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Home My WebLink AboutCOMM - Meeting Minutes - 238 - 5-19-2011 - RETIREMENTSold By IMR Limited Form 825 E001 2 519 No.IV38 The 11 15 a.m. present: Cc and Treasui of dminis Co troller M rtin and Mr. moved by I wri tten. No Ro 1 call vc Mr. Mo Public Co Mr. 1 Washington County Retirement Board Washington, PA May 19, 2011 uarterly meeting of the Washington County Retirement Board was held at approximately 1 Thursday, May 19, 2011 in the Public Meeting Room with the following members being imissioners Larry Maggi, J. Bracken Burns, and Diana Irey Vaughan; Controller Michael Namie; r Francis L. King. Also present: Chief Clerk Mary Helicke; Secretary Joyce Thornburg; Director ition Scott Fergus; Solicitor Lynn DeHaven; Director of Finance Roger Metcalfe; Deputy shua Hatfield; concerned citizen John Adams; Gene Natali, Jr. representing C.S. McKee; and Lee arah Wilson representing Peirce Park. ;gi entertained a motion to approve Minute No. 237 dated February 17, 2011. The motion was Irey Vaughan and seconded by Mr. Namie that the above mentioned minutes be approved as scussion followed. ;taken: amie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. n passed unanimously. lams made some general comments concerning the clarification of death benefit expenses for fund. ort Mr. Fing stated that for February, March, and April 2011, the bank balance was reconciled to zero. It moved y Mr. King and seconded by Mrs. Irey Vaughan that the report be approved. No scussion followed. call vo e taken: Mr. amie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. Mot n passed unanimously. Bank alance as of February 1, 2011 reposits Add: to Checking Account Add: ransfers from Investment Account Less: ancelled Checks Less: kCH Debits Bank Balance as of February 28, 2011 Less: Transfers into Checking Account $ 214,846.14 241,632.73 219,364.82 (243,063.33) (357,814.15) $ 74,966.21 828.00 216 0 Less: Retirement Check Run 17 662. Reconciled Balance as of February 28, 2011 $ -0- Bank Balance as of March 1, 2011 $ 74,966.: Add: Deposits to Checking Account 230,670.. Add: Transfers from Investment Account 328,082- Less: Cancelled Checks (86,524.. Less: ACH Debits 380 894.E Bank Balance as of March 31, 2011 $ 166,300., Transfers into Checking Account 828.1 Less: Outstanding Checks (148,115.1. Less: Retirement Check Run (19,012. Reconciled Balance as of March 31, 2011 $ -0- Bank Balance as of April 1, 2011 166,300.. Add: Deposits to Checking Account 334,579. Add: Transfers from Investment Account 182,544.. Less: Cancelled Checks (230,857. Less: ACH Debits 36( 2,520. Bank Balance as of April 30,2011 $ 90,046.: Less: Outstanding Checks (74,009.1 Less: Retirement Check Run (16,037. : Reconciled Balance as of April 30,2011 $ -0- Requisitions Mr. Namie stated that requisitions for the months of February, March, and April 2011 $1,536,046.70, It was moved by Mr. Namie and seconded by Mrs. Irey Vaughan that the requisitions be appi No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi Motion passed unanimously. February 2011 Check Payee Amounj' 342 Lisa M. Baldi $ 9,831.E 343 Kathy Jo Bedillion 5,368.; 344 Holly L. Cerini 2,920. 345 Leanna M. Riviera -Darden 21,482.� 346 Linda C. Ealy 10,777.1 347 Jordan M. Faust 1,535.d yes. 1 Sold By UR Limited Form 825 E00102204 �o 349 350 351 352 353 Trans] Trans] 1 T L� 35 35 35 35 35 35 36 36 36 36 36 36 36 36 36 36 37 37 372 373 374 375 376 377 378 379 Amanda Ciminaro Morgan Terri R. Reed Candy Jo Sanney Washington County Cash Disbursement Account Washington County Regular Payroll Escrow Account PNC Bank Washington County Retirement Account Total February 2011 Distributions XT____1- 1%n"I 11 Payee Estate of Leslie L. Massengill Michael Ashmore Sigrid A. Dennis Amanda Renee Earley Erika Goblesky Claudia Hilton Selina Mae Littell Barbara J. Metz Brittni Nichole Petros Fidelity Investments as trustee of IRA of Zachary A. Schmitt Justin L. Sharratt Fidelity Investments as trustee of IRA of Deana M. Shirley Matthew S. Sutphen Nicholette L. Waller Frances L. Walsh Yvonne Renee Lyon Debra Ann Green Washington County Regular Payroll Escrow Account PNC Bank Washington County Retirement Account Total March 2011 Distributions April 2011 Payee Jonathan Cukryznski Joy R. Litvak SCMH Employees FCU as trustee of IRA of Nancy Shoun-Few Justin Sisley LaDonna Washington Nadine Winters Kit Pettit Washington County Regular Payroll Escrow Account 114.45 5,776.26 1,260.15 20,640.08 5,142.53 34,736.92 340,698.86 $ 460,997.55 Amount $ 56.49 1,488.17 96.79 574.65 26,007.05 8,725.37 2,116.12 2,132.10 1,378.60 2,107.57 4,544.83 11,632.71 442.53 8,103.35 6,259.64 9,555.79 66,653.57 5,140.01 54,548.40 347,189.14 558,752.89 Amount $ 2,635.97 5,528.28 18,698.31 2,254.91 447.67 25,268.32 6,877.23 5,236.31 216 2 Transfer PNC Bank 31,129. Transfer Washington County Retirement Account 347,978. Total April 2011 Distributions 5 ni,a D,,.., Mr. Maggi noted for the record that the Peirce Park Group contract extension, which was the February 17, 2011 meeting, has been reviewed and approved by the County solicitor's office. New Business Mr. Maggi called for the ratification of an MOU dated March 1, 2011 for the approval of a pension request by Sharon Zelenski. Ms. Zelenski was approved to receive a Social Security disab effective September 2010. Her County disability pension would become effective retroactive to F 2011. The motion was made by Mrs. Irey Vaughan and seconded by Mr. Namie. