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Minute No. 232
Washington County Retirement Board
Washington, PA February 18, 2010
The quarterly meeting of the Washington County Retirement Board was held at
approximately 10:20 a.m. on Thursday, February 18, 2010 in the Public Meeting Room with
the following members being present: Commissioners Larry Maggi and Diana Irey;
Controller Michael Namie; and Treasurer Francis L. King. Also present: Chief Clerk Mary
Helicke; Secretary Joyce Thornburg; Audit Manager Kathy Demarest; Solicitor Lynn
DeHaven; Director of Administration Scott Fergus; Executive Secretary for Commissioner
Burns Sue Orrick; Observer -Reporter representative Barbara Miller; WJPA representative
Randy Gore; concerned citizens John Adams, Carl Maggi, and Brenda Prigg; Gene Natali, Jr.
representing C.S. McKee; and Lee Martin representing Peirce Park. Commissioner J. Bracken
Burns was absent.
Approval of Minutes
Mr. Maggi entertained a motion to approve Minute No. 231 dated November 19, 2009.
The motion was moved by Mr. Namie and seconded by Mrs. Irey 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. Maggi — yes.
Motion passed unanimously.
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 November and December 2009, 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. Maggi — yes.
Motion passed unanimously.
Retirement Allowance Report
Bank Balance as of November 1, 2009
$ 185,038.57
Add:
Deposits to Checking Account
269,258.42
Add:
Transfers from Investment Accounts
244,941.79
Add:
ACH Credit
458.98
Less:
Cancelled Checks
(189,004.92)
Less:
ACH Debits
(316,605.06)
232
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Less: Transfers into Checking Account (55,571.12)
Less: Outstanding Checks (15,767.03)
Less: Retirement Check Run (122,749.63)
Reconciled Balance as of November 30, 2009 $ Q
Bank Balance as of December 1, 2009
$ 194,087.78
Add:
Deposits to Checking Account
571,948.83
Add:
Transfers from Investment Account
400,174.02
Less:
Cancelled Checks
(151,627.26)
Less:
Transfer to Investment
(627,519.95)
Less:
ACH Debits
(298,784.94)
Bank
Balance as of December 31, 2009
$ 88,278.48
Less:
Transfers into Checking Account
(866.75)
Less:
Outstanding Checks
(55,722,71)
Less:
Retirement Check Run
31 689.02
Reconciled Balance as of December 31, 2009
$ Q
Requisitions
Mr. Namie stated that requisitions for the months of November 2009, December 2009,
and January 2010 totaled $1,435,081.22. It was moved by Mr. Namie and seconded by
Ms. Irey that the requisitions be approved
No discussion followed.
Roll call vote taken:
Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Maggi — yes.
Motion passed unanimously.
November 2009
Check
Payee
Amount
159
Estate of Pauline Summer
$ 1.06
160
PNC Bank as trustee of IRA of Daisha Bobola
10,413.11
161
Donna J. Christopher
139.74
162
Norman A. Cimino
881.34
163
Sheila M. Craig
119.94
164
Kimberly A. Digiandomenico
9.50
165
Elizabeth C. Lipinski
941.69
166
Washington County Cash Disbursement Account
11,275.01
167
Washington County Regular Payroll Escrow Account
2,343.45
Transfer
PNC Bank
53,751.67
Transfer
Washington County Retirement Account
391,337.94
Total November 2009 Distributions
S 471,214 45
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Sold
Check
Payee
169
Samantha E. Bauman
170
Theresa Dimmack
171
Jessica L. Gatten
172
Becky Golden
173
Chris A. Lemmon
174
Lisa M. Hellebrekers-Loepp
175
Erin J. Pray
176
Timothy L. Sanders
177
Lisa Watts
178
Prudential Financial as trustee of IRA of William A.
Congelio
179
Washington County Regular Payroll Escrow Account
180
Washington County Regular Payroll Escrow Account
181
Washington County Cash Disbursement Account
Transfer
PNC Bank
Transfer
Washington County Retirement Account
Total December 2009 Distributions
January 2010
Check Payee
183 Estate of Ola Mae Farrell
184 Estate of Martha Blumer
185 Estate of Della LaSalvia
186 First Niagara Bank as trustee of IRA of Elizabeth M.
Andrick
187
Randa Cochran
188
Linda M. Dean
189
Jeffrey L. Felton
190
Chris A. Hammett
191
Deborah V. Hull
192
Michelle Tarnik
193
Robin M. Zawoj ski
194
Washington County Regular Payroll Escrow Account
195
Washington County Cash Disbursement Account
Transfer
PNC Bank
Transfer
Washington County Retirement Account
Total January 2010 Distributions
Old Business
None.
New Business
It was moved by Mr. Namie and seconded by Mr. King to approve the 2010
Retirement Fund Budget totaling $5,452.608.00.
Amount
2,76 95
2,922.66
1,083 51
42,094 10
892.51
844.B 6
860
238
541. 6
257.50
14,466.16
24,312. 0
Amount
$ 145.37
508.52
197. 4
78,346. 1
38,426.29
3,851. 2
49,978..8
1,751. 9
216. 0
655. 8
289.58
2,176.67
43,998. 3
36,129. 6
234
Roll call vote taken:
Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Maggi — yes.
Motion passed unanimously.
Mr. Maggi addressed the required Cost of Living Adjustment with the Board. There
was no discussion and no action was taken.
It was moved by Mr. Namie and seconded by Ms. Irey to approve the Washington
County Retirement Fund Investment Policy Statement.
No discussion followed.
Roll call vote taken:
Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Maggi — yes.
