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Home My WebLink AboutCOMM - Meeting Minutes - 222 - 11-15-2007 - RETIREMENTIMR 011111rig Bull 1 Minute No. 222 Washington County Retirement Board Washington, PA November 15, 2007 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:07 a.m. on Thursday, November 15, 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 Deputy Controller Randy Vankirk. 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; concerned citizen John Adams; Gene Natali representing C.S. McKee; and Lee Martin representing Peirce Park. Approval of Minutes Mr. Burns entertained a motion to approve Minute No. 220 dated August 16, 2007 and Minute No. 221 SP dated October 9, 2007. The motion was moved by Mrs. Irey and seconded by Mr. Maggi that the above mentioned minutes be approved as written. No discussion followed. Roll call vote taken: Mr. Vankirk — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Maggi — yes; Mr. Burns - yes. Public Comment Mr. Adams requested that the Commissioners consider rescinding their annual cost of living raises as this in turn will result in higher pension costs. Treasurer's Report Mr. King stated that for July, August, and September 2007 the bank balance was I reconciled to zero. It was moved by Mr. King and seconded by Mrs. Irey that the report j be approved. No discussion followed. I Roll call vote taken: Mr. Vankirk — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Maggi — yes; Mr. Burns — yes. Retirement Allowance Report Bank Balance as of July 1, 2007 $ 40,334.22 Add: Deposits to Checking Account 340,954.31 Add: Transfers from Investment Accounts 406,256.79 2M Less: Cancelled Checks (161,559.93) Less: Transfers to Investment Account (340,954.31) Less: ACH Debits (166,492.03) Bank Balance as of July 31, 2007 $118,539.05 Less: Outstanding Checks (35,312.21) Less: Retirement Check Run July 31, 2007 (831226.84) Reconciled Balance as of July 31, 2007�0- Bank Balance as of August 1, 2007 $ 118,539.05 Add: Deposits to Checking Account 539,639.64 Add: Transfers from Investment Account 363,893.12 Less: Cancelled Checks (120,245.20) Less: Transfers to Investment Accounts (418,355.34) Less: ACH Debits (163,012.00) Bank Balance as of August 31, 2007 $320,459.27 Less: Transfers to Investment (115,224.30) Less: Outstanding Checks (124,092.86) Less: Retirement Check Run August 31, 2007 (81,147.11) Add: Encoding Errors 5.00 Reconciled Balance as of August 31, 2007�0- Bank Balance as of September 1, 2007 $ 320,459.27 Add: Deposits to Checking Account 440,512.33 Add: Transfers from Investment Account 335,071.76 Add: Bank Credit 5.00 Less: Cancelled Checks (225,918.42) Less: Transfers to Investment (561,796.63) Less: ACH Debits (169,765.31) Bank Balance as of September 30, 2007 $ 138,568.00 Less: Outstanding Checks (59,924.03) Less: Retirement Check Run September 30, 2007 (78,643.97) Reconciled Balance as of September 30, 2007-0- Requisitions Mr. Vankirk stated that requisitions for the months of August, September, and October 2007 totaled $1,194,674.74. It was moved by Mr. Vankirk and seconded by Mrs. Irey that the requisitions be approved. No discussion followed. Roll call vote taken: Mr. Vankirk — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Maggi — yes; Mr. Burns — yes. E 1 L killni It BUO By IMR Limited Form 825 E00102204 August 2007 Check Payee Amoun, 3170 The Estate of Melvin B. Bassi $ 69.7 3171 Sondra L. Caffrey (beneficiary of Joseph DeRocco) 180.7 3172 Deana M. DeRosa 12,325.2 3173 David Doumont 87.E 3174 National City Investments FBO Kellee Finnegan 6,155.c. 3175 Michael Gastgeb 4,897.1 3176 Gretchen L. Irwin 258.E 3177 Lincoln Financial Group FBO Itzela J. Kleppe 775.6 3178 Ray C. Menzeer 263.6 3179 Mon Valley Community FCU as trustee of IRA of Morgan 4,333.2 S. Neil 3180 UBS Financial as trustee of IRA of Jana M. Palko 3,439.0 3181 Cynthia Wright 2,250.6 3182 Washington Co. Cash Disbursement Account 88,660.7 3183 Washington Co. Regular Payroll Escrow Account 1,116.1 Transfer PNC Bank 15,584.8 Transfer Washington County Retirement Account 223,553.7 Total August 2007 Distributions $363,9531. September 2007 Distributions Check Payee Amou 3185 Estate of Virginia Bigler $ 17.4 3186 Charles Harris Beattie 356.4 3187 Terri D. Bellay 3,570.2 3188 Raine Davidson 197.3 3189 Jack Roy Elliott 581.3 3190 Tanya R. Garrett 4,268.3 3191 Michael J. Levkulich 4,427.5 3192 Theresa L. McDonald 9,063.7 3193 Jennifer McEwan 15,232.9 3194 Shauna M. Schnore 4,166.8 3195 Michelle Steffan 21,142.0 3196 Washington Co. Cash Disbursement Account 15,510.1 3197 Washington Co. Regular Payroll Escrow Account 1,116.1 Transfer PNC Bank 22,237.1 Transfer Washington County Retirement Account 233,184.2 Total September 2007 Distributions $ 335,071.7 s Check 3202 3203 3204 3205 i 3206 3207 i 