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Home My WebLink AboutCOMM - Meeting Minutes - 213 - 5-4-2006 - RETIREMENTMinute No. 213 Washington County Retirement Board Washington, PA May 4, 2006 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:00 a.m. on Thursday, May 4, 2006 in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, J. Bracken Burns, Sr., and Diana L. Irey; Treasurer Francis King; and Controller Michael Namie. Also present: Director of Finance Roger Metcalfe; Chief Clerk Mary Helicke; Secretary Joyce Thornburg; Audit Manager Kathy Demarest; Solicitor Lynn DeHaven; and Observer - Reporter representative Barbara Miller. Approval of Minutes Mr. Burns entertained a motion to approve Minute No. 212 dated February 2, 2006. Motion was moved by Mr. Namie and seconded by Mrs. Irey that the above mentioned minutes be approved as written. No discussion followed. Those in favor signified by saying aye. Motion carried unanimously. Treasurer's Report Mr. King stated that from January 2006 through March 2006 the bank balance was reconciled to zero. It was moved by Mr. King and seconded by Mrs. Irey that the report be approved. No discussion followed. Those in favor signified by saying aye. Motion carried unanimously. j Retirement Allowance Report Bank Balance as of January 1, 2006 $142,264.22 Add: Deposits to Checking Account 98,737.19 Add: Transfers from Investment Accounts 291,911.93 Less: Cancelled Checks (179,129.98) Less: Transfers to Investment Account (86,608.35) Less: ACH Debits ($125,952.81) Less: Encoding Errors 0.04 Bank Balance as of January 31, 2006 $141,222.16 Add: Deposit Error 91.81 Add: Refund Federal W/H 1,471.00 Less: Outstanding Checks (66,185.78) Less: Retirement Check Run January 31, ($76,599.19) 2006 Reconciled Balance as of January 31, 2006 -$--0- 1142 Bank Balance as of February 1, 2006 $141,222.16 i Add: Deposits to Checking Account 192,889.71 Add: Transfers from Investment Accounts 289,301.54 { Less: Cancelled Checks (157,262.91) Less: Transfers to Investment Accounts (192,125.80) Less: ACH Debits ($157,181.37) Bank S Balance as of February 28, 2006 $116,843.33 Add: Refund Federal W/H 1,471.00 Add: i Deposit Error 91.81 Less: Outstanding Checks (34,653.77) Less: Retirement Check Run February 28, 2006 (83,752.37) Reconciled Balance as of February 28, 2006 Bank Balance as of March 1, 2006 $ 116,843.33 Deposits to Checking Account 193,180.14 Transfers from Investment Accounts 295,537.15 Less: Cancelled Checks (154,287.97) Less: Transfers from Investment Accounts (191,317.36) Less: ACH Debits (148,902.49) Bank Balance as of March 31, 2006 111,052.80 Deposit in Transit 6,134.02 Less: Outstanding Checks (33,295.87) Less: Retirement Check Run March 31, 2006 (83,890.95) Reconciled Balance as of March 31, 2006 Requisitions Mr. Namie stated that requisitions for the months of February, March, and April 2006 totaled $965,085.12. It was moved by Mr. Namie and seconded by Mr. King that the requisitions be approved. No discussion followed. Those in favor signified by saying aye. Motion carried unanimously. February 2006 Distributions { i Check Payee AmouO 2928 Colleen M. Carlson $ 26,020.10 2929 Paul A. Duncan 630.0' 2930 Joshua A. Lyons 2,208.1 2931 Ryan Matthew Miller 492.0 2932 Timothy B. Thurman 2,404J,�` 2933 PA SCDU (Arthur Couts) 75.do 1 L' Sold By [MR Limited Form 825 C001 Transfer PNC Bank 10,293.0 Transfer Washington County Retirement Account 212,683.8 Total February 2006 Distributions $289,034.3 March 2006 Distributions Check Payee Amoui 2935 Ronald Moore Jr. (replacement check — amount not $ 2,578.0 included in Total March 2006 Distributions) 2936 David Allen Anderson 527.4 2937 Scott T. Artis 2,838.7 2938 Adrienne Xaviera Conant 7,414.4 2939 Wash Fed Savings Bank as trustee of IRA of Anita 1,074.6 Cowan Deal 2940 Jeff P. Knetzer 6,855.2 2941 Met Life as trustee of IRA of Deanna Lonick 9,803.3 2942 Michael Marshall 90.7 2943 Darlene L. Thompson 590.8 2944 Michael R. Utchel 3,661.2 2945 PA SCDU Arthur Couts 75.0 2946 Washington Co. Cash Disbursement Account 37,407.9 Transfer PNC Bank 16,040.3 Transfer Washington Co. Retirement Account 209,157.1 Total March 2006 Distributions $ 295,537.1 Aoril 2006 Distributions Check Payee Amount 2948 Karen Adams $ 31.19 2949 Alfleda Bane 24,234.52 2950 Ryan Byrne 116.06 2951 Raffaele Casale 1,580.73 2952 Cara Cline 4,211.77 2953 Victor A. Fedrick 12,202.40 2954 Jodie L. Fleming 83.99 2955 Sherri Kolson 577.47 2956 Dorothy Mae Kosa 10,836.50 2957 Tina Marie Landis 520.31 2958 Janet Legerski 56.93 2959 Suzanne Morgan 1,588.37 2960 Sheila Stauffer 1,431.27 2961 PNC Investments as Trustee of IRA of Martha Ward 76,484.05 2962 Kurt J. Winter 1,157.45 2963 James Wood 1,924.41 2964 PA SCDU Arthur Couts 75.00 114 4 Transfer Transfer Old Business None. New Business PNC Bank Washington Co. Retirement Account Total April 2006 Distributions 23,931.60 214,125.45 $ 380,513.59 . Mr. Burns entertained a motion to ratify an MOU dated February 16, 2006 for approval of a disability pension request from Judith Waterman. Ms. Waterman