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Home My WebLink AboutCOMM - Meeting Minutes - 274 - 5-16-2019 - RETIREMENTLev MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IMLIFn P1Rn7Q99l n Minute No. 274 May 16, 2019 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:32 a.m. on Thursday, May 16, 2019, in the Public Meeting Room with the following members being present: Commissioners Larry Maggi, Harlan Shober, and Diana Vaughan, Controller Michael Namie, and Treasurer Francis L. King. Also present: Director of Human Resources Shelli Arnold, Solicitor Lynn DeHaven, Director of Administration Scott Fergus, Chief Clerk Cindy Griffin, Director of Finance Joshua Hatfield, Secretary Paula Jansante, and Sam Frymier and Lee Martin, Ph.D. representing Marquette Associates. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 273 dated February 21, 2019. 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 for February and March 2019, the bank balance was reconciled to zero. It was moved by Mr. King and seconded by Mr. Namie 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, 2019 $ 62,123.07 Add: Deposits to Checking Account 0.00 Add: Transfers In 0.00 Add: ACH Credit 230,402.97 Add: Other Credits 811,719.18 Less: Cancelled Checks (151,451.13) Less: Other Debits 0.00 Less: ACH Debits (773,730.69) Less: Funds Transfers Out 0.00 Bank Balance as of February 28, 2019 $ 179,063.40 Add: Transfers to Bank 296.11 Less: Outstanding Checks (153,521.51) Less: Retirement Check Run (25,838.00) Reconciled Balance as of February 28, 2019 $ -0- •• RETIREMENT BOARD IMP I IMITPI F1Rn7Q9QI n MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA Bank Balance as of March 1, 2019 Add: Deposits to Checking Account Add: Transfers In Add: ACH Credit Add: Other Credits Less: Cancelled Checks Less: Other Debits Less: ACH Debits Less: Funds Transfers Out Bank Balance as of March 31, 2019 Add: Transfers to Bank Less: ACH Return Less: Outstanding Checks Less: Retirement Check Run Reconciled Balance as of March 31, 2019 $ 179,063.40 0.00 0.00 249,042.44 852,426.49 (251,536.84) 0.00 (807,686.82) 0.00 $ 221,308.67 0.00 (5,061.22) (192,707.26) (23,540.19) $ -0- Requisitions Mr. Namie stated that requisitions for the months of February, March, and April 2019 totaled $3,970,945.15. It was moved by Mr. Namie and seconded by Mr. Shober 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 2019 Check Payee Amount 1811 Earl M. George $ 1,388.92 1812 Frank F. Gordon 14.66 1813 Morgan Stanley FBO Jeffrey T. Bodnar, Sr. 100,000.00 1814 Jeffrey T. Bodnar 619315.97 1815 Christine M. Cardinale 842.93 1816 Donald Dunn 530.69 1817 Louis Friedl 7,009.35 1818 Lewis Huey, Jr. 7,839.89 1819 Mark E. May 2,496.28 1820 Sirhonda Phillips 133.93 1821 Margaret Russell 862.94 1822 Mutual of America FBO Todd Thornburg 6,443.65 Cl 67 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA [MR I IMITFn Flr,079m n 1823 Billy J. Vickers 6,001.75 1824 Marilyn Viveros 223.34 1825 Brenton Williams 232.03 1826 Washington County Regular Payroll Escrow Account 21,291.10 1827 Washington County Cash Disbursement Account 26,683.90 Transfer PNC Bank 67,565.10 Transfer Washington County Retirement Account 731,245.72 Total February 2019 Distributions S 1.042.122.15 March 2019 Check Payee Amount 1828 Patrick E. Barnhouse $ 45,933.70 1829 Theresa Cooper 45,933.70 1830 Jeffrey K. Adams 68,689.44 1831 Zachary Bittner 790.67 1832 Nina Forlini 156.15 1833 Kathlean Hancock 2,643.77 1834 PA State Employee Deferred Compensation Plan FBO 1,464.98 Kayla A. Kaydo 1835 Jacob Henderson 567.75 1836 Jennifer