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Home My WebLink AboutCOMM - Meeting Minutes - 227 - 11-20-2008 - RETIREMENTSold By IMR Limited Form 825 WIN 1 1 1 Minute No. 227 Washington County Retirement Board Washington, PA November 20, 2008 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:00 a.m. on Thursday, November 20, 2008 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 Finance Roger Metcalfe; Chief Clerk Mary Helicke; Secretary Joyce Thornburg; Audit Manager Kathy Demarest; Solicitor Lynn DeHaven; Director of Administration Scott Fergus; Observer - Reporter representative Barbara Miller; David Volpe, Tom Datillo, John Thompson, and Scott Blumenthal representing Emerald Advisers; and Lee Martin representing Peirce Park. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 225 dated August 14, 2008 and Minute No. 226 SP dated October 23, 2008. The motion was moved by Mr. Namie and seconded by Mr. King that the above mentioned minutes be approved as written. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Burns — yes; Mr. Maggi — yes. Ms. i Irey abstained from voting for approval of Minute No. 226 SP as she was absent from the meeting. Public Comment None. Treasurer's Report Mr. King stated that for August and September 2008 the bank balance was reconciled to zero. It was moved by Mr. King and seconded by Ms. Irey that the report be approved. No discussion followed. (Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Burns — yes; Mr. Maggi — yes. k Balance as of August 1, 2008 $ 152,523.34 Deposits to Checking Account 217,971.08 Transfers from Investment Accounts 265,012.55 Cancelled Checks (186,737,16) Transfers to Investment Account (5,953.90) ACH Debits (182,732.50) c Balance as of August 30, 2008 $ 260,083.41 s: Transfers to Investment (92.37) s: Outstanding Checks (181,533.36) s: Retirement Check Run August 30, 2008 (78,457.68) onciled Balance as of August 30, 2008 $-4- ik Balance as of September 1, 2008 $ 260,083.41 I: Deposits to Checking Account 219,174.41 Add: Transfers from Investment Accounts f Less: Cancelled Checks Less: ACH Debits Bank Balance as of September 30, 2008 Less: Transfers to Investment Less: Outstanding Checks Less: Retirement Check Run September 30, 2008 Reconciled Balance as of September 30, 2008 370,894.56 (297,855.93) (229,698.01) $ 322,598.44 (3,813.33) (249,830.91) (,68,954.20) �0- Requisitions Mr. Namie stated that requisitions for the months of May, June, and July 2008 totaled $1,654,516.03. It was moved by Mr. Namie and seconded by Mr. King that the requisitions be approved. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Burns — yes; Mr. Maggi — yes. August 2008 Check Payee 3348 Estate of Jeanne M. Kish 3349 Capital Bank & Trust as trustee of IRA of Sharon Bruno 3350 Carolyn A. Crafton 3351 Britt DeMotte 3352 Tara Gshinsky 3353 Merrill Lynch as trustee of IRA of Heather Jakub 3354 Slovenian Savings & Loan Assoc as trustee of IRA of Robert L. Johnson 3355 Robert L. Johnson 3356 Jack W. Lusher, Jr. 3357 Kristie McMasters 3358 Logan Mohr 3359 John M. Mosher 3360 Kathy Reed 3361 Charles R. Rockwell 3362 Paula Sakal 3363 Ralph Ullom 3364 Washington County Cash Disbursement Account 3365 Washington County Regular Payroll Escrow Account Transfer PNC Bank Transfer Washington County Retirement Account Total August 2008 Distributions $ 41.8 4,714.9 624.3 2,051.5 89.4 11,683.8 70,000.0p 1,328.1§ 58,323.11 2,866.71 704.30 ik 17,180.7 1,624.9 i9 611.9 9,442.4 524.10 24,237.50 1 1 Sold ev WR Limited Form 825 E00102204 LI 1 1 September 2008 Check Payee Amou 3366 Estate of Thelma F. Emery $ 44.3 3367 Becky Schwering (Beneficiary of Joanne Grabowski) 13,675.5 3368 William Schwering III (Beneficiary of Joanne Grabowski) 13,675.5 3369 Julie Whitmer 11,440.8 3370 Washington County Cash Disbursement Account 15,451.5 3371 Washington County Regular Payroll Account 1,514.0 3372 Sabian L. Spiker 296.0 3373 Nathaniel Stitch 13,774.2 