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Home My WebLink AboutCOMM - Meeting Minutes - 224 - 5-15-2008 - RETIREMENTiwliwsl MUM stimulate the econom, savings are down, food and gas prices are up, and mortgage foreclosures are up, market has been so volatile that it is impossible to make any predictions on future performance. BlackRock — Tim D'Arcy Mr. D'Arcy began his presentation with a brief overview of BlackRock, stating th they have had no major changes in staff or philosophy over the past year. BlackRock is a relative value manager, which has been very difficult during the last few years of low market volatility. As a result, they had positioned themselves very conservatively and their performance suffered. Mr. Shone asked Mr. D'Arcy to explain why BlackRock would lower their allocation to Treasuries and Agencies over the past few years if they were trying to position themselves more conservatively. Mr. D'Arcy explained that they were trying to find value by taking on risk, but less risk than the market. He stated that they are over -weighted in commercial mortgage backed securities, which they feel will position their portfolio better to take advantage of the best in a bad market environment. Peirce Park — Michael Shone Mr. Shone stated that stocks were down for the 1st quarter of 2008, with value slightly out -performing growth. Real estate has been up a surprising 10% this year. As such, Mr. Shone feels that it may be time for the County to get into REITs, with his recommendation being index funds. The Board asked Mr. Shone to research and bring back some names for consideration. Mr. Shone ended his presentation with a brief performance summary. Evergreen continues to perform very well for the County, beating their benchmark for the quarter. As already touched upon, C.S. McKee also continues to perform very well. BlackRock's performance has not been good and is very concerning. Mr. Shone recommended taking a wait and see attitude as to making a decision regarding BlackRock. The meeting was adjourned at 12:30 p.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: `1 u L % , 2008 ATTEST: 1 r�i 1 Sold 8, !MR Lmited P�D m 325 1 3305 Washington County Regular Payroll Escrow Account 1,370.0 3306 Washington County Cash Disbursement Account 60,950.1 Transfer PNC Bank 11,988.5 Transfer Washington County Retirement Account 253,139.7 Total April 2008 Distributions $ 334,060.4 Old Business None. New Business Mr. Maggi called for the ratification of an MOU dated February 25, 2008 for the approval of a disability pension request from Larry E. McDonald. Mr. McDonald was approved to receive a Social Security Disability Pension effective April 2006 and his County Disability Pension was retroactive to February 21, 2008. 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: Mary Jo Zullo agreement to purchase service credit dated 03/10/1980 to 03/17/1989 in the amount of $7,764.58. I Presentations I Hay Group — Dave Reichert Mr. Reichert stated that the County's 2008 actual annual required contribution was lower than estimated, primarily due to investment gains between the time the estimate was calculated and the end of the year. The County's annual required contribution for 2008 is $91,925.00. The biggest factors in determining the County's contribution are salaries and the population of the plan, which are then calculated over a 5 year period. To determine the annual required contribution, salary increases are estimated at 4%. In 2008, County salaries increased 4.8%. During the previous 4 years, however, salaries only increased by 3%. Washington County's Retirement Fund assets exceed its current obligations, resulting in a funding ratio greater than 100%. — Gene Natali. Jr. Mr. Natali stated that for the 1st quarter of 2008, C.S. McKee's portion of Washington County's portfolio was down almost 10% on the equity side and was up slightly at 3.09% on the fixed income side. Although the Fed has been taking steps to VLI T 1 V111 VWl V1V v,vv .. Transfer PNC Bank 22,758. Transfer Washington County Retirement Account 240 761. Total February 2008 Distributions $569.151.3b March 2008 ;! Check 3275 Payee Estate of June S. Hott Amou t $ 7.01 3276 Estate of Wanda Catherine Korowicki 22. 