was approved by the Social Security Administration for a disability pension effective September 2005. Her County Disability Pension is retroactive to January 18, 2006. Motion was moved by Mr. Maggi and seconded by Mr. Namie. Those in favor signified by saying aye. Motion carried unanimously. Mr. Burns entertained a motion to ratify an MOU dated March 8, 2006 naming Washington Federal Savings Bank as Washington County's "Automatic Rollover" provider. Motion was moved by Mr. Maggi and seconded by Mr. King. Those in favor signified by saying aye. Motion carried unanimously. Yanni Partners — Jim Gnecco The S&P was up 4.3% for the quarter and about 11 Y2 % for the last 12 months. Mid -cap, large -cap, and international did even better. All -in -all, it was a good quarter fors equities. Fixed income was negative for the quarter, but Treasuries were positive. The shorter the term, the better the return was in this quarter. In equities, C.S. McKee trailed the benchmark for the quarter, but was well ahead of the benchmark at the one, three, and five year. Ark was a bit of a disappointment for the quarter. They had a positive return, but it was only 1.1 % as opposed to 3.1 % for the benchmark. The total for the two is well ahead of the benchmark for the longer duration, proving that active management is working much better than indexing would have for the same period. Evergreen was positive for the quarter, but also trailed the benchmark. Emerald had a very strong quarter, up 15%. International matched the benchmark for the quarter. Both fixed income managers, C.S. McKee and BlackRock, were ahead of the benchmark even though fixed income had a negative quarter. For the bottom line, the total portfolio for the quarter was positive bringing the valuation from $84.5 million to just shy of $87 million. C. S. McKee — Norm Allan For the money that we manage for the County, we are up about $1 million for the quarter. The benchmark index for fixed income was down 0.65% for the quarter; we 1 1 1 145 Sold By IMR V v, v yr „y v, v.vv ice, vvuan ,y Russell 1000 Value Index was up 5.93%. We were up 4.18%, trailing the index. The reason for our underperformance was because we did not own Exxon, which was the big mover of the Index, and we did own a big underperformer which is not on the Index — Intel. As for the rest of the year, oil is still the big unknown, but with rising interest rates, the fixed income portion of the portfolio will not perform well with only a 1 % - 2% return. On the equity side, small -caps and internationals will continue to be strong. PNC Advisors/BlackRock — Dana Luksic, Don Perault In the fixed income market, we expect a continuation of last year's performance trend. We feel that interest rates are still way too low. For that reason, we have positioned your portfolio very defensively. We have kept things very short-term, which means less interest rate risk. Because of our defensive strategy, we are underweighted in corporate bonds and mortgages. We like commercial real estate bonds and asset - backed securities. For the total portfolio, we have lower risk than the benchmark and still have outperformed for the month and quarter and are at benchmark for the year. The meeting was adjourned at approximately 11`50 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: -�� 7 , 2006 ATTEST: `'. 146 Minute No. 214 Washington County Retirement Board Washington, PA August 17, 2006 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:00 a.m. on Thursday, August 17, 2006 in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, J. Bracken Burns, Sr., and Diana L. Irey; Treasurer Francis King; and Controller Michael Namie. Also present: Director of Administration Scott Fergus; Director of Finance Roger Metcalfe; Chief Clerk Mary Helicke; Secretary Joyce Thornburg; Audit Manager Kathy Demarest; Solicitor Lynn DeHaven; Observer -Reporter representative Barbara Miller; and interested citizens Carl Maggi, and John Adams. Approval of Minutes Mr. Burns entertained a motion to approve Minute No. 213 dated May 4, 2006. Motion was moved by Mr. Maggi and seconded by Mrs. Irey that the above mentioned minutes be approved as written. No discussion followed. Those in favor signified by saying aye. Motion carried unanimously. Public Comment Mr. John Adams requested that the Commissioners freeze all elected official salaries and rescind the 3% yearly increase. Treasurer's Report Mr. King stated that from April 2006 through July 2006 the bank balance was reconciled to zero. It was moved by Mr. King and seconded by Mr. Maggi that the report be approved. No discussion followed. Those in favor signified by saying aye. Motion carried unanimously. Retirement Allowance Report Bank Balance as of April 1, 2006 Add: Deposits to Checking Account Add: Transfers from Investment Accounts Less: Cancelled Checks Less: Transfers to Investment Account Less: ACH Debits Bank Balance as of April 30, 2006 Less: Investment Transfer $111,052.80 291,841.04 381,427.67 (109,346.63) (183,796.05) ($156,595.39) $334,583.44 (111,714.33) 1 1