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Home My WebLink AboutCOMM - Meeting Minutes - 244 - 8-16-2012 - RETIREMENTLimited Form 825 E00102204 Minute No. Washington County Retirement Board Washington, PA August 16, 2012 The uarterly meeting of the Washington County Retirement Board was held at approximately 10:55 a.m. n Thu sday, August 16, 2012 in the Public Meeting Room with the following members being present: Com issio rs Larry Maggi, Harlan Shober, and Diana Irey Vaughan; Controller Michael Namie; and Treasurer FAmcis L. King. Also present: Chief Clerk Mary Helicke; Secretary Joyce Thornburg; Director of Finance Roger Metcalfe; Director of Administration Scott Fergus; Solicitor Mary Lyn Drewitz; concerned citizen Fra Byrd; Observer -Reporter representative Barbara Miller; WJPA representative Jim Jefferson; Lee Marfin repro enting Peirce Park; and John Stanley and John Gentry representing Federated Investors. wri val of, Minutes MrIs. aggi entertained a motion to approve Minute No. 243 SP dated July 11, 2012. The motion was by Irey Vaughan and seconded by Mr. Shober that the above mentioned minutes be approved as No dRscussion followed. Roll all vot taken: Mr. amie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Irey Vaughan — yes; Mr. Maggi — yes. Motion passed unanimously. I� Mr. I ing stated that for May, June, and July 2012, the bank balance was reconciled to zero. It was mov d by Mr. King and seconded by Mrs. Irey Vaughan that the report be approved. No scussion followed. Roll all vo taken: Mr. I, famie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Irey Vaughan — yes; Mr. Maggi — yes. Moti n passed unanimously. flank B lance as of May 1, 2012 $ 108,156.92 Add: Deposits to Checking Account 125,133.94 Add: Transfers from Investment Account 358,133.12 Add: Fulds Transferred In 6,069.91 Less: Cincelled Checks (149,388.62) Less: Fiinds Transferred Out (8,395.53) Less: A H Debits (394,376.82) ance as of May 31, 2012 $ 45,332.92 dBa T Insfers into Checking Account 8,394.39 Less: Retirement Check Run (17,909. Reconciled Balance as of May, 312012 $ -0- Bank Balance as of June 1, 2012 $ 45,332.�2 Add: Deposits to Checking Account 951,052.0 Less: Cancelled Checks (73,648J5) Less: Transfers to Investment (399,958.8) Less: ACH Debits 399 3341 Bank Balance as of June 30, 2012 $ 123,443..8 Less: Outstanding Checks (101,498.J5) Less: Retirement Check Run 21 945. 3 Reconciled Balance as of June 30, 2012 $ Q Bank Balance as of July 1, 2012 $ 123,443.8 Add: Deposits to Checking Account 711,236. 5 Less: Cancelled Checks (165,172. 8) Less: Transfers to Investment (201,443.1!5) Less: ACH Debits 1 (397,850. Bank Balance as of July 31, 2012 $ 70,212. 7 Less: Outstanding Checks (50,950J6) Less: Retirement Check Run 19 261. Reconciled Balance as of July 31, 2012 ,1 $ _0_ 4 Requisitions 'R Mr. Namie stated that requisitions for the months of May, June, and July 2012 totaled $1,t 1,467.88. It was moved by Mr. Namie and seconded by Mr. King that the requisitions be approved. f No discussion followed. it Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Irey Vaughan — yes; Mr. Maggi `r- yes. Motion passed unanimously. May 2012 Check Payee Amoun 535 Washington County Cash Disbursement Account $ 22,985.1 537 Estate of Lucille Makel 144.44 538 Estate of Thelma Rush 61.1j1 539 Jacqueline A. Anderson 2,863.1 540 Kennetta L. Bird 6,849.E 541 Aprel Cange 245.s 542 Andrea E. Evans 642.4� q 543 Pamela A. Graham 1,669.11 544 Doc Kelly Jones Jr. 87.db 2 slz 1 546 547 548 549 550 551 552 553 554 555 556 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582I 583! 