Motion passed unanimously.
It was moved by Ms. Irey and seconded by Mr. Namie 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 $2,146.00. It should be noted that the cost per statement remains
unchanged from 2009.
No discussion followed.
Roll call vote taken:
Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Maggi — yes.
Motion passed unanimously.
Mr. Maggi called for a motion to approve a disability pension request from Kimberly
J. Davis. Ms. Davis was approved to receive a Social Security Disability Pension effective
September 2009. Her County Disability Pension is effective retroactive to December 2, 2009.
The motion was made by Ms. Irey and seconded by Mr. Namie.
No discussion followed.
Roll call vote taken:
Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Maggi — yes.
Motion passed unanimously.
Mr. Maggi called for a motion to approve a request from Lois Ricci to buy back per
diem status time from 04/14/1988 to 07/24/1988 in the amount of $1,053.63, Ms. Ricci was
inadvertently left out of the retirement fund during this time period. The motion was made by
Ms. Irey and seconded by Mr. Namie.
No discussion followed.
Roll call vote taken:
Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Maggi — yes.
Motion passed unanimously.
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IMR Limitgd Form 825 E00102204
C.S. McKee — Gene Natali, Jr.
Mr. Natali stated that performance was very strong for 2009 compared to 2008. The
harder an investment was hit in 2008, the stronger it rebounded in 2009. The opposite has
occurred so far in 2010. The County's portfolio performed strong for 5 of the 12 months in
2009 with fixed income performing exceptionally well above benchmark. Looking forward
in 2010, C.S. McKee feels that financials will continue to do poorly. Commercial real estate
loans will be coming due and will drain the financial industry. Outside of financials, the
economy is stronger than it has been and equities should perform well.
Peirce Park — Lee Martin
Mr. Martin began with a market environment review of 2009. The market began
performing well in 2009 with positive signs of the economy beginning to recover from a
recession. The gross domestic product was positive for the first time in a year, the rate of job
loss was lower, retail sales began to improve, and consumer sentiment increased. Inflation
was up slightly, which is a part of the normal market recovery cycle. Inflation will increase
and become a factor at some point in the future. During the second and third quarters of
2009, small cap outperformed large cap and growth outperformed value. During the fourth
quarter, however, we saw a return to fundamentals with large cap outperforming small cap
and higher quality, more stable companies performing better.
Mr. Martin concluded his presentation with performance highlights for the year. The
County's fund has done well with 4th quarter performance approximating the policy index.
For the year, the fund was 1.2% above the policy index and beat the one, three, and five year
benchmarks. The fund gained $17 million and ranked in the top 15% of all public funds. On
the equity side, Twin Capital matched their benchmark for the quarter and year, C.S. McKee
equity matched their benchmark for the quarter and was about 4 '/2 % above for the year,
Evergreen was 10% above benchmark for the year, and Emerald was behind for the quarter
but up about 80 basis points for the year. On the fixed income side, bother, Federated
Investors and C.S. McKee were above their respective benchmarks with C.S. McKee adding
400 basis points over the year. On the international side, Artio was behind for the quarter and
for the year, mostly due to being underweighted in emerging markets. Peirce Park will keep
them on watch, but feel confident that their performance will improve with market conditions
returning to normal. Dodge and Cox International did well in 2009. Dodge and Cox is a
more aggressive manager and A do is more conservative, providing a good fit for the County.
On the real estate side, the REIT added by the County in 2009 proved to be a good diversifier
and added considerably well to the portfolio's performance in the past year.
Mr. Martin left fiduciary education materials with the Board to review and be
discussed at a future meeting.
The meeting was adjourned at 11:00 a.m.
THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL:
/m% 17 , 2010
ATTEST:
2'3 6
Minute No. 233
Washington County
Washington, PA
The quarterly meeting of the Washington County Retirement Board was held at
May 40, 2010
11:00 a.m. on Thursday, May 20, 2010 in the Public Meeting Room with the following member
present: Commissioners Larry Maggi, Diana Irey, and J. Bracken Burns; Controller Michael N
Treasurer Francis L. King. Also present: Chief Clerk Mary Helicke; Secretary Joyce Thornbw
Manager Kathy Demarest; Solicitor Lynn DeHaven; Director of Administration Scott Fergus; C
Reporter representative Barbara Miller; concerned citizens John Adams and Carl Maggi; Gene
representing C.S. McKee; Andy Balog and Geoff Gerber representing Twin Capital; Dave Reic
representing Hay Group; and Lee Martin representing Peirce Park.
Approval of Minutes
Mr. Maggi entertained a motion to approve Minute No. 232 dated February 18, 2010
i
was moved by Mr. Burns and seconded by Mr. Namie that the above mentioned minutes be
written.
No discussion followed.
Roll call vote taken:
Mr. Namie — yes; Mr. King — yes; Ms. Irey — yes; Mr. Burns — yes;Mr. Maggi — yes.
Motion passed unanimously.
being
aie; and
Audit
server-
itali. Jr.
motion
as
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 January, February, March, and April 2010, the bank balance
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.
Motion passed unanimously.
Retirement Allowance Report
Bank Balance as of January 1, 2010
$ 88,278.48
Add:
Deposits to Checking Account
225,604.69
Add:
Transfers from Investment Account
338,088.06
Less:
Cancelled Checks
(127,980.01)
Less:
ACH Debits
(314,820.12)
Bank
Balance as of January 31, 2010
$ 209,171.10
Less:
Transfers into Checking Account
59.98
Less:
Outstanding Checks
(175,901.37)
Less:
Retirement Check Run
(33,329.71)
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