HomeMy WebLinkAboutCOMM - Meeting Minutes - 221 SP - 10-9-2007 - RETIREMENTSold By IMR Limited Form 825 E00102204
1
Minute No. 221 SP
Washington County Retirement Board
Washington, PA October 9, 2007
The special meeting of the Washington County Retirement Board was held at
approximately 4:30 p.m. on Tuesday, October 9, 2007 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; and Observer -Reporter
representative Barbara Miller.
Public Comment
None.
I New Business
Mr. Namie made a motion to terminate Ark Asset Management as Washington
I County's large cap growth manager. The motion was seconded by Mr. Maggi.
No discussion followed.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Maggi — Yes; Mr. Burns —
I Yes.
Motion carried.
Mr. Namie made a motion to terminate The Boston Company as Washington
County's international equity manager. The motion was seconded by Mrs. Irey.
No discussion followed.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Maggi — Yes; Mr. Burns —
1 Yes.
I Motion carried.
Mr. Namie made a motion to hire Julius Baer as Washington County's
I international core manager with an allocation of $6 million. The motion was seconded
j by Mrs. Irey.
!� No discussion followed.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Maggi — Yes; Mr. Burns —
Yes.
Motion carried.
Mr. Namie made a motion to hire Alliance Bernstein as Washington County's
international value manager with an allocation of $6 million. The motion was seconded
by Mrs. I rey.
No discussion followed.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Maggi — Yes; Mr. Burns —
Yes.
Motion carried.
Mr. Namie made a motion to hire Twin Capital Management to replace Ark Asset
Management as Washington County's large cap growth manager and allocate the
balance of the funds. Mr. Namie noted that this balance would be approximately $13
million. The motion was seconded by Mrs. Irey.
Mr. Burns remarked that Twin Capital Management is a Washington County firm.
Roll call vote taken:
Mr. Namie — Yes; Mr. King — Yes; Mrs. Irey — Yes; Mr. Maggi — Yes; Mr. Burns —
Yes.
Motion carried.
The meeting was adjourned at approximately 4:35 p.m.
THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL:
, 2007
t
I ATTEST:
i
1