Kenney 8,057.32 1837 Adam Leech 15,749.85 1838 Transamerica FBO Tyler Pape 16,412.37 1839 Kevin Sutton 43.82 1840 Allan Ward 31,491.00 1841 Gabriel Wright 560.02 1842 Macen Zavallo 883.16 Void Ck. #1762 SERS FBO Kayla Kaydo (1,464.98) 1843 Washington County Regular Payroll Escrow Account 21,099.14 1844 Washington County Cash Disbursement Account 3,222.29 1845 Joshua Welch 444.51 Transfer PNC Bank 98,104.31 Transfer Washington County Retirement Account 735,328.63 Total March 2019 Distributions 5 1.096.111.60 Anri12019 Check Payee Amount 1846 Raymond M. Parry, Jr. $ 221.06 1847 Angelo A. Comfort, Jr. 43,551.79 •0 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA ]MR I IMITFII F1R07Q9QI n 1848 Richard J. Rydzak 43,551.79 1849 Fidelity as trustee of IRA of Teri Worthington 41,298.41 1850 Teri Worthington 11,228.29 1851 National Financial Services as trustee of IRA of 131,396.74 Lee A. Harmon 1852 Lee A. Harmon 28,303.73 1853 National Financial Services as trustee of IRA of 131,396.75 Sharalee Harmon 1854 Sharalee Harmon 28,303.72 1855 Morgan Stanley as trustee of IRA of James 414,425.22 Dalessandro 1856 Diane Crumrine 924.13 1857 Autumn Loughman 43,239.25 1858 Principal Funds as trustee of IRA of Shelby R. 37,189.28 Minor 1859 Judith Nemeth 9,139.22 1860 Garrett Vulcan 1,749.76 1861 Abigail Yochum 2,932.16 1862 Mutual of America FBO Todd Thornburg 6,443.65 Void ck. #1862 Mutual of America FBO Todd Thornburg (6,443.65) 1863 Washington County Regular Payroll Escrow Account 21,123.64 1864 Washington County Cash Disbursement Account 27,981.98 Transfer PNC Bank 86,791.96 Transfer Washington County Retirement Account 727,962.52 Total April 2019 Distributions S 1.832.711.40 Old Business None. New Business Portfolio Presentation — Lee Martin, Ph.D. — Marauette Associates Mr. Martin began with a brief update on the firm stating that Marquette Associates has had a great start to 2019 adding over $30 billion in assets and 18 new clients. In the 1 St quarter, GDP came in at over 3 %, well above expectations and unusual for a 1st quarter. What helped the markets was the Fed's decision not to raise rates. The manufacturing sector has positive PMI numbers indicating that the U.S. is still in expansion mode. Globally, there was a slowdown in both the developed world and emerging markets last year. Although there was an uptick in the 1 st quarter of 2019 in emerging markets, growth has since slowed due to the tariffs. For the quarter, U.S. equities were up 14%, about 2.5% above international equities. Bonds were also up, about 3%, inflation sensitive assets outperformed the broad fixed income market, commodities rallied, up 6.3%, and REITs were up over 17%. The more aggressive, cyclical, momentum -driven sectors 11 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA [MR I IMITFn F1Rn7Q9Q1 n such a technology, consumer discretionary, and energy did well in the quarter. Detractors were the more defensive -type sectors. The County's portfolio finished the quarter at $166 million, up about 7.9% but behind the policy index. What worked well was fixed income, growth equities, and small cap equities; what didn't work as well was the timing of the transition at the beginning of the quarter and the defensive position of the portfolio. Mr. King excused himself from the meeting at this time due to a prior commitment. Mr. Martin concluded his presentation with a brief discussion of the OPEB portfolio stating that the fund finished the quarter at $18 million, up 9%, with a gain of about $1.5 million for the quarter and $4.5 million since inception. By motion of Mