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Home My WebLink AboutCOMM - Meeting Minutes - 200 - 5-15-2003 - RETIREMENTSaid By IMR 1 1 1 Minute No. 200 Washington County Retirement Board Washington, PA, May 15, 2003 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:40 a.m. Thursday, May 15, 2003, in the Public Meeting Room, with the following members being present: Commissioners John P. Bevec, Diana L. Irey, and J. Bracken Burns, Sr.; Treasurer Francis King; and Controller Michael Namie. Also present: Administrator/Chief Clerk Catherine E. Kresh; Budget Director Roger Metcalfe; and Secretary Joyce Thornburg. Approval of Minutes Chairman Bevec entertained a motion to approve the following minutes: Workshop Minutes dated January 14, 2003, Minute No. 196 SP dated January 24, 2003, Minute No. 197 dated February 20, 2003, Minute No. 198 SP dated March 13, 2003, and Minute No. 199 SP dated March 19, 2003. It was moved by Mrs. Irey and seconded by Mr. King that the above mentioned minutes 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 It was moved by Mr. King and seconded by Mrs. Irey that the Treasurer's Report be approved. Roll call vote taken: Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Burns — Yes; Mr. Bevec — Yes. Motion carried unanimously. Retirement Allowance Report Bank Balance as of January 1, 2003 $83,512.46 Deposits to Checking Accounts 170,702.96 Transfers from Investment Accounts 236,157.60 Less: Cancelled Checks 116,227.43 Less: Transfers to. Investment Accounts 88,474.14 Less: ACH Debits $91,355.93 Bank Balance as of January 31, 2003 $194,315.52 Less: Deposit in Transit 82,228.82 Less: Outstanding Checks 32,156.76 Less: Retirement Check Run January 31, 2003 $79,929.94 Reconciled Balance as of January 31, 2003 $ -0- Retirement Allowance Report Bank Balance as of February 1, 2003 $194,315.52 Deposits to Checking Account 174,519.40 Transfers from Investment Accounts 202,137.44 Less: Cancelled Checks 106,364.12 Less: Transfers to Investment Accounts 88,229.31 Less: ACH Debits $95,574.47 Bank Balance as of February 28, 2003 $280,804.46 Less: Deposit in Transit 168,518.91 Less: Outstanding Checks 29,503.64 Less: Retirement Check Fun February 28, 2003 $82,781.91 $-0- 7'4 Retirement Allowance Report Bank Balance as of March 1, 2003 $280,804.46 Deposits to Checking Account 180,387.25 Transfers from Investment Accounts 229,658.69 Less: Cancelled Checks 131,966.75 Less: Transfers to Investment Accounts 304,898.81 Less: ACH Debits $95,292.43 Bank Balance as of March 31, 2003 $158,692.41 Less: Deposit in Transit 44,007.35 Less: Outstanding Checks 35,612.86 Less: Retirement Check Run March 31, 2003 $79,072.20 Retirement Allowance Report Bank Balance as of April 1, 2003 $158,692.41 Deposits to Checking Account 176,515.10 Transfers from Investment Accounts 240,644.27 Less: Cancelled Checks 139,590.50 Less: Transfers to Investment Accounts 175,815.57 Less: ACH Debits $96,247.68 Bank Balance as of April 30, 2003 $164,198.03' Less: Deposit in Transit 44,097.21 Less: Outstanding Checks 41,260.77 Less: Retirement Check Run April 30, 2003 $78,840.05 Reconciled Balance as of April 30, 2003 t Requisitions Mr. Namie stated that requisitions for February, March and April 2003 totaled $672,440.40. Mr. Namie made a motion to approve the requisitions. The motion was seconded by Mr. King. Roll call vote taken: Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Burns — Yes; Mr. Bevec — Yes; Motion carried unanimously. February 2003 Distributions Check Number Payee Amount 2490 Estate of Arnold W. Hirsch $29.14 2491 Estate of Keith Rodney Sim 81.43 2492 Capital Bank & Trust Co. as trustee of 2,375.90 IRA of Michael Brandtoines i 2493 Melanie K. Carroll 371.88 2494 Angela K. Furmanek 12,295.62 2495 Tina Sosnak 2,163.48 2496 Pennsylvania SCDU 75.00 Transfer PNC Bank 10,226.55 2497 Washington Co. Disbursement 8,051.84 Transfer Washington Co. Retirement Acct. 166,466.60 $202,137.44 1 Form 825 E;-1,102204 19 LJ 1 fl March 2003 Distributions Check Number Payee Amount 2498 Lord Abbett & Co. as trustee of IRA of $5,850.81 Michael D. Comfort 2499 Lincoln Financial Advisors as trustee of 4,028.03 IRA of Leah M. Lewandowski 2500 Washington Federal Savings Bank as 3,632.16 trustee of Debra McKinney 