 1 turnover. She then explained the growth chart and the performance of the benchmark. CS McKee Norm Allan began by stating that CS McKee completed the buyback of the firm and now is owned by the employees. He noted that they were concerned about a rebound after the recession, but are being very cautious. He then mentioned that the rates had been reduced eleven times. Mr. Allan also stated that he believes that Enron will definitely have an impact on the market, but is still hopeful of a positive market. He then mentioned that right now, during the month of February, they are in negative territory across the board for the market. RRZ Investment Frank Bumette first stated that the firm does see signs for an economic recovery, in respect to products for the county. First, the fixed income, has not generated a performance over the last two years. But they do plan on upgrading their personnel over the next 3 to 6 months. Second, as far as equity, they still have great confidence in their equity team, which is very committed. Brian Summers then stated that 2001 was a year that capitalization was a real liability and that it was not a year where any clear direction was established. Mr. Summers ended by mentioning that they feel that the people and the system of RRZ are running fine, they just did not get the desired results. Adi ournment There being no further business, Chairman Bevec declared the meeting adjourned at approximately 12:35 p.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: SECRETARY i Minute No. 191 Washington County Retirement Board Washington, Pa., May 16, 2002 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:55 a.m. on Thursday, May 16, 2002, 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 Mike Namie. Also being present: Catherine E. Kresh, Administrator/Chief Clerk; Roger Metcalfe, Budget Director; Angela Lemmon, Secretary; Frank Domeisen, Yanni Partners; Norm Allan, CS McKee; Frank Bumette, RRZ Investment Management; Linda Metz, Observer -Reporter. Approval of Minutes Chairman Bevec entertained a motion to approve Minute No. 190 dated February] 21, 2002. Moved by Mrs. Irey, seconded by Mr. King, that Minute No. 190 be approved as's: 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 February Bank Balance as of February 1, 2002 $150,000.54 Deposits to Checking Account Transfers from Investment Accounts Credit for Stale Dated Check Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits $158,621.64 $279,775.49 $ 1,644.52 $141,584.73 $158,621.64 $ 76,214.69 1 1