The URL can be used to link to this page

Home My WebLink AboutCOMM - Meeting Minutes - 255 - 5-21-2015 - RETIREMENTSold By IMR Limited Form 825 E00102204 I 3-53 C E Minute No. 255 Washington County Retirement Board Washington, PA May 21, 2015 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:52 a.m. on Thursday, May 21, 2015 in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, Harlan Shober, and Diana Vaughan, Deputy Controller Joshua J. Hatfield, and Treasurer Francis L. King. Also present: Chief Clerk Mary Helicke, Administrative Assistant Joyce Thornburg, Solicitor Lynn DeHaven, Director of Finance Roger Metcalfe, Director of Human Resources Kathleen Bali, Assistant Director of Human Resources and Labor Relations Barbie Castrucci, concerned citizen Frank Byrd, Barbara Miller representing the Observer - Reporter, Lee Martin, Ph.D. representing Peirce Park, and Gene Natali representing C.S. McKee. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 254 dated February 19, 2015. The motion was moved by Mrs. Vaughan and seconded by Mr. Shober that the above mentioned minutes be approved as written. No discussion followed. Roll call vote taken: Mr. Hatfield — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi — yes. Motion passed unanimously. Public Comment None. Treasurer's Report Mr. King stated that for February, March, and April 2015 the bank balance was reconciled to zero. It was moved by Mr. King and seconded by Mrs. Vaughan that the report be approved. No discussion followed. Roll call vote taken: Mr. Hatfield — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi — yes. Motion passed unanimously. Retirement Allowance Report Bank Balance as of February 1, 2015 $ 73,318.10 Add: ACH Credit 266,010.11 Add: Other Credits 401,556.57 Less: Cancelled Checks (186,352.80) Less: ACH Debits (510,315.70) Bank Balance as of February 28, 2015 $ 44,216.28 Add: Transfers Into Checking Account 66.90 Less: Outstanding Checks (17,622.02) Less: Retirement Check Run Reconciled Balance as of February 28,2015 Bank Balance as of March 1, 2015 Add: ACH Credits r Add: Other Credits Less: Cancelled Checks Less: ACH Debits Bank Balance as of March 31, 2015 Less: Outstanding Checks i t Less: Retirement Check Run Reconciled Balance as of March 31, 2015 Bank Balance as of April 1, 2015 Add: ACH Credit Add: Other Credits Less: Cancelled Checks Less: ACH Debits Bank Balance as of April 30, 2015 Less: Outstanding Checks Less: Retirement Check Run (26,661.16) $ -0- $ 44,216.28 261,019.19 303,578.56 (50,319.31) (515,884.43) $ 42,610.29 (24,096.41) (18,513.88) $2 $ 42,610.29 263,280.62 442,999.43 (106,550.78) (518,362.18) $ 123,977.38 (97,894.16) (26,083.22) Reconciled Balance as of April 30, 2015 $ -0- Requisitions =_ f= Mr. Hatfield stated that requisitions for the months of February, March, and April 2015 totaled $1,938,084.39. It was moved by Mr. Hatfield and seconded by Mrs. Vaughan that the requisitions be approved. No discussion followed. Roll call vote taken: Mr. Hatfield — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. s Maggi — yes. Motion passed unanimously. Distributions February 2015 Check Payee Amount 995 Jennifer Brooks $ 7,817.99 996 Robert Debowski 308.89 997 Jeffrey L. Hayes 15,016.91 998 Logan McAnany 783.34 999 Kristen Peck 3,901.51 1000 Josh Redmond 663.67 E 1� 355 Sold By IMR Limited Form 825 E00102201,4 1001 Washington County Cash Disbursement Account 95,031.51 1002 Washington County Payroll Account 9,655.13 Transfer . PNC Bank 40,976.20 Transfer Washington County Retirement Account 493,433.83 Total February 2015 Distributions S 667..5$8.98 March 2015 Check Payee Amount 1003 Nicole Goldbaugh 6,708.84 1004 Zachary Harvey 95.06 1005 Josselyn Hypes 1,170.13 1006 Michael Kloszewski 3,810.46 1007 Timothy Lemley 140.35 i 1008 Alyssa Matesic 3,129.85 1009 Kourtenay Mayfield 292.36 1010 Tara Ratley 296.08 1011 PNC Investments as trustee of IRA of Tara Roffis 3,684.83 1012 Andre Sullivan 621.83 1013 Washington County Regular Payroll Escrow Account 9,477.45 1014 Washington County Cash Disbursement Account 3,043.41 Transfer Transfer PNC Bank Washington County Retirement Account 37,874.39 494,185.81 Total March 2015 Distributions S 564.530.85 April 2015 Check Payee Amount 1015 Victoria Hodge 5,493.99 1016 Valic as trustee of IRA of Gerald Kronstain 34,165.45 1017 Sara Martin 18,642.56 1018 Christy Molinaro 4,507.14 1019 Trustee of National Slovak Society of the USA FBO Brooke Plants 1,425.10 1020 MetLife as trustee of IRA of Danielle L. Barish 761.31 1021 Ameriprise Financial as trustee of IRA of Kevinda Strime 23,252.93 1022 Betty Ullom 681.42 1023 Tuesday Wheeler 1,893.96 1024 Washington County Regular Payroll Escrow Account 9,384.27 1025 Washington County Cash Disbursement Account 63,557.51 Transfer PNC Bank 42,577.96 Transfer Washington County Retirement Account 499,620.96 S i Total April 2015 