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Home My WebLink AboutCOMM - Meeting Minutes - 252 - 9-4-2014 - RETIREMENT335 Sold By IMR Limited Form 825 E00102204 T Iinute No. 252 Washington County Retirement Board Washington, PA September 4, 2014 The quarterly meeting of the Washington County Retirement Board was held at a,oproximately 10:27 a.m. on Thursday, September 4, 2014 in the Public Meeting Room N,ith the following members being present: Commissioners Larry Maggi, Harlan Kober, and Diana Vaughan, Controller Michael Namie, and Treasurer Francis L. King. lso present: Chief Clerk Mary Helicke, Secretary Joyce Thornburg, Director of E dministration Scott Fergus, Director of Finance Roger Metcalfe, Solicitor Lynn I' eHaven, Director of Human Resources Kathleen Bali, concerned citizen Frank Byrd, L.arbara Miller representing the Observer -Reporter, Jim Jefferson representing WJPA, I,--e Martin, Ph.D. representing Peirce Park, Gene Natali representing C.S. McKee, and I l ank Stiehl and Dave Reichert representing Hay Group. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 251 dated May 15, 2 )14. The motion was moved by Mrs. Vaughan and seconded by Mr. Shober that the above mentioned minutes be approved as written. No discussion followed. F oll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. 1 laggi — yes. Motion passed unanimously. :'ublic Comment None. 7 reasurer's Report Mr. King stated that for May, June, and July 2014, the bank balance was rn; conciled to zero. It was moved by Mr. King and seconded by Mrs. Vaughan that the r, port be approved. No discussion followed. F oll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. A [aggi — yes. Motion passed unanimously. F etirement Allowance Report Bank Balance as of May 1, 2014 $ 358,426.93 Add: ACH Credits 262,137.74 Add: Other Credits 362,294.74 3136 Less: Cancelled Checks (438,693.34) f Less: ACH Debits (512.727.43) ' Bank Balance as of May 31, 2014 $ 31,438.64 Less: Outstanding Checks (16,518.11) Less: Retirement Check Run (14,623,53) Less: Bank Errors (297.00) Reconciled Balance as of May 31, 2014 $ Q Bank Balance as of June 1, 2014 $31,438.64 YI Add: ACH Credit 932,992.92 Add: Other Credits 55,791.43 Less: Cancelled Checks (94,575.45) Less: Funds Transferred Out (361,387.56) Less: ACH Debits (476,787.17) z Bank Balance as of June 30, 2014 87,472.81 Less: Transfers to Investment (247.19) Less: Outstanding Checks 4 (62,241.75)F Less: Retirement Check Run (24,983.87) s Reconciled Balance as of June 30, 2014 i t $ -0- 1 Bank Balance as of July 1, 2014 j $ 87,472.81 Add: Deposits to Checking Account 4,925.47 Add: ACH Credit 759,832.16 Less: Cancelled Checks (154,379.51) Less: Other Debits (30,877.23) s, r; Less: ACH Debits (481,371.14) Bank Balance as of July 31, 2014 $ 185,602.56 f Less: Outstanding Checks a (163,307.79) Less: Retirement Check Run (22,294.77) Reconciled Balance as of July 31, 2014 Requisitions Mr. Namie stated that requisitions for the months of May, June, July, and August 2014 totaled $2,706,630.93. 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; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi — yes. Motion passed unanimously. 1 1 j 337 Sold By IMR Limited Form 825 E00102204 istributions Mav 2014 Check Payee . Amount 881 Trustee of Transamerica FBO Abigail Agha $ 1,575.48 882 Christopher Brown 2,159.34 883 Paul Clark 16,042.50 884 Desiree Hoosac 6,140.75 885 John Lones 665.84 886 John Ritchie 598.90 887 Nathan Santelli 19,220.34 888 Christina Thompson 1,048.03 889 Brooke Whiting 3,830.59 890 Washington Co. Regular Payroll Escrow Account 7,588.44 891 Washington County Cash Disbursement Account 71,845.81 Transfer PNC Bank 41,480.35 Transfer Washington County Retirement Account 452,236.11 Total May 2014 Distributions S 624.432.48 June 2014 Check Payee Amount 892 Lisa Ranaldi $ 111.85 893 PTC as trustee of IRA of Rosemary Tarr 23,858.86 894 Rachel Bedillion 12,592.18 895 Matthew Bodnar 8,781.80 896 Jerry Henley 113.83 897 PNC Bank as trustee of IRA of Darlene Jones 13,887.45 898 Steffan Keeton 5,591.56 899 Matthew Miller 2,270.75 900 Ashley Moss 1,883.56 901 Stifel Nicolaus as trustee of IRA of Paula Partin 9,898.38 902 Primerica Services as trustee of IRA of Cathy Zuback 2,104.71 903 Angela Whoolery 16,258.70 904 Washington Co. Regular Payroll Escrow Account 7,614.26 905 Washington County Cash Disbursement Account 23,295.56 Transfer PNC Bank 40,488.11 Transfer Washington County Retirement Account 458,368.74 Total June 2014 Distributions S 627.120.30 3138 Julv 2014 Check Payee Amount 906 Estate of Rose Cadez $ 74.17 907 Diane Flynn 118.95 908 Kathy Bugade 50.15 909 David Smith 50.15 910 Robert Summers 50.15 911 Maureen Sliman 33.86 912 Edward Jones as trustee of IRA of Kathleen A. Belleno 135,117.83 913 Derrick J. Carroll 199.94 914 Wesbanco Bank as trustee of IRA of Gwen Carrozza 7,866.42 915 Kimberly L. McMurray 17,225.37 916 Patrick Rheam 5,438.17 917 Washington Co. Regular Payroll Escrow Account 7,775.04 918 Washington County Cash Disbursement Account 57,828.23 Transfer PNC Bank 36,808.48 Transfer Washington County Retirement Account 465,490.68 Total July 2014 Distributions S734.127.59 Auzust 