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Home My WebLink AboutCOMM - Meeting Minutes - 265 - 8-17-2017 - RETIREMENT13 1 1 1 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IMITFD FiRn7A9p1 n Minute No. 265 August 17, 2017 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:55 a.m. on August 17, 2017 in the Public Meeting Room with the following members being present: Commissioners Diana Irey Vaughan and Harlan Shober, Controller Michael Namie, and Treasurer Francis L. King. Also present: Chief Clerk Cindy Griffin, Secretary Paula Jansante, Solicitor Lynn DeHaven, Director of Administration Scott Fergus, Director of Human Resources Kathleen Bali, Director of Finance Joshua Hatfield, Barbara Miller representing the Observer Reporter, Lee Martin, Ph.D. representing Marquette Associates, and Dave Reichert representing Korn Ferry Hay Group. Commissioner Larry Maggi was absent. Approval of Minutes Mrs. Vaughan entertained a motion to approve Minute No. 264 dated May 18, 2017. The motion was moved by Mr. Namie and seconded by Mr. King 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. 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 May and June 2017. It was moved by Mr. King and seconded by Mr. Namie that the report be approved. No discussion followed. Roil call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober yes; Mrs. Vaughan — yes. Motion passed unanimously. Retirement Allowance Report Bank Balance as of May 1, 2017 Deposits to Checking Account Acid: ACH Credit Add: Other Credits Less: Cancelled Checks Less: ACH Debits Bank Balance as of May 31, 2017 Less: Transfers to Bank Less`. Outstanding Checks Less: Retirement Check Run Reconciled Balance as of May 31, 2017 $179,442.63 325.28 290,322.69 647,694.28 (268,903.21) (669,408.47) $ 179,473.20 (5,049.98) (151,378.63) (23,044.59) S Q-_ 14 MINUTE RETIREMENT BOARD ]MR I IMITFF) FiRn7Q9QI f) Bank Balance as of June 1, 2017 Add: ACH Credit Less: Cancelled Checks Less: Other Debits Less: ACH Debits Bank Balance as of June 30, 2017 Less: Outstanding Checks Less: Retirement Check Run Reconciled Balance as of June 30, 2017 BOOK WASHINGTON COUNTY, PENNSYLANIA $ 179,473.20 1,356,444.23 (185,795.13) (421,698.40) (680,212.72) $ 248,211.18 (217,840.27) (30,370.91) $ m0- Requisitions Mr. Namie stated that requisitions for the months of May, June, and July 2017 totaled $2,930,984.13. 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. Motion passed unanimously. Distributions Mav 2017 Check Payee Amount 1379 Washington County Cash Disbursement Account $ 34,006.91 1380 PNC Investments as trustee of IRA of Ronda Allen 41,195.76 1381 Transamerica FBO Alexis Coulter 12,892.40 1382 Megan Galloway 4,274.21 1383 Dawn Hickman 12,736.99 1384 Nicole Loether 4,632.68 1385 Eric Minerd 1,821.87 1386 Juan Pantojas IIl 13,009.22 1387 Capital Bank and Trust as trustee of Enoch Wesley 12,727.11 Parry III 1388 Lisa Petronka 64,632.74 1389 Janney Montgomery Scott as trustee of IRA of Susan 15,248.41 Schmidt 1390 Betterment as trustee of IRA of Megan Tucker 2,168.15 1391 Sarah Zavatski 3,765.73 1392 Washington County Regular Payroll Escrow Account 15,923.82 Transfer PNC Bank 72,832.61 Transfer Washington County Retirement Account 621,107.70 Total May 2017 Distributions $ 932.976.31 11 1 1 15 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA ]MR I IMITFn F160799RI n June 2017 Check Payee Amount 1393 Gloria Cancilla $ 80.06 1394 Nicole Anselmino-Decker 15,352.32 1395 Alyssa Armstrong 5,447.04 1396 Morgan Stanley as trustee of IRA of Dolores 31,943.20 Blosnich-Gooden 1397 Rhonda Hopkins 16,140.88 1398 Principal Funds as trustee of IRA of Linda K. Hull 5,426.91 1399 Derreck Murphy 12,612.49 1400 Anthony Patterson 184.80 1401 Tyler Smail 554.61 1402 D'Ann St. John 11,577.87 1403 Rachel Thomas 2,036.83 1404 DeEtta Tournay 8,465.11 1405 Pershing LLC FBO Jan Ross 28,429.63 1406 Jason Demeter 76,411.17 1407 1408 Washington County Regular Payroll Escrow Account Washington County Cash Disbursement Account 15,959.80 6,979.94 