Distributions S 705.964.56 New Business t Mr. Maggi entertained a motion for the approval of a request from Edward McCarty to purchase per diem service time dated from September 1, 1988 to June 14, 1990 in the amount of $1,518.56. The motion to approve was made by Mrs. Vaughan and seconded by Mr. Shober. No discussion followed. Roll call vote taken: Mr. Hatfield — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi — yes. Motion passed unanimously. Mr. Maggi entertained a motion for the approval of a request from Gregory Bagay to purchase per diem service time dated from June 19, 1995 to April 13, 1996 in the amount of $891.01. The motion to approve was made by Mrs. Vaughan and seconded by Mr. Hatfield. No discussion followed. ' Roll call vote taken: Mr. Hatfield — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi — yes. Motion passed unanimously. Mr. Maggi entertained a motion for the approval of a request from James Michelucci to purchase unpaid leave of absence service time from April 13, 2013 to Jul 31, 2013 in the amount of $1,887.46. The motion to approve was made by Mrs. Vaugh* and seconded by Mr. Hatfield. No discussion followed. Roll call vote taken: Mr. Hatfield — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi — yes. E Motion passed unanimously. In a departure from the agenda, Mr. King made a motion to increase the Retirement Board Secretary's compensation from $240.00 per year to $2,400.00 per year. Mr. King noted that this increase would restore the amount of compensation paid t6 the Secretary to the same amount as paid in 1983. The motion was seconded by Mrs. t Vaughan. No discussion followed. Roll call vote taken: Mr. Hatfield — abstain; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi — yes. Motion passed. C I 1 37 Sold By IMR Limited Form 825 E00102204 Mr. Maggi stated for the record that the agenda should be amended to reflect the addition of this item. Presentations C.S. McKee — Gene Natali, Jr. Looking at the portfolio, Mr. Natali stated that for the year-to-date, large cap value is at 2% compared to the index of 0.2%, a considerable alpha. On the fixed income side, year-to-date is 1.9%. Mr. Natali stated that it is of C.S. McKee's belief that the market environment is returning to normal and that interest rates will slowly rise by the end of the year. On a separate note, Mr. Natali stated that C.S. McKee has been offering "Money 101" presentations to educate employees on what their employer's plan is, how it works, and what it means to them. Mr. Natali said that he would be more than willing to schedule this presentation for Washington County's employees. Peirce Park — Lee Martin, Ph.D. Mr. Martin began with a brief overview of the current market environment stating that the U.S. dollar appreciated over almost all other currencies. Oil prices have continued to decline and GDP is expected to be on the upswing. Turning to performance, equities again outperformed fixed income as is also expected for the long-term. The Treasury yield curve continues to flatten as rates have dropped. For the first quarter, the County's plan gained $3.3 million with a gain of another $2.5 million so far this quarter. This translates to a year-to-date return of about 4.3%. The first quarter return was about 20 basis points above the benchmark, a return of 2.4%. Outperformance came from almost all of the managers. About half of the gain can be attributed to the County's rebalancing strategy. Over the last 7 years, the County's return has averaged 7.4%, about 40 basis points above the benchmark. Looking ahead, Mr. Martin feels that the Board should consider the addition of a third international manager to diversity the portfolio even more and that this manager be a low volatility manager for even further diversification. Mr. Martin stated that he could bring educational materials and manager options to the next meeting. Turning to individual manager performance, C.S. McKee's equity performance has improved for the quarter but their long-term ranking still lags. As can be expected, Twin Capital's low volatility product is slightly down for the quarter. Emerald is up over 5%, Wellington is 1.3% ahead, New Perspective is up 2.5%, and Dodge & Cox is up over 2%. On the fixed income side, performance is about at benchmark. OPEB is up about 4.4% year-to-date. In light of GASB 67, GASB 68, and the requirement to book pension liabilities, Mr. Martin recommended that the Board consider officially adopting a funding policy. In summary, this document would state that the County is committed to making its annual required contribution, thereby lowering liability and improving the County's financials and possible bond rating. Peirce Park would prepare this policy for the County free of charge. 3 15 8 The meeting was adjourned at 11:37 a.m.. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: 2015 ATTEST: 1 J 1