2501 Jodee L. Mitchell 421.52 2502 Brian S. Morgan 9,186.46 2503 Croation Fraternal Union of America as 191.12 trustee of IRA of Linda K. Porter 2504 Dennis J. Rowlands 1,662.03 2505 John A. Stauffer 599.62 2506 Sandra Svercek 73.72 2507 Gary L. Swart 221.58 2508 Brian M. Schultz 143.24 2509 Pennsylvania SCDU Arther Couts 75.00 169-54-0923 Transfer PNC Bank 9,029.53 2510 Washington Co. Disbursement 30,948.09 Transfer Washington Co. Retirement Acct. 163,595.78 $229,658.69 April 2003 Distributions Check Number Payee Amount 2512 Citizens Bank as trustee of IRA of $2,197.79 Tyrone D. Curry 2513 Lawrence J. Kalcevic 432.59 2514 Daniel P. Kamenski 1,637.61 2515 Georgia Manfredi 11 108.57 2516 Washington County FCU as trustee of 1,843.74 IRA of Deborah S. Sakovich 2517 Jennifer Wargo Lytton 509.78 2518 Estate of Donetta J. Clemens 91.04 2519 Estate of Gladys Wright 152.17 2520 Pennsylvania SCDU Arthur Couts 75.00 169-54-0923 2521 Slovenian Savings & Loan as trustee of 22,442.64 IRA of Marilyn L. B. Dragan Transfer PNC Bank 7,243.77 2511 Washington Co. Disbursement 37,809.90 Transfer Washington Co. Retirement Acct. 166,099.67 $240,644.27 Old Business None. New Business A disability pension request has been approved for Marc McGlone by the Social Security Administration. Mr. McGlone has already been approved for County disability pension by MOU. This request was moved by Mrs. Irey and seconded by Mr. King. Roll call vote taken: Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. A disability pension request has been approved for Carl Pitzarella by the Social Security Administration. Mr. Pitzarella has already been approved for County disability pensiQjn by MOU. It should also be noted that payments will commence upon the County's receipt of Mr. Pitzarella's physician's statement of continued disability. This request was moved by Mr$. Irey and seconded by Mr. King. Roll call vote taken: Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. Purchase of Employee Benefit Statements from The Hay Group at a cost of $1.75 por statement for a total approximate cost of $1,862.58. This request was moved by Mrs. Irey anti seconded by Mr. King. Roll call vote taken: Mr. Namie - Yes; Mr. King - Yes; Mrs. Irey - Yes; Mr. Burns - Yes; Mr. Bevec - Yes. Motion carried unanimously. To be noted for the record, an agreement for Carl Pitzarella to purchase service cr dated January 9, 1993 to January 25, 1993 and October 13, 1993 to March 28, 1994 in the amount of $1,358.58. No motion required. Investment Managers Presentations Invesco - Allison Corbally During the first quarter of 2003, Invesco was slightly ahead of the benchmark and added 6-1/2% over the past three years. From April 2003 to the present, Invesco was up 12- 1/2% with a year-to-date of a positive 3-1/2%. This is in line with the international equity benchmark. Ms. Corbally stated that Invesco builds the portfolio one stock at a time and the ultimate goal is to result in the portfolio being consistent and repeatable. Some of the more recent time periods of quarterly returns have either out -paced the benchmark or have been right in line. The top 10 holdings represent 28% of the portfolio. Invesco is exposed in 17 countries with a benchmark of 21. In the long term, Invesco is primarily concerned with returns coming from separate industries as opposed to separate countries, although holdings in Europe have faired extremely well due to the strengthening of the Euro and the weakening of the dollar. Norm Allan - C. S. McKee Although there was a negative equity market in the first quarter, things have improved in the ' second quarter and optimism is high for the entire year. Total Portfolio performance indicateb a +.12% for the quarter versus a blend of the benchmark which is a-1.74%. Fixed Income generated 1.45% for the quarter versus the bond index which was up 1.39%. Value Equity fi was down 1.36% versus the index which was down 4.86%. The total portfolio combined, C. McKee led the benchmark by 185 basis point or -3.65% versus-5.45%. Troublesome areas lio watch include no pick-up in business spending and an increase in pension costs. This will 'fl, probably continue throughout he year. On a positive note, earnings were up 7% in two-thirds'= of the S&P companies