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Home My WebLink AboutCOMM - Meeting Minutes - 264 - 5-18-2017 - RETIREMENT7 MINUTE RETIREMENT BOARD IMR I IMITFII F1607Q= n BOOK WASHINGTON COUNTY, PENNSYLANIA Minute No. 264 May 18, 2017 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:30 a.m. on May 18, 2017, in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, Harlan Shober, and Diana Irey Vaughan, Controller Michael Namie, and Treasurer Francis L. King. Also present: Chief Clerk Cindy Griffin, Secretary Paula Jansante, Solicitor Lynn DeHaven, Director of Finance Joshua Hatfield, Pat Cloonan representing the Herald Standard, and Lee Martin, Ph.D. representing Marquette Associates. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 263 dated February 16, 2017. The motion was moved by Mr. Namie and seconded by Mrs. Vaughan that the above mentioned minutes be approved as written. 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. Public Comment None. Treasurer's Report Mr. King stated that the Retirement Allowance Account was reconciled to zero for the months of February, March, and April 2017. It was moved by Mr. King and seconded by Mr. Shober that the report 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. Retirement Allowance Report Bank Balance as of February 1, 2017 $ 171,015.53 Add: ACH Credit 291,610.39 Add: Other Credits 496,679.44 Less: Cancelled Checks (216,296.78) Less: ACH Debits (627,523.72) Bank Balance as of February 28, 2017 $ 115,484.86 Less: Outstanding Checks (52,389.67) Less: Retirement Check Run Reconciled Balance as of February 28, 2017 (63,095.19) $ A --- Bank Balance as of March 1, 2017 $ 115,484.86 Add: Deposits to Checking Account 270.35 Add: Transfers In 125,000.00 E�• MINUTE RETIREMENT BOARD IMaLWITF-n Fi Rn7Q9QI n Add: ACH Credit Add: Other Credits Less: Cancelled Checks Less: ACH Debits Bank Balance as of March 31, 2017 Add: Transfers to Bank Less: Outstanding Checks Less: Retirement Check Run Reconciled Balance as of March 31, 2017 Bank Balance as of April 1, 2017 Add: ACH Credit Add: Other Credits Less: Cancelled Checks Less: ACH Debits BOOK WASHINGTON COUNTY, PENNSYLANIA 300,297.04 622,127.13 (179,663.67) (687,860.47) $ 295,655.24 315.96 (257,973.01) (37,998.19) $2 $ 295,655.24 296,385.65 622,625.83 (357,803.77) (677,420.32) Bank Balance as of April 30, 2017 $ 179,442.63 Transfers to Bank 315.96 Less: Outstanding Checks (154,245.58) Less: Retirement Check Run (25,513.01) Reconciled Balance as of April 30, 2017 $ Q Requisitions Mr. Namie stated that requisitions for the months of February, March, and April 2017 totaled $2,753,738.22. It was moved by Mr. Namie and seconded by Mrs. Vaughan 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. Distributions February 2017 Check Payee Amount 1336 Karen Ann Mruk $ 72.37 1337 Tracy R. Matula 627.83 1338 Thomas Elchin 3,180.38 1339 Samantha Glawinski 4,891.42 1340 James McElhaney 18,083.15 1341 Brooke Miller 12,475.69 1342 John Richards 6,595.05 1343 Washington County Regular Payroll Escrow Account 15,580.53 1 iL] 9 MINUTE RETIREMENT BOARD IMR I IMITFII F1Rn7Q9QI n BO0K WASHINGTON COUNTY, PENNSYLANIA 1344 Washington County Cash Disbursement Account 47,411.71 Transfer PNC Bank 58,040.87 Transfer Washington County Retirement Account 620,676.19 Total February 2017 Distributions $ 787.635.19 March 2017 Check Payee Amount 1345 Yvonne Pitzarella $ 459.16 1346 Cathleen L. Kenefick 250.11 1347 Estate of Jacquelynn Salyer 160,104.09 1348 American Funds as trustee of IRA of Andrew Albright 13,121.15 1349 Lauren Caletri 3,489.37 1350 Nia Chilensky 78.67 1351 Frances Clark 9,059.75 1352 Ethan Allen Cline 8,016.64 1353 NYLIAC as trustee of IRA of Kenneth R. Eicher 30,544.16 1354 Nathan Funk 2,744.99 1355 Sandra Ruscello 26,117.23 1356 Mid Atlantic Trust Co. FBO Barbara Sphar 6,216.40 1357 Amy Szymanski 3,564.68 1358 Michael Zaler 13,860.06 1359 Washington County Regular Payroll Escrow Account 17,526.36 1360 Washington County Cash Disbursement Account 23,751.84 Transfer PNC Bank 100,143.32 Transfer Washington County Retirement Account 628,043.57 Total March 2017 Distributions $ 1.047.091.55 April 2017 Check Payee Amount 1361 Joshua Bagiackas $ 11,489.81 1362 Brittany Brumfield 8,100.71 1363 Charlesha Cohen 15,250.51 1364 