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Home My WebLink AboutCOMM - Meeting Minutes - 223 - 2-20-2008 - RETIREMENTSold By IMR Limited Form 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 G.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: 2007 ATTEST: 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 is 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 i9 seconded by Mrs. Irey that the report be approved. No discussion followed. 3' i Roll call vote taken: 4 0 1 1 yes. Retirement Allowance Report Bank Balance as of October 1, 2007 $ 138,568.00 Add: Deposits to Checking Account 287,860.06 Add: Transfers from Investment Accounts 495,619.87 Less: Cancelled Checks (187,364.73) Less: Transfers to Investment Account (287,860.06) Less: ACH Debits (192,141.77) Bank Balance as of October 31, 2007 $ 254,681.37 Less: Outstanding Checks (1767809.56) Less: Retirement Check Run October 31, 2007 (77,871.81) Reconciled Balance as of October 31, 2007 $--0- Bank Balance as of November 1, 2007 $ 130,798.90 Add: Deposits to Checking Account 764,690.05 Add: Transfers from Investment Account 249,204.35 Add: ACH Credit 1,744.33 Less: Cancelled Checks (270,487.23) Less: Transfers to Investment Accounts (550,193.72) Less: ACH Debits (147,651.20) Bank Balance as of November 30, 2007 $ 178,105.48 Less: Outstanding Checks (98,970.92) Less: Retirement Check Run November 30, 2007 (79,134.56) Reconciled Balance as of November 30, 2007 Bank Balance as of December 1, 2007 $ 178,105.48 Add: Deposits to Checking Account 332,662.78 Less: Cancelled Checks (155,556.16) Less: Transfers to Investment (47,056.74) Less: ACH Debits (181,843.76) Bank Balance as of December 1, 2007 $ 126,311.60 Less: Outstanding Checks (51,859.46) Less: Retirement Check Run December 31, 2007 (74,452.14) Reconciled Balance as of December 31, 2007 Bank Balance as of January 1, 2008 $ 126,311.60 Add: Deposits to Checking Account 224,955.56 Add: Transfers from Investment Account 788,349.38 Less: Cancelled Checks (194,726.04) 19 0 nnn Less: ACH Debits (181,433.15) Bank Balance as of January 31, 2008 $ 543,420.35 Less: Transfers to Investments (13,076.25) Less: Outstanding Checks (452,314.28) Less: Retirement Check Run January 31, 2008 (78,029.82) Reconciled Balance as of January 31, 2008 0.0 Requisitions Mr. Namie stated that requisitions for the months of November 2007, December 2007, and January 2008 totaled $1,417,796.81. It was moved by Mr. Namie and seconded by Mrs. Irey that the requisitions be approved. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Burns — yes; Mr. Maggi — yes. Check 3223 3224 3225 3226 3227 3228 3229 3230 3231 3232 Transfer Transfer Check 3234 3235 3236 3237 3238 3239 3240 November 2007 Payee Autumn c. D'Eletto Angel J. Fernbaugh Fidelity Investments as trustee of IRA of Mellissa A. John Kevin Kulasa Carol Oldesson NFS, LLC as trustee of IRA of Eric A. Large Debbie McMasters Chad R. Roule Washington County Cash Disbursement Account Washington County Regular Payroll Escrow Account PNC Bank Washington County Retirement Account Total November 2007 Distributions December 2007 Payee Wendy Sue Ayre Christopher J. Cairns James A. Crites LaTisha Daniels Hayley Lynn Foster Estate of Norma Somales Washington County Regular Payroll Escrow Amour s $ 1,169.01 1,646.41 4, 394. (g 45.5 466.40 11,834.00 321.7;19 14,278.10 58,893.8�1 6S 1,202.11,$ 14,939.08 Amount $ 18,761.57 1,097.84 1,048.29 486.34 1,739.06 89.18 258.01 I 191 Sold By IMR Limited Form 825 E00102204 3241 Washington County Cash Disbursement Account 3,026.57 3242 Washington County Regular Payroll Escrow 1,202.18 Account 3243 Peirce Park 12,500.00 Transfer PNC Bank 16,271.85 Transfer Washington County Retirement Account 229,125.15 Total December 2007 Distributions $ 285,606.04 January 2008 Check Payee Amount 3244 Estate of Ann Golmitz $ 106.95 3245 Estate of Anna M. Lacock 134.26 3246 Corey J. Adams 4,537.92 3247 Dianna L. Brewer 46.51 3248 Heather Dubina 3,558.18 3249 Karen E. Fuller 18,689.79 3250 National City as trustee of IRA of Karen E. Fuller 23,531.83 3251 GCU as trustee of IRA of Susan D. Huggins 37,509.87 3252 Susan D. Huggins 32,000.00 3253 Lisa M. Juskowich 9,708.46 3254 Donna M. Marley 46.51 3255 Cathie M. Monge 4,306.90 3256 Stephanie Patnesky 3,028.85 3257 Vanguard Asset Management Services as 345,100.44 trustee of IRA of Kathleen A. Reda 3258 Washington County Regular Payroll Escrow 