Transfer PNC Bank 83,138.18 Transfer Washington County Retirement Account 619,054.97 Total June 2017 Distributions $ 939.795.81 Julv 2017 Check Payee Amount 1409 Estate of Opal June Gillespie $ 433.23 1410 Angela Bodnar 48,643.67 1411 JMC LLC Cust FBO Ellen L. Curran 101,532.91 1412 Marlene L. Andrews 562.24 1413 William E. Blose Jr. 1,618.32 1414 Rachel A. Klemash 1,706.54 1415 Tina McFall 8,196.05 1416 Joni Mari O'Neil 2,869.87 1417 Tyler Sabatula 92.13 1418 Washington County Regular Payroll Escrow Account 15,777.12 1419 Washington County Cash Disbursement Account 159,423.30 1420 John Hancock Retirement Plan Services FBO 25,000.00 Gretchen D. Danzik 16 RETIREMENT BOARD ]MR I IM ITF=n PIM7WPi n Transfer Transfer Old Business None. New Business MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA PNC Bank 62,843.86 Washington County Retirement Account Total July 2017 Distributions 629,512.77 $ 1.058.212.01 Mrs. Vaughan noted for the record an agreement with Marcella Minucci to purchase service credit dated from October 19, 1998 to November 8, 1998 in the amount of $107.37. Mrs. Vaughan noted for the record an agreement with Lori Fischer to purchase service credit dated from August 13, 2013 to June 30, 2017 in the amount of $8,889.36. Mrs. Vaughan noted for the record an agreement with Jennifer Spiker to purchase service credit dated from September 30, 2009 to June 5, 2010 in the amount of $983.59. Ms. Spiker was inadvertently omitted from participating in the pension plan for this period. Mrs. Vaughan entertained a motion for the approval of a request from Cynthia Shaffer to purchase unpaid leave of absence time dated from June 11, 2011 to July 18, 2011 in the amount of $595.37. The motion to approve was made by Mr. Namie and seconded by Mr. King. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mr. King — yes; Mr. Shober — yes; Mrs. Vaughan — yes. Motion passed unanimously. Presentations Marquette Associates — Lee Martin, Ph.D. Mr. Martin began with a brief overview of the economy stating that in the U.S., GDP rose 2.6%. However, although consumer confidence is up, there still has not been a corresponding rise in consumer spending. Globally, growth is occurring across the world. As the global markets begin to rise, so will emerging markets. Three-quarters of global growth this year is expected to result from emerging markets. Looking at indices, the U.S. is up 9%, international is up about 13%, and emerging markets are up about 18.5%. The County's portfolio ended the quarter at $159 million, an increase of $4.5 million and 10 basis points over benchmark. Global equities, global asset allocation, and private real estate all performed well for the quarter. The value tilt of the portfolio was a detractor from performance but was outweighed by manager selection. Over the past five years, the portfolio has gained about $66 million, an average of 9.7% and 50 basis points above benchmark per year. Focusing on individual manager performance, Twin Capital, Emerald, and Wellington lagged for the quarter and for the year to date. Outperformance came from American Funds, Dodge & Cox, and Acadian. 1 �J I V 1 1 I RETIREMENT BOARD IMR LIMITFh FlRn7Q9Q1 n MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA The OPEB portfolio finished the quarter at $11.6 million, a return of 3%. Good performance came from global equities, particularly from growth managers. As with the pension fund, the overall value tilt of the portfolio detracted from performance. Since inception, the OPEB fund has gained about $3 million, a return of approximately 8% per year. Korn Ferry Hav Groun — Dave Reichert Mr. Reichert highlighted the 2017 Actuarial Valuation Report stating that the County's contribution was just over $4.4 million. The annual required contribution is determined through a calculation comparing the assets of the fund versus the liabilities. The County's funded ratio is 89.3%. The meeting was adjourned at 11:48 a.m. THE FOLLOWING MINUTES SUBMITTED FOR APPROVAL: ATTEST: a. / ,2017