3277 Estate of Francis J. Wiencek 98.0 3278 Joseph J. Babirad 190.2 3279 Trustee of Albert Gallatin FBO Jody Behanna 1 27,296.7,10 3280 MFS Investment Services as trustee of IRA of $11,389# Benjamin J. Ciocco 3281 Christina R. Cole 2,868.5 3282 Capital Bank & Trust as trustee of IRA of John A. Curcio, Jr. 4,302.213 3283 Karen I. Davis 683.7 3284 Heather Eckles 1 1,283.E 3285 Edward Fitzgerald f 832.3� 3286 Pietragalle 401k Plan FBO Anthony J. Giaramita 1,376.51 i, 3287 Beverly Jacobson 16,742.2 3288 Martin L. Kolovich 2,803.5 3289 Justin N. Kyle 243.0. 3290 Danna N. Leaver 384.01 3291 Charie D. Livingood 2,561.81 3292 Jennifer A. Loar 182.4 3293 Sandra L. Nicodem 5,737.5 3294 Virginia Mae Rose 1,598.61 3295 Seleena M. Smith 280.E 3296 Christina Ann Woods 2,545.8 3297 Washington County Cash Disbursement Account 21,933.515 3298 Washington County Regular Payroll Escrow Account 1,370.O.6 Transfer PNC Bank 20,967.01 Transfer Washington County Retirement Account 253.343.511t Total March 2008 Distributions $381,044• April 2008 Check Payee Amou t 3300 Estate of Joseph Mouyard $ 216.9 3301 Angela Furmanek 1,031.8 9 3302 Putnam Fiduciary Trust Co. as trustee of IRA of Mary 3,393.3I E. Regets 3303 Trina M. Siebert 1,636.7� 1 1 11 Bank Balance as of February 29, 2008 $ 333,171.84 Less: Transfers to Investment (13,105.79) Less: Outstanding Checks (240,632.02) Less: Retirement Check Run February 29, 2008 (79,434.03 Reconciled Balance as of February 29, 2008 $--0- Bank Balance as of March 1, 2008 $ 333,171.84 Add: Deposits to Checking Account 225,269.37 Add: Transfers from Investment Accounts 381,044.50 Less: Cancelled Checks (366,943.47) Less: Transfers to Investment Account (225,298.91) Less: ACH Debits (180,573.96) Bank Balance as of March 31, 2008' $ 166,669.37 Less: Transfers to Investment (8,983.04) Less: Outstanding Checks (78,296.99) Less: Retirement Check Run March 31, 2008 (79,389.34) Reconciled Balance as of March 31, 2008 $-�- Requisitions Mr. Namie stated that requisitions for the months of February, March, and April 2008 totaled $1,274,256.32. 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 — l yes. February 2008 Check Payee Amouni 3261 Roxann Drabeck $ 1,082.1 3262 Darcy Hartman 542.0 3263 John L. Haynes, Jr. 7,277.7 3264 National City Bank as trustee of IRA of Joann Matula 67,164.4 (Beneficiary of Paul Matula) 3265 Joann Matula (Beneficiary of Joann Matula) 12,000.01 3266 Carrie Turtzer-Kelley 24,2292 3267 Ray Pittman 763.2' 3268 Fiduciary Trust Co. of New Hampshire as trustee of IRA 3,313.7, of Candace Ann Stockey 3269 Trustee of Global Tax Management, Inc. FBO Kevin S. 3,061.3, Wilkes 3271 Washington County Cash Disbursement Account 54,144.5; 3272 Washington County Regular Payroll Escrow Account 1,383.8-9 3273 Pacific Life Insurance Co. as trustee of IRA FBO Toni J. 117,665.0E Corsie 1194 inute No. 224 Washington County Retirement Board Washington, PA May 15, 2008 The quarterly meeting of the Washington County Retirement Board was held at )proximately 11:08 a.m. on Thursday, May 15, 2008 in the Public Meeting Room with e following members being present: Commissioners Larry Maggi, J. Bracken Burns, and Diana L. Irey; Treasurer Francis King; and Controller Michael Namie. Also esent: Director of Finance Roger Metcalfe; Chief Clerk Mary Helicke; Secretary Joyce iornburg; Audit Manager Kathy Demarest; Solicitor Lynn DeHaven; concerned citizen )hn Adams; Observer -Reporter representative Barbara Miller; Gene Natali presenting C.S. McKee; David Reichert representing the Hay Group; Tim D'Arcy presenting BlackRock; Steve Shapiro representing PNC Advisors; and Michael Shone nting Peirce Park. Mr. Maggi entertained a motion to approve Minute No. 223 dated February 20, 008. 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 m� 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. 6E THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: 9 4 6 ` 2008 ATTEST: J 1