in the 1st quarter and consumer optimism took a big spike upward. Stocks are also up 7% year -to date. Positive growth is still expected in the total portfolio for the year. Frank Domeisen - Yanni Partners Mr. Domeisen stated the S&P performance was down 3.2%. The only economic sector that was high was health care - energy was flat, information technology was off-0.5%,"; and materials and consumer staples underperformed the S&P. To be noted, the quarter 1 Sold By IMR Limited Form 825 EOM02204 7 ended on the up side after being negative the first 6 days of January. Bond market interest rates were not cut during the quarter. Corporates went up as did treasury prices. Treasuries and agencies were up 1 and 1.2% respectively. U.S. Corporate Investment Grade was up 2.4%. Two quarters in a row saw a significant high performance by corporate versus treasury and industry. Overall, the benchmark that is used for the quarter is now the Lehman Brothers Aggregate (this was changed at the first of the year), to reflect the fact that the portfolio in the market place does hold a fair amount of mortgage backed securities in the neighborhood of 30%. Total Combined Portfolio was actually down -0.9% for the quarter. In terms of relative performance, the peer group universe outperformed in the 3rd decile, meaning that 7 out of 10 portfolios with similar allocations underperformed the year performance. Large Cap Value (C.S. McKee) outperformed the Russell 1000 Value benchmark by 3.5%. That puts it in the first decile of large cap value managers in the universe. The RRZ portfolio trailed the Russell Growth benchmark by 2.1 %. Emerald lagged slightly for the quarter because of overweighting technology and higher quality technology. International Equity is in the fifth decile and in the second decile for the trailing one year. Fixed income in both portfolios matches the benchmark and puts it in the fifth decile. Performance beat the peer group for the quarter and the trailing year beat the median. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: jVL/ elf 2003 ATTEST: SECRETARY 1 u Minute No. 201 Washington County Retirement Board Washington, PA, August 21, 2003 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:55 a.m. Thursday, August 21, 2003, in the Public Meeting Room, with the I, following members being present: Commissioners Diana L. Irey and J. Bracken Burns, Sr.; Treasurer Francis King; and Controller Michael Namie. Also present: Administrator/Chief Clerk Catherine E. Kresh; Director of Finance Roger Metcalfe; Sheriff Larry Maggi; and Administrative Assistant Linda Belcher. Approval of Minutes Mr. Burns entertained a motion to approve Minute No. 200 dated May 15, 2003. It v4s seconded by Mrs. Irey that the above mentioned minute be approved as written. Motion carried unanimously. Treasurer's Report Mr. King entertained a motion to approve the Treasurer's Report. It was seconded b Mrs. Irey that the Treasurer's Report be approved. Motion carried unanimously. Mr. Burns entertained a motion to dispense with the formal roll call. Motion carried unanimously. Retirement Allowance Report Bank Balance as of May 1, 2003 $164,198.03 D if t Ch K A eposi s o ec ing ccounts 179,518.98 Transfers from Investment Accounts 233,806.51 Less: Cancelled Checks 131,799.51 Less: Transfers to Investment Accounts 223,616.19 Less: ACH Debits 97,981.56 Bank Balance as of May 31, 2003 $124,126.26 Less: Outstanding Checks 51,831.63 Less: Retirement Check Run May 31, 2003 $72,294.63 Reconciled Balance as of May 31, 2003( - Retirement Allowance Report Bank Balance as of June 1, 2003 $124,126.26 Deposits to Checking Account 272,278.97 Transfers from Investment Accounts 259,291.38 Less: Cancelled Checks 116,832.57 Less: Transfers to Investment Accounts 89,461.26 Less: ACH Debits $101,738.14 Bank Balance as of June 30„ 2003 347,664.64 Less: Deposit in Transit 182,817.71 Less: Outstanding Checks 95,630.38 Less: Retirement Check Fun June 30, 2003 $69,216.55 �0- Retirement Allowance Report Bank Balance as of July 1, 2003 $347,664.64 Deposits to Checking Account 179,384.33 Transfers from Investment Accounts 195,205.97 Less: Cancelled Checks 169,325.19 Less: Transfers to Investment Accounts 359,850.92 Less: ACH Debits 11? 1 `9.70 1 L