2014 Check Payee Amount 919 Diane Rose Bailey $ 9.22 920 Loretta J. Beveridge 50.15 921 Tina Sue Loughman 50.15 922 Louella S. McCartney 50.15 923 Penny L. Wetzel 15,445.89 924 Julie Bakewell 7,397.48 925 Harold D. Bowman 44,138.12 926 Ashley Fisher 68.67 927 Elena Hurley 8,376.43 928 Daniel McGuier 1,975.87 929 Janelle Michaux 5,469.94 930 David Morante 2,521.90 931 David Nicolella 1,875.61 932 Joni O'Neil 405.97 933 Max Oravetz 3,853.55 934 PNC Investments as trustee of IRA of Ian M. Saxer 12,734.49 935 William D. Seibert 3,301.41 936 Emily Shaffer 639.81 937 Christine Taggart 4,394.99 938 Washington Co. Regular Payroll Escrow Account 7,907.71 n 339 1 r,� Sold By IMR Limited Form 825 E00102204 939 Washington County Cash Disbursement Account Transfer PNC Bank Transfer Washington County Retirement Account Total August 2014 Distributions ld Business None. Jew Business 73,745.96 53,872.00 472,665.09 S 720.950.56 Mr. Maggi noted for the record an agreement with Kathleen Lonick to purchase ervice credit dated July 15, 1985 to June 14, 1991 in the amount of $5,263.27. Mr. Maggi noted for the record an agreement with Maureen Griffin to purchase ervice credit dated September 28, 1998 to September 7, 2001 in the amount of 5,849.92. Mr. Maggi noted for the record an agreement with Janet Kulla to purchase -rvice credit dated March 12, 1979 to January 13, 1983 in the amount of $2,615.18. Mr. Maggi entertained a motion for the approval of a request from Samuel Lomano to purchase per diem service time dated September 4, 1990 to February 8, 993 in the amount of $2,636.03. The motion to approve was made by Mrs. Vaughan and seconded by Mr. I hober. No discussion followed. l .oll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. 1 4aggi — yes. Motion passed unanimously. Mr. Maggi entertained a motion for the formal adoption and approval of the Washington County Employees' Retirement System and Trust, Amended and Restated l .ffective January 1, 2011, incorporating the previously approved interim amendments ibmitted to the IRS for a favorable determination letter. The motion to approve was wade by Mr. Namie and seconded by Mrs. Vaughan. No discussion followed. I _oll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. l 'Iaggi — yes. Motion passed unanimously. Presentations I tav Group — Hank Stiehl/Dave Reichert Mr. Reichert presented the 2014 Valuation Report stating that the County's (':)ntribution is $3.8 million, a little over 8% of estimated annual salaries and right in lone with expectations. The County has done an excellent job of managing its liabilities, 3140 with liabilities being approximately $140 million in 2014. The actuarial value of assets t is $122 million and the market value of assets is $134 million. The unfunded liability isl $18 million and the funded ratio is 87.1 %. The net pension obligation (NPO) is zero, signifying that the County has been making its actuarially required contribution (ARC) each year. Assets on a market value earned 20% last year, an outstanding performance, and the actuarial value of assets earned 12% resulting in a lower ARC for the year. C.S. McKee — Gene Natali, Jr. �E a. Mr. Natali stated that equity performance was strong for the year, with returns at: 3s 25.4% vs. the benchmark of 23.8%. Performance came from the big name and high quality stocks — Microsoft, Intel, and Chevron, to name a few. Total year-to-date equity;; performance was up 10.4%. On the fixed income side, the intermediate strategy was up!3 almost 3% year-to-date. Peirce Park — Lee Martin, Ph.D. The County's fund was up $4.7 million in the second quarter, gaining 3.5%, and; up $21 million for the year, gaining 17.8% and about 70 basis points above the benchmark. The positive returns for the quarter came from the value tilt of the portfolio. Real estate was up 17%, aided by a decrease in interest rates. Strong performance also came from the GTAA. Mr. Martin brought up the possibility of adding private real estate for further diversification of the portfolio, specifically core private real estate, and stated that he would bring more information to the Board at the next meeting. Looking at the performance of the individual managers, C.S. McKee has come back strongly on the equity side, up 2% above the index for the one-year, with returns of 12% for the year. Twin Capital was up 1 % above index for the year-to-date. Emerald was 2% below the benchmark, but their ranking is still above the median for growth managers. As the County's smid-cap manager, Wellington is lagging a little in total, but ahead of benchmark in the small -cap universe. American Funds has outperformed 2.2% a year better than the index but has struggled over the past few quarters. Dodge & Cox has had outstanding performance, 5% above the index each year since inception. On the fixed income side, C.S. McKee was slightly under index for the year and Federated Investors was above index for the quarter and year-to-date. time. All -in -all, the portfolio did very well and no changes are recommended at this The meeting was adjourned at 11:10 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: }2/-:- 4:)4 A,14/3•3 2014 ATTEST: 1 fl