Michael Hilderbrand 52,166.99 1365 PNC as trustee of IRA of Emily Fries 6,423.46 1366 Jamie Huff 3,159.98 1367 Cindy J. Lipinski 15,309.02 1368 Frances Maroni 7,551.22 1369 Courtney McCarty 5,216.11 1370 Michelle Michalski 8,674.88 in MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA Ik4aLWITFn F1Af)7Q9Qi n 1371 Ashley Miller 3,468.81 1372 Fidelity FBO Thomas Provins 4,252.27 1373 Traci Rock 9,642.72 1374 Fidelity Investments as trustee of IRA of Teresa 5,509.93 Vandermark 1375 Gabelli Funds as trustee of IRA of Amy L. Walters 6,231.67 1376 Washington County Regular Payroll Escrow Account 16,141.76 1377 Washington County Cash Disbursement Account 43,871.78 Transfer PNC Bank 80,158.82 Transfer Washington County Retirement Account 616,391.03 Total April 2017 Distributions $ 919.011.48 Old Business None, New Business Mr. Maggi noted for the record an agreement with Jody Johnson to purchase service credit dated from December 12, 1989 to March 27, 1998 in the amount of $14,448.59. Mr. Maggi entertained a motion for the approval of a request from Kimberly Peters to purchase unpaid leave of absence time dated from May 25, 1994 to July 10, 1994 in the amount of $325.28. The motion to approve was made by Mrs. Vaughan and seconded by Mr. Shober. 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. Presentations Marquette Associates — Lee Martin, Ph.D. Mr. Martin began with a brief overview of the economy stating that the first quarter GDP came in lower than expected at 0.7%. Globally, emerging and developed markets are beginning to see growth with both international and emerging markets outperforming the U.S. in the first quarter. Led by technology stocks, growth outperformed value. The County's fund finished the quarter at $155.8 million, a gain of over $6 million and meeting benchmark at 4.3%. Considering the value tilt of the portfolio, this was solid performance in a growth led market. Outperformance came from global equities and private real estate. Detractors were value equities and fixed income. Over the past five years, the funds as averaged an 8.5% return with performance being in the top quartile of all public funds. Focusing on the individual managers, both Twin Capital and Wellington lagged for the quarter but are ahead since inception, Emerald lagged for the quarter but is at benchmark since inception, and American Funds, Acadian, and Dodge & Cox are all ahead for the quarter and since inception. Vanguard REIT is up 3.1%, and J.P. Morgan is up 7.4%. On the fixed income side, C.S. McKee lagged slightly and Federated was ahead. MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IMITFn F1RR7Q'?QI n The OPEB portfolio finished the quarter at $11.2 million, a gain of $500,000, beating the index by 200 basis points. Outperformance for the quarter came from global and international; value lagged for the quarter. American Funds averaged 80 basis points ahead and Eaton Vance Atlantic Capital averaged 380 basis points ahead. On the global side, Artisan averaged 390 basis points ahead, Dodge & Cox averaged 230 basis points ahead, and MFS averaged 70 basis points ahead. Mr. Martin presented the Board with information regarding the addition of Deutsche RREEF America REIT II to the OPEB portfolio. Deutsche RREEF is one of the top five private real estate funds and most likely the highest quality of the funds. Deutsche RREEF has a lower risk profile than most of the real estate funds and the return is based more on income than capital appreciation, averaging 8.4% net since inception. Mr. Martin presented various asset allocations adding Deutsche RREEF to the OPEB portfolio. The following option was moved by Mrs. Vaughan and seconded by Mr. Shober: U.S. Equities 45% Non-U.S. Equities 25% Core Real Estate 10% U.S. Fixed Income 20% Total 100% No discussion followed. Roll call vote taken: Mr. Shober — yes; Mrs. Vaughan — yes; Mr. Maggi - yes. Motion passed unanimously. Mr. Maggi made a motion to adjourn. The motion was moved by Mrs. Vaughan and seconded by Mr. Shober. No roll call taken. The meeting was adjourned at 11:35 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: 'IVti's"r 2017 ATTEST:'`• l 1 12 MINUTE BOOK RETIREMENT BOARD IMP I IMITFn F=inn7QgQI n This page is blank. WASHINGTON COUNTY, PENNSYLANIA 1 1 1