3374 Erin R. Weight 192.7 3375 Danyal Patterson 21,744.8 3376 David B. Renner 719.3 3377 David M. Snyder 59.6 3378 Cecil P. Miller 289.7 3379 Desmond B. O'Donchoe 20.1 3380 James William Patterson 182.0 3381 Gregory Hilderbrand 14,969.9 3382 William F. Hoskin 685.7 3383 Laura Mae Kramer 450.3 3384 Marijke M. Drinkwater 2,731.8 3385 Amber Gauthier 1,984.5 3386 Teri L. Havelka 4,057.4, 3387 Rebecca S. Chearney 1,283.61 3888 Denise Clark 58.3 3889 Pamela A. Davis 50.31 3390 Jack Bashur 60,286.21 3391 Vanguard as trustee of Terry Bodes 36,200.8: 3392 Elizabeth Carman 51,025.31 Transfer PNC Bank 60,857.0: Transfer Washington County Retirement Account 257,984.4� Total September 2008 Distributions �585,706.91 October 2008 Check Payee Amoun I Estate M. Hill $ 65.99 2 Heather Arbogast 2,968.51 3 Ameriprise Financial Services as trustee of IRA of Teresa Crawford 150,534.02 4 Teresa Crawford 1,337.58 5 Golden Triangle Construction as trustee of IRA of Teri L. 5,072.44 Havelka 6 Washington Community FCU as trustee of IRA of Edwin D. Johnston 36,350.72 7 PNC Bank as trustee of IRA of Cara M. Lytton 7,888.58 2il 0 8 Timothy McCullough 9,20917 9 Terry L. Miller 3,498.09 10 Melissa Briant Oergel 51.64 11 Judith Ann Shrontz 21,825.69 12 Kenneth P. White 9,906.41,' 13 Washington County Disbursement Account 61,760.8511 14 Washington County Regular Payroll Escrow Account 1,552.06y Transfer PNC Bank 22,958.331 Transfer Washington County Retirement Account 256,644.2_5! S Total October 2008 Distributions 591,624.27! Old Business None. New Business Mr. Maggi called for a motion to approve a request by Yvonne Orsatti to purchase unpaid leave time dated 04/22/1991 to 05/12/1991 and 06/03/1996 to 07/01/1996 in the amount of $384.54. The motion was made by Mr. Namie and seconded by Ms. Irey. No discussion followed. 1 Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Bums — yes; Mr. Maggi — yes. Mr. Maggi noted the following for the record: Debra Wingfield agreement to purchase service credit dated 11/28/1982 to 10/09/1984 in the amount of $1,844.66. Patricia L. Berdine agreement to purchase service credit dated 07/07/1997 to 12/05/1997, 01/30/1998 to 03/27/1998, and 10/12/1999 to 09/13/2001 in the amount of $4,467.63. 0 Deborah E. Hannah agreement to purchase service credit dated 02/18/1986 to 01/29/1998 in the amount of $13,644.44. Dennis R. Paluso agreement to purchase service credit dated 05/10/1993 to 09/01/1995 in the amount of $3,755.09. Dennis R. Paluso agreement to purchase service credit dated 01/01/2006 to 09/25/2008 in the amount of $5,738.83. Mr. Paluso was inadvertently omitted from participating in the pension plan for this time period. Presentations Emerald Advisors — John ThopVson, David Volpe, Tom Datillo, and Scott Blumenthal Mr. Thompson gave a short organizational overview of Emerald and briefly touched upon Emerald's performance, stating that they have beaten their benchmark by over 6% since the County transferred to their mid -cap product. Mr. Thompson then turned the presentation over to David Volpe, Senior Portfolio Manager. Mr. Volpe stated that although the equity d markets did very poorly in the 3' quarter, Emerald outperformed in 7 out of 11 major economic sectors. He feels that Emerald is very well positioned to minimize the risk in today's negative market as well as to take advantage of the market's eventual upswing. Peirce Park — Lee Martin Mr. Martin began with a brief market history stating that market decline is usually much faster than recovery. Once the decline bottoms out, the market usually bounces back relatively quickly and then levels out. Today's market conditions show that diversification is key, and the d I 211 Sold By IMR Limited Form 825 E00102204 1 is well diversified. The County's plan also has a value tilt, which traditionally does better in a down market. Both factors contribute to the County performance — the markets were down 30%, while the County