591 585 Amanda Leonard Karen M. Lockoski Angela Mancio Genevieve M. Peters E. Trade Clearing as trustee of IRA of Matthew Rogers Kasey R. Seeber Michael Spilak Sandra Lee Strauss Johnny L. Stringa Dawn Woodward Washington County Regular Payroll Escrow Account PNC Bank Washington County Retirement Account Total May 2012 Distributions June 2012 Payee Estate of Stella M. Whiteman Sharon A. Coffield Tammy S. Crow Erica Cunningham Kimberly A. Haskey Fidelity Investments as trustee of IRA of Brent Holbert Alexander G. Lee III Amy W. Popeck Linda L. Sampson Regina Sberna Robin L. Stegenga First National Bank of Pa as trustee of IRA of Jessica M. Wilson Edward D. Jones & Co. as trustee of Techla Ann Yankura Washington Co. Regular Payroll Escrow Account Washington Co. Cash Disbursement Account PNC Bank Washington County Retirement Account Total June 2012 Distributions July 2012 Payee Washington County Cash Disbursement Account Washington County Regular Payroll Escrow Account Trustee of Charles Schwab FBO of Linda L. Burnquist PNC Bank as trustee of IRA of Toni Dinardo 139.92 205.61 6,468.31 2,664.33 6,944.33 551.97 116.68 62.60 2,192.28 5,336.91 6,054.28 31,285.14 381,250.79 S 478,975.35 Amount $ 169.61 3,670.83 1,322.98 697.39 9,827.66 15,350.99 100.91 4,570.61 930.50 6,873.73 2,645.96 447.01 44,385.50 6,125.75 26,119.23 32,663.12 386,798.05 S 542.699.83 Amount $ 19,596.11 6,058.36 7,097.10 12,932.82 29 2 587 588 589 590 Transfer Transfer Old Business None. Lauren Kime 398. Lisa D. Levato 4,951. Cheryl L. Marchich 6,297. Marshall Palmer 11,630. PNC Bank 29,721. Washington County Retirement Account 388,710. Total July 2012 Distributions $509,792, New Business Mr. Maggi entertained a motion for the approval of a request by Ken Eicher to buy back service dated June 20, 2005 to May 18, 2009 in the amount of $2,293.90. The motion was move Namie and seconded by Mrs. Irey Vaughan. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Irey Vaughan — yes; Mr. Maggi Motion passed unanimously. Presentations Mr. - yes. it Peirce Park — Lee Martin Mr. Martin began with a market overview, stating that the global market euphoria of the 4t quarter of 2011 and the 1st quarter of 2012 came to an end in the second quarter of 2012. The market is still Positive for the year, however, mostly due to the strong performance in the lst quarter. The U.S. unemploymeit rate has been holding relatively steady, although it is 2-3 percentage points higher than historical. Global tes remain high with both Greece and Spain at close to 20%, putting large strains on their social systems. ;i In the lst quarter, stocks outperformed bonds; in the second quarter, the opposite was true. ;For the year to date, however, equities were still up 9.3% versus a year to date bond performance at 2.4%. Value outperformed growth for the quarter, which tends to happen in a down market. In the fixed incon ! markets, long-term bonds were up 11.8% for the quarter, whereas short-term bonds were only up about 1%F This should be expected as long term bond yields declined during the quarter. Moving on to the County's performance, the totalTund was down 2.3% for the quarter but till outperforming for the year-to-date at 6.7%. Looking at individual manager performance, C.S. Mc, ee's large - cap value was down 1.3% for the quarter but has been up since the end of the quarter; Twin Capit was down 6 slightly but still up since inception; Emerald was down for the quarter, as is expected from an agg��ssive equity manager in a down market; American Funds continued their overperformance, up 160 basig'points in the last quarter; Dodge and Cox slightly underperformed for the quarter but is still ahead of index gverall; and newly acquired MFS is up about 1% since inception. s Mr. Martin presented a Consulting Plus option to the Board in which the County's allocation would be examined weekly and if the allocation is f3% out of target, Peirce Park would make the necessaryldjustments to bring the portfolio halfway back to target, intra-quarter. At the beginning of every quarter, the ounty's 1 �Pxsigl LAWJ since the County is a current client. The Board expressed interest in this service and Mr. Martin forward any educational materials along with a proposal. Federated IrRvestors, Inc. — John