3208 3209 3210 3211 E 3212 E 3213 3214 3215 3216 3217 3218 3219 3220 3201 3222 Transfer Transfer Old Business None. October 2007 Distributions Payee Estate of Jennie Sarver Kimberly A. Ferricks Mary E. Fox Donna M. Goozdich Destinie Javosky Veronica J. Jones Karen Z. Kavakich Andrew Lesnock Joshua A. Long Darla Pepper Miller Darla Pepper Miller Jocelyn A. Necciai Ameriprise as trustee of IRA of Helen J. Orcutt Tiffany Sue Pascoe Carol L. Price Robert C. Roth Kelli L. Sekeres Melissa Lynn Ware Deborah S. Wyland Washington County Cash Disbursement Account Washington County Regular Payroll Escrow Account PNC Bank Washington County Retirement Account Total August 2007 Distributions nt $ 168'90 ,, 1,013a05 6,609 343 7,316.18 5,280.06 22.jt8 fl 2,994.�8 382.8 7,681.�3 67,253. , 0 723.f$9 s 2,944.48 qi 49,410.,4 2,31843 374.6 588.7 3,541.3 6,014. 5 11,705. f., 7 45,913.§5 1,134.8 42,150.�6 New Business Mr. Burns asked for a motion to approve the Washington County Retirement Fund Investment Policy Statement. The motion was moved by Mrs. Irey and seconded by Mr. Maggi. Roll call vote taken: Mr. Vankirk — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Maggi — yes; Mr. Burns — yes. C. S. McKee — Gene Natali, Jr. Mr. Natali began his presentation with a brief market overview, stating that large cap growth was up 16.5% and large cap value was up 5.9%. Since the County has i moved to C.S. McKee's all -cap product, they now have the opportunity to move into the C �l Sold By IMR Limited Farm 825 E00102204 growth area, thereby taking advantage of this investment opportunity. C.S. McKee's portion of the County's plan ended the quarter with approximately $52,155,000, representing a gain of $740,521 and a return of 1.44%. Peirce Park — Lee Martin Mr. Martin also began his presentation with a market overview. For the first year in eight years, growth has exceeded value. The fixed income market is steady, and internationals remain very strong. With oil prices rising and the value of the dollar falling, Peirce Park believes that inflation may begin to become a factor in the future. The County's plan made approximately $2 million for the quarter and approximately $11.5 million for the year, translating to a 12.9% return for the year. Mr. Martin stated that C.S. McKee's core product is doing very well and that the County is well positioned to take advantage of the market's move toward growth. Ark Asset Management's performance was not bad for the quarter, but their overall performance has been below the benchmark and they have since been terminated by the County. Evergreen was down due to the fact that small cap value was the worse performing asset class for the quarter. Emerald's mid -cap product, to which the County moved this year, is doing exceptionally well. In fixed income, BlackRock matched the benchmark and C.S. McKee exceeded the benchmark. The County had a negative quarter in internationals because of The Boston Company. However the County's termination of The Boston Company and subsequent move to Alliance Bernstein and Julius Baer, as well as increasing the international asset allocation, should have a positive effect on the County's performance. The meeting was adjourned at 11:37 p.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: ATTEST: D� _ K. LEA Minute No. 223 Washington County Retirement Board Washington, PA February 20, 2008 The quarterly meeting of the Washington County Retirement Board was held at approximately 2:41 p.m. on Wednesday, February 20, 2008 in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, Bracken Burns 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; concerned citizen John Adams; Gene Natali representing C.S. McKee; and Lee Martin representing Peirce Park. Appointment of Officers Mrs. Irey nominated Mr. Maggi for Chairman of the Retirement Board and Mr. Burns for Vice -Chairman of the Retirement Board. The motion was seconded by Mr. Burns. No discussion followed. Roll call vote taken: yes Mr. Namie — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Burns — yes; Mr. Maggi — As per County Code, Mr. Namie will serve as Secretary by virtue of holding the office of Controller. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 222 dated November 11, 2007. The motion was moved by Mrs. Irey and seconded by Mr. Namie that the above mentioned minutes be approved as written. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Burns — yes; Mr. Maggi — yes Public Comment Mr. Adams requested that the Commissioners consider rescinding their annual cost of living raises as this in turn will result in higher pension costs. Treasurer's Report Mr. King stated that for October 2007, November 2007, December 2007, and January 2008 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. Roll call vote taken: F', 1