was only down less than 18%. Overall performance for the quarter was negative. The County was down about 8% in the 3rd quarter, which was slightly worse than benchmark for the policy index. This was mostly attributable to B1ackRock's performance. Mr. Martin stated that it was a good move on the Board's part to terminate BlackRock in October since their performance has dropped even further since that time. There was good relative performance from Julius Baer, C.S. McKee, and Emerald, poor relative performance from Alliance Bernstein, and a slight underperformance from Twin Capital. In relative terms, Evergreen did well even though they underperformed their benchmark. Compared to other Counties, the Board has done well in managing their liabilities. As a cost saving move, Mr. Martin suggested that the County look at reducing crediting rates to the members' accounts. An adjustment to 4%, the lowest allowed, would save the County about $500,000.00 next year. The meeting was recessed at 11:35 a.m. and reconvened at 1:00 p.m. in the 7th Floor Conference Room. At this time, the following members were present: Commissioners Larry Maggi, J. Bracken Burns, Sr., and Diana L. Irey; Treasurer Francis King; and Controller Michael Namie. Also present were Director of Administration Scott Fergus and Lee Martin representing Peirce Park. Presentations for Fixed Income Manager were given by the following: Emerald Advisors — John Thompson, Tom Datillo, Al Murphy. Segall, Bryant, & Hamill — James D. Dudura, Richard A. Reisert. PNC Capital — Patrick Naughton, Glenn Groniger, John Tracey. Federated Investors — Jed Robie, John Gentry. All presentation materials are available in the Office of the Controller for inspection. A discussion by the Board followed the presentations. Mr. Maggi entertained a motion to hire Federated Investors as Fixed Income Manager. The motion was moved by Ms. Irey and seconded by Mr. King. Those in favor signified by saying aye. Motion carried unanimously. Mr. Namie made a motion to liquidate the Vanguard Short -Term Index, the Vanguard Intermediate -Term Index, and take the funds necessary to total $10 million from C.S. McKee and fund the new Federated Investors account. The motion was seconded by Ms. Irey. No discussion followed. Those in favor signified by saying aye. Motion carried unanimously. The meeting was adjourned at approximately 4:10 p.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: ATTEST: ° AIAP—)l cq , 2009 212 Minute No. 228 Washington County Retirement Board Washington, PA February 12, 2009 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:40 a.m. on Thursday, February 12, 2009 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 Finance Roger Metcalfe; Chief Clerk Mary Helicke; Secretary Joyce Thornburg; Audit Manager ' Kathy Demarest; Solicitor Lynn DeHaven; Director of Administration Scott Fergus; Director of Human Resources Chuck Nicholls; Observer -Reporter representative Barbara Miller; concerned citizen John Adams; Gene Natali, Jr. representing C.S. McKee; and Michael Shone representing Peirce Park. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 227 dated November 20, 2008. The motion was moved by Ms. 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; Ms. 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 Repo Mr. King stated that for October, November, and December 2008, the bank balance was reconciled to zero. It was moved by Mr. King and seconded by Ms. Irey that the report be approved. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Burns — yes; Mr. Maggi — yes. Retirement Allowance Report Bank Balance as of October 1, 2008 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 October 31, 2008 Less: Transfers to Investment Less: Outstanding Checks Less: Retirement Check Run October 31, 2008 $ 322,598.44 311,219.10 591,624.27 (407,338.23) (205,708.37) (197,758.74) $ 414,636.47 (109,324.06) (226,087.82) (79,224.59) 1 u