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Home My WebLink AboutCOMM - Meeting Minutes - 214 - 8-17-2006 - RETIREMENT145 Sold By IMR Russel! 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 — Intei. 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 jmeans 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: �u 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) (v156,595.39) $334,583.44 (111,714.33) 1 1 1 WAN Sold By WR Limited Form 825 E00102204 Less: Outstanding Checks Less: Retirement Check Run April 30, 2006 Reconciled Balance as of April 30, 2006 Bank Balance as of May 1, 2006 Add: Deposits to Checking Account Add: Transfers from Investment Accounts Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits Bank Balance as of May 31, 2006 Add- Deposit In Transit Less: Outstanding Checks Less: Retirement Check Run May 31, 2006 Reconciled Balance as of May 31, 2006 Bank Balance as of June 1, 2006 Deposits to Checking Account Transfers from Investment Accounts Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits Bank Balance as of June 20, 2006 Deposit in Transit Less: Outstanding Checks Less: Retirement Check Run June 30, 2006 Reconciled Balance as of June 30, 2006 Bank Balance as of July 1, 2006 Deposits to Checking Account Bank Error Transfers from Investment Accounts Less: Cancelled Checks Less: Transfers to Investment Accounts Less: ACH Debits Bank Balance as of July 31, 2006 Deposit in Transit Less: Outstanding Checks Less: Retirement Check Run July 31, 2006 Reconciled Bank Balance as cf July 31, 2006 (137,476.61) ($85,392.50) �0- $334,583.44 190,091.03 388,011.90 (274,282.69) (291,543.36) ($142,752.19) $204,108.13 1,517.09 (113,302.40) (92,322.82) $ 204,108.13 193,837.41 315,996.92 (239,320.96) (193,837.41) (156,166.06) 124,618.03 1,517.09 (44,207.80) (81,927.32) $124,618.03 72 7,608.18 0.06 305,254.83 (177,587.11) (727,608.18) (154,972.96) 97,312.85 181.26 (13,241.30) (84,252.81) -0- Requisitions Mr. Namie stated that requisitions for the months of May, June, and July 2006 e e totaled $1,009,263.65. It was moved by Mr. Namie and seconded by Mrs. Irey th the requisitions be approved. No discussion followed. Those in favor signified by saying aye. Motion carried unanimously. Mav 2006 Distributions Check Payee Amo4I"t 2968 BlackRock as trustee of IRA of Sandra H. Keller $ 70,72%58 2969 Sandra H. Keller ;w 1,97Q 83 2970 SunAmerica Trust Co. as trustee of IRA of Bunny 19,66467 Kenavey 2971 Janet M. Knox 9,342,45 2972 Timothy J. Reams 23%11 2973 Sandra B. Ross it 1,190;27 2974 WM Group of Funds IRA FBO Brian L. Stewart 3,86012 2975 Lincoln Financial Advisors as trustee of IRA of Edward P. 2,857!18 Yorke 2976 PA SCDU Arthur Couts 75!J00 2977 Washington County Disbursement Account lj 49,914;i1`27 Transfer PNC Bank 11,119184 Transfer Washington County Retirement Account 217,051�58 Total May 2006 Distributions $388.011 J90 June 2006 Distributions Check Payee 2979 Sidney A. Campbell 2980 Lisa H. Hernandez 2891 Monica Anne Hess 2982 Jeffrey A. Hogan 2983 Dawne L. King 2984 Connie J. Rush 2985 April L. Thompson 2986 Theresa Ann Zunic 2987 PA SCDU Arthur Couts 2988 Washington County Cash Disbursement Account Transfer PNC Bank Transfer Washington County Retirement Account Total June 2006 Distributions July 2006 Distributions Check Payee 2989 The Vanguard Group, FTC as trustee of IRA Andrea Hunt A $ 522.12 t 1 1 1 149 2991 2992 2993 2994 2995 2996 2997 Transfer Transfer Business None. ew Business Randy A. Kisner 2,181.32 Matthew S. Lopresti 1,424.83 Debra Undley (beneficiary of Lavera Parkinson) 7,341.70 Danielle L. Patterson 906.76 Heather J. Schuitz 4,073.18 Catherine witch 15,851.83 PA SCDU Arthur Couts 75.00 Washington County Cash Disbursement Account 34,689.36 PNC Bank 16,468.06 Washington County Retirement Account 221,720.67 Total .duly 2006 Distributions 1305254.83 Mr. Burns entertained a motion to ratify an MOU dated July 6, 2006 for approval a disability pension request from Connie J. Shrader. Ms. Shrader was approved by Social Security Administration for a disability pension effective November 2005. Her )unty Disability Pension is retroactive to June 26, 2006. Motion was moved by Mr. imie and seconded by Mr. Maggi. Those in favor signified by saying aye. Motion rr°ied unanimously. Mr. Burns entertained a motion to approve a request from Betty Crouse to buy ack unpaid sick time leave at a rate of $10.00 per pay for the period 06/23/2000 to 0/23/2000 in the amount of 378.08. Motion was moved by Mrs. Irey and seconded by Ir. Namie Those in favor signified by saying aye. Motion carried unanimously. Mr. Burns also noted for the record that interviews for Investment Consulting :s are scheduled for 08/25/2006. Emerald Advisors — Tom Datillo We lost a little over 4% for the quarter but are still up 11.5% overall. We are much less bullish with small -cap than we have been. We are staying invested in growth and continue to outdistance the benchmark. AcKee — Gone Natali, Jr. For the money that we manage for the County, we are down about $358,000 for e quarter. Returns were negative for both fixed income and equity. Oil prices are still ;ry volatile and there is a lot of uncertainty in the market. Even though oil prices are 150 up, consumers have spent more than their income for 5 consecutive quarters. Yanni Partners — Jim Gnecco/Frank Domeisen Ark Asset Management has been underperforming and we will officially place them on the watch list. If you look at Ark on a long-term basis, however, they have outperformed the market. This quarter has been a very weak quarter for small -cap, but F since small -cap has been so strong prior to this quarter, we have no concerns. In internationals, The Boston Company is ahead of benchmark. McKee was down slightly is for the quarter in the fixed income segment but still ahead of benchmark. Overall, the value of the County's portfolio was down, ending at $85.3 million. The meeting was adjourned at approximately 11:41 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: 2006 ATTEST: 0