Stanley and John Gentr anley took a moment to give the Board an overview of Federated Investors, stating that the firm Mr. has r main stable throughout the current market conditions and has continued to perform well for the County. He hen turned the presentation over to Mr. Gentry to discuss the County's fixed income account. Mr. Gentry began by stating that performance was strong in the 1 St quarter, lagged a little in the 2"d quart r, but i positive for the year-to-date. Federated Investors strives to outperform using a more balanced strategy of d tration, sector, yield curve, and individual security selection. Since there is virtually no yield in Treasuries ii the current market, Federated is underweight in Treasuries and overweight in mortgage backed secur ties anI agencies. Mr. Gentry asked the Board to consider adding some high yield and emerging market debt. In doing so, the CouD I y could benefit through increased yield and further diversification of asset holdings. Federated proposed acdessing these strategies through the use of their internal funds so that there would be no additional cost to the County. Mr. Martin suggested that there should be some constraints put on the use of these strategies an that the investment policy statement would have to be changed to allow their use. Mr. Martin suggested al owing Federated to invest up to 10% of their allocation in high yield and 10% in emerging mark t debt, .with a combination of the two strategies to never exceed 15% at purchase. Mr. hober made a motion to approve the addition of high yield and emerging market debt by Federated In iestors with the constraints as recommended by Mr. Martin. The motion was seconded by Mr. King No discussion followed. Roll 1 11 vo taken: Mr. amie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Irey Vaughan — yes; Mr. Maggi — yes. The: passed unanimously, was adjourned at 12:20 p.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: ATTEST: `� _r 2012 Minute No. 245 Washington County Retirem, Washington, PA November The quarterly meeting of the Washington County Retirement Board was held at approxima a.m. on Thursday, November 15, 2012 in the Public Meeting Room with the following members b present: Commissioners Larry Maggi, Harlan Shober, and Diana Irey Vaughan; Controller Micha and Treasurer Francis L. King. Also present: Chief Clerk Mary Helicke; Secretary Joyce Thornbi of Finance Roger Metcalfe; Director of Administration Scott Fergus; Sheriff Samuel Romano; cor citizen John Adams; Observer -Reporter representative Barbara Miller; WJPA representative Tony Lee Martin and Lisa Gentry representing Peirce Park; and John Thompson and David Volpe repre Emerald Advisors. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 244 dated August 16, 2012. The n moved by Mr. Namie and seconded by Mr. Shober that the above mentioned minutes be approved No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Irey Vaughan — yes; Mr. Maggi — Motion passed unanimously. Public Comment Mr. Adams commented on what he considers to be the poor performance of the retirement fi ilso expressed his displeasure that public money was being used to fund any deficit due to the inves aken by the Board. Treasurer's Report i Mr. King stated that for August and September 2012, the bank balance was reconciled to k moved by Mr. King and seconded by Mr. Namie that the report be approved. No discussion followed. Roll call vote taken: Board , 2012 10:30 Jamie; Director was written. and risks It was Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Irey Vaughan — yes; Mr. Maggi —es. Motion passed unanimously. Retirement Allowance Report Bank Balance as of August 1, 2012 $ 70,212.67 Add: Deposits to Checking Account 820,272.40 Less: Cancelled Checks (138,849.951 Less: ACH Debits (404,437.73 Less: Other Debits (295,830.90 Bank Balance as of August 31, 2012 $ 51,366.49' Add: Transfers into Checking Account 1,839.21 1