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi Motion passed unanimously. Mr. Maggi called for a motion to approve a request by Al Marcy to buy back per diem dated May 20, 1991 to February 9, 1993 at a total cost of $2,054.10. The motion was made by Vaughan and seconded by Mr. Namie. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi - Motion passed unanimously. Mr. Maggi called for a motion to approve an agreement with the Hay Group to update the plan description for a fee of $500.00. The motion was made by Mrs. Irey Vaughan and seconded Namie. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi Motion passed unanimously. C.S. McKee — Gene Natali, Jr. Mr. Natali stated that the strong equity returns continue, with large cap value up about 6. value lagged the benchmark, up just over 6% with the benchmark at 7.6%. Large cap has outpei and mid -cap for about the last month and a half in the value space. The reason for the outperfor proved at lisability ity pension :)ruary 22, e time Irey ;s. nmary Mr. Smid cap ed small e in the large cap space is due to an overweighting in energy and an underweighting in financials. For the''uarter, energy names were up about 22%. Fixed income returns are still flat and will probably remain below average for the next 5 or 6 years. U.S. Treasuries have actually performed negative for the year to date. libwever, PI TIPS are up about 4.5%, which has resulted in our favor to heavily underweight Treasuries and o*rweight TIPS in the portfolio. Looking forward, we remain optimistic about the equity market but very posimistic about the bond market over the next few years. 2613 1 1 'o d Form 825 EGGiC�204 Mr. Martin began with a review of the market environment. Performance was strong for the quarter wit the S& up about 6%, indicative of a strengthening economy. Other signs include strong improvements in e job m rket and a reduction in household, business, and credit card debt. Unemployment is down about 1 % since Iasi year and currently stands at 8.8%. The historical average is about 6.6%, so there is still room for im roveme The next significant improvement will be when the big blue chips start to hire, which probably sh uld be in 012. With consumer and business debt decreasing, banks will begin to relax their credit req irement . This in turn will result in increased spending. As expected, however, inflation is on the rise, up about 2% o r the last quarter. Having TIPS in your portfolio is very important in this type of market environnieni to protect against the effects of inflation. For tlie performance review, the fund was up 4.4% for the quarter, well above the policy index. As of the year to te, the fund was at $103 million, a gain of $4 million over the last quarter. This places We shington County in the 28th percentile of all public funds. Over the last 3 years, the fund has gained $13.6 million and 36 million over the last 7 years. For the quarter, there was good performance from Twin Capital, C. . McKee, and Emerald Advisors. Twin Capital added nearly 1 % for the quarter without taking on a lot of risk. Emera , which tends to do well in down markets, was up 3%. The REIT index continues to do well as the real esta market continues to improve. Dodge and Cox was down for the quarter but remains positive sine incept n. On the fixed income side, C.S. McKee has done slightly better than the benchmark due to an ov rweighti Ig in TIPS. Federated Investors is tight with the benchmark. All in all, the County's portfolio is The i and balanced well. ing was adjourned at 11:45 a.m. I THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: fay% i 7 ,2011 ATTEST: Minute No. 239 Washington County Retirement Board Washington, PA August 11, 2011 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:25 a.m. on Thursday, August 11, 2011 in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, J. Bracken Burns, and Diana Irey Vaughan; Deputy Controller Joshua Hatfield; and Treasurer Francis L. King. Also present: Chief Clerk Mary Helicke; Secretary Linda Belcher; Director of Finance Roger Metcalfe; Financial Analyst Irene Farabee; concerned citizen Frank Byrd; Observer -Reporter representative Barbara Miller; Chris Erfort and Andy Balog representing Twin Capital Management; and Lee Martin and Sarah Wilson representing Peirce Park. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 23 8 dated May 19, 2011. The motion was moved by Mrs. Irey Vaughan and seconded by Mr. Burns that the above mentioned minutes be approved as written. No discussion followed. Roll call vote taken: Mr. King — yes; Mr. Hatfield — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. Motion passed unanimously. Public Comment None. Treasurer's Report Mr. King stated that for May, June, and July 2011, the bank balance was reconciled to zero. It was moved by Mr. King and seconded by Mrs. Irey Vaughan that the report be approved. No discussion followed. Roll call vote taken: Mr. King — yes; Mr. Hatfield — yes; Mrs. Irey Vaughan — yes; Mr. Burns — yes; Mr. Maggi — yes. Motion passed unanimously. Retirement Allowance Report Bank Balance as of May 1, 2011 Add: Deposits to Checking Account Add: ACH Credit Less: Cancelled Checks Less: Other Debits Less: ACH Debits Bank Balance as of May 31, 2011 Less: Outstanding Checks Less: Retirement Check Run $ 90,046.31 880,765.81 123.16 (140,048.83) (387,705.34) (367,773.26) $ 75,407.85 (58,526.69) (16,881.16) 1 1 1