1,341.18 Account 3259 Washington County Cash Disbursement Account 30,780.96 Transfer PNC Bank 27,297.69 Transfer Washington County Retirement Account 250 646.26 Total January 2008 Distributions $ 792,372.56 Business None. ew tsusiness Mrs. Irey made a motion to approve the 2008 Retirement Fund budget. The otion was seconded by Mr. Namie. No discussion followed. III call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Burns — yes; Mr. Maggi — 192 Mr. Maggi called for a motion to approve the purchase of Employee Benefit Statements from The Hay Group at a cost of $1.85 per statement for a total approximate cost of $1,988.75. The motion was made by Mrs. Irey and seconded by Mr. Namie. No discussion followed. Roll call vote taken: yes. Mr. Namie — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Burns — yes; Mr. Maggi — Mr. Maggi noted the following for the record: John C. Pettit agreement to purchase service credit dated 01/03/1971 to 02/08/1974 in the amount of $977.12. John C. Pettit agreement to purchase military time dated 03/22/1959 to 09/22/1959 in the amount of $895.38. C. S. McKee — Gene Natali, Jr. Mr. Natali stated that C.S. McKee's portion of Washington County's portfolio grew 5.06% in 2007 ending at $50,251,000. Performance in the 4t" quarter, however, was down 2.21 %. For the current year-to-date, the market was down 8%; C.S. McKee was down 7%, outperforming the market by 100 basis points. Due to financials, specifically the continued fall out of sub -prime mortgages, Mr. Natali said to expect a negative absolute return for 2008. Peirce Park — Lee Martin Mr. Martin began his presentation with a market overview. He stated that 2007 will be known as the sub -prime year — sub -primes are what drove the performance of the entire market. Mr. King asked Mr. Martin when the effects of the sub -prime market would end. Mr. Martin stated that the major effects of the adjustable rate mortgages would probably end in the next six months but the indirect effects would probably last through the end of the year. Inflation was at 4.2% last year and will continue to be a factor in 2008. Mr. Martin also noted that in 2007, growth out -performed value for the first time in eight years. So far in 2008, the market has reverted back to value out- performing growth. Mr. Martin ended his presentation with a brief performance summary. Washington County's total fund was down 1.5% for the quarter. Evergreen was above their benchmark for the year even though small cap value was by far the worst asset class in 2007. Emerald had a positive return for the quarter and was also above the benchmark for the year. BlackRock's performance was 1 % below their benchmark, which is significant for a fixed income manager. C.S. McKee did well on the fixed income side and was above the benchmark. Due to being a value product, Alliance Bernstein was down for the quarter. Julius Baer's performance was very strong for the 1 1 1 1913 Alliance Bernstein by the Board was a very positive move as it gives more diversification across the international space. The meeting was adjourned at 3:15 p.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: a2 , 2008 ATTEST: 19 4 Minute No. 224 Washington County Retirement Board Washington, PA May 15, 2008 The quarterly meeting of the Washington County Retirement Board was held at a approximately 11:08 a.m. on Thursday, May 15, 2008 in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, J. Bracken Burns, f 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; concerned citizen John Adams; Observer -Reporter representative Barbara Miller; Gene Natali representing C.S. McKee; David Reichert representing the Hay Group; Tim D'Arcy representing BlackRock; Steve Shapiro representing PNC Advisors; and Michael Shone representing Peirce Park. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 223 dated February 20, 2008. The motion was moved by Mrs. Irey and seconded by Mr. Burns 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 February and March 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: Mr. Namie — yes; Mr. King — yes; Mrs. Irey — yes; Mr. Burns — yes; Mr. Maggi — yes. Retirement Allowance Report Bank Balance as of February 1, 2008 $ 543,420.35 Add: Deposits to Checking Account 208,397.12 Add: Transfers from Investment Accounts 559,151.39 Less: Cancelled Checks (587,663.24) Less: Transfers to Investment Account (208,367.58) 1 1 1