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Home My WebLink AboutCOMM - Meeting Minutes - 237 - 2-17-2011 - RETIREMENTIMR Limited Form 825 E001022,04 2513 F, 1 1 Minute No. 236 SP Washington County Retirement Board Washington, PA December 16, 2010 A special meeting of the Washington County Retirement Board was held at approximately 11:05 a.m. on Thursday, December 16, 2010 in the 7t' Floor Conference Room with the following members being present: Commissioners Larry Maggi, Diana Irey Vaughan, and J. Bracken Burns; Controller Michael Namie; and Treasurer Francis L. King. Also present: Chief Clerk Mary Helicke; Secretary Joyce Thornburg; Solicitor Lynn DeHaveri; Director of Finance Roger Metcalfe; Deputy Controller Joshua Hatfield; Observer - Reporter representative Barbara Miller; and concerned citizen John Adams. Mr. Lee Martin representing Peirce Park participated through a conference call. Public Comment None. Old Business None. New Business Mr. Maggi called for a motion to approve the agreement with the Hay Group for a Retirement System Plan Document and IRS Determination Letter at a cost of $5,000.00. It was moved by Mr. Namie and seconded by Mr. King. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. Motion passed unanimously. By conference call, Mr. Lee Martin presented a summary report outlining the three global managers as selected by Peirce Park for the consideration of the Board. The three selected were Harding Loevner Global Equity, American Funds New Perspective, and MFS Global Equity Fund. After a brief discussion, Mrs. Irey Vaughan made a motion to approve American Funds New Perspective as the County's global core/growth equity manager. The motion was seconded by Mr. Burns. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. Motion passed unanimously. The meeting was adjourned at 11:25 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: ATTEST:'�'`��. f 2154 �4 d3 f 55 Minute No. 237 Washington County Retirement Board Washington, PA Februar�+ 17, 2011 E I� P The quarterly meeting of the Washington County Retirement Board was held at approximately 10:52 a.m. on Thursday, February 17, 2011 in the Public Meeting Room with the following members beipg present: Commissioners Larry Maggi, J. Bracken Burns, and Diana Irey Vaughan; Controller Michael Nary e and Treasurer Francis L. King. Also present: Chief Clerk Mary Helicke; Secretary Joyce Thornburg; " irector of 3 Administration Scott Fergus; Solicitor Lynn DeHaven; Director of Finance Roger Metcalfe; concened citizen John Adams; Gene Natali, Jr. representing C.S. McKee; and Lee Martin and Sarah Wilson representing Peirce ? Park. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 235 dated November 18, 2010 and Minute No. 236SP dated December 16, 2010. The motion was moved by Mrs. Irey Vaughan and seconded by �r. King that the above mentioned minutes be approved as written. f No discussion followed. s Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Burns — yes; Mrs. Irey Vaughan — yes; Mr. Maggi —des. Motion passed unanimously. Public Comment Mr. Adams made some general comments concerning the clarification of death benefit expelhses for the retirement fund. Treasurer's Report Mr. King stated that for November 2010, December 2010, and January 2011, the bank balo'� e was reconciled to zero. It was moved by Mr. King and seconded by Mrs. Irey Vaughan that the report b approved. No discussion followed. Roll call vote taken: { +f Mr. Namie — yes; Mr. King — yes; Mr. Burns — yes; Mrs. Irey Vaughan — yes; Mr. Maggi — Y6s. Motion passed unanimously. Retirement Allowance Report Bank Balance as of November 1, 2010 $ 199,210.1 Add: Deposits to Checking Account 578,227.4 Add: Transfers from Investment Account 519,879.7 Less: Cancelled Checks (104,714.5 Less: Transfer to Investment Account (690,021.8 Less: ACH Debits (331016.4 1 1 1 255 1 1 Less Transfers into Checking Account (3.00) Less Outstanding Checks (148,862.11) Less Retirement Check Run (20,699.40) Reconciled Balance as of November 30, 2010 $ no - Ban Balance as of December 1, 2010 $ 169,564.51 Add Deposits to Checking Account 728,713.49 Add Transfers from Investment Account 112,927.46 Less Cancelled Checks (216,214.11) Less Transfers to Investment (424,754.41) Less ACH Debits (335,400.61) BanI Balance as of December 31, 2010 $ 34,836.33 Less Outstanding Checks (19,406,25) Less Retirement Check Run (15,430.08) Recd nciled Balance as of December 31, 2010 $ Q Ban Balance as of January 1, 2011 $ 34,836.33 Add: Deposits to Checking Account 229,116.42 Add: Transfers from Investment Account 399,604.60 Less Cancelled Checks (107,274.97) Less ACH Debits (341,436.24) Ban] Balance as of January 31, 2011 $ 214,846.14 Add: Transfers into Checking Account 828.00 Less Outstanding Checks (190,697.98) Less Retirement Check Run (24,976.16) Rec ciled Balance as of January 31, 2011 $ -0- Mr, Namie stated that requisitions for the months of November 2010, December 2010, and January 2011 totaled $1,565,490.32. was moved by Mr. Namie and seconded by Mrs. Irey Vaughan that the requisitions be approved. No liscussion followed. ill call v e taken: Mr. amie — yes; Mr. King — yes; Mr. Burns — yes; Mrs. Irey Vaughan — yes; Mr. Maggi — yes. Mo on passed unanimously. 309 November 2010 Payee Capital Bank & Trust as trustee of IRA of Kara Jo Bell Amount $ 10,419.40 256 311 Brittany B. Lyons 3,681.4 312 Hope D. May 1,089.3 313 Brian McAdoo 9,549.2 314 Christopher J. Merry 2,933.7 315 Melany E. Smith 688.3 316 Bethany L. Williams 1,102.9 317 Washington County Cash Disbursement Account 26,455.2: 318 Bankers Life & Casualty Co. as trustee of IRA of Nancy L. Fullen 14,000.O1 319 Nancy L. Fullen 13 890.11 320 Pacific Life Ins. Co. as trustee of IRA of Noreen A. Preteroti 75,817.7: 321 Washington County Regular Payroll Escrow Account 4,431.9: Transfer PNC Bank 19,486.& Transfer Washington County Retirement Account 334,070.5 Total November 2010 Distributions S 519_R79.74 December 2010 Check Payee Amou 322 Estate of Donald Owen $ 38.2 323 Estate of Joyce A. Rogers 54.1 324 Charlotte Campbell 3,694.0 325 Patrick R. Grimm 4,184.9: 326 Sandra L. Kincaid 704.2 327 Kristi Marhefka 260.6' 328 Carol L. Price 496.71 329 Connie Rush 240.5, 330 Rainey Sethman 2,323.0, 331 Washington County Regular Payroll Escrow Account 4,450.6; 332 Washington County Regular Payroll Escrow Account 257.3z 333 Washington County Cash Disbursement Account 43,123.61 Transfer PNC Bank 18,296.2( Transfer Washington County Retirement Account 338,765.1 i December 2010 S 416,889.54 January 2011 Check Payee Amount 334 State Street Bank & Trust Co. as trustee of IRA of Valerie A Antonette $ 2,995.90 335 Dana Dunn 9,052.69 336 Adrian M. Fletcher 6,073.20 337 Jessica S. Roberts 6,248.10 338 Lori Ann Robinson 13,136.81 339 First Niagara Bank as trustee of IRA of Robert Neil 152,660.87 I 1 1� I IMR Limited 2 517 1 1 1 1 Washington County Cash Disbursement Account 3fer PNC Bank 3fer Washington County Retirement Account Total January 2011 Distributions 66,718.22 28,367.89 338,388.51 $ 628,721.02 M . Maggi called for a motion to adopt the 2011 Retirement Fund budget. The motion was made by Mr. Nami and seconded by Mrs. Irey Vaughan. N� discussion followed. Roll call dote taken: Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. ion passed unanimously. MII Maggi called for a motion to approve the purchase of Employee Benefit Statements from the Hay Group at zI cost of $1.85 per statement for a total approximate cost of $2,268.10. The cost per statement remains afI changed from 2010. The motion was made by Mr. Namie and seconded by Mrs. Irey Vaughan. Ndiscussion followed. Roll call 4te taken: Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. ion passed unanimously. MI Maggi called for a motion to approve a contract extension with Peirce Park Group to provide investmen I consulting services at a cost of $70,000.00 per year for the first two years with annual increases thereafter qual to the CPI. The contract would begin January 1, 2011. The motion was made by Mr. Namie and secon ed by Mrs. Irey Vaughan. No discussion followed. Roll call v to taken: Mr, Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. M ion passed unanimously. Pre C.S. McK — Gene Natali, Jr. MI Natali stated that overall, the news from 2010 was not encouraging. The bright spot was that the equity mar et finished very strongly and this strong performance has continued into the first part of 2011. The County's ti I ansition of large cap value and small -mid cap value went very smoothly, the timing of which proved to 47ork in the County's favor. Through January, large cap value out -performed small -mid cap value. There was i huge reversal of this, however, in February. Unfortunately, there doesn't seem to be much positive ne s for pension funds in 2011. For the first time, a public pension fund went bankrupt in Alabama 215 mismanaged. What this means for the equity markets is probably a positive couple of years as pl+ are looking to generate 8% returns. The bond market is probably not going to be strong — there has be4n a negative absolute return over the last 5 months. Looking forward, everyone is going to be turning b the equity markets to generate the necessary returns to fund their pension plans. Peirce Park — Lee Martin Mr. Martin began by a review of the supporting documentation showing why the County's Oortfolio is positioned the way it is. Because no one asset class performs consistently well, diversification is important. Mr. Martin is optimistic that there will begin to be some growth in the market. The United States l come back the strongest in the developed world, which is historically true after a recession period. For the performance review, the fund gained over $11 million in 2010, ending at $99 millioj . As of the year to date, the fund was over $102 million. The fund was up 6.9% for the quarter, putting W*hington County in the 26th percentile, and up 12.8% for the year and at the 38th percentile. Twin Capital struggled in the value space, but is 40 basis points ahead since moving to core. C.S. McKee struggled on the co�e side last year but had very good value. Emerald had a very good year at 27.8% above their index. The REIE index fund has also done very well, up over 28% last year, and the global fund was up over 13% for the A e period. Dodge and Cox had an outstanding year with returns almost double their benchmark. C.S. McKee kas done an excellent job on the fixed side considering a flat bond market, and Federated Investors has matclied their benchmark. All in all, it was a very decent year The meeting was adjourned at 11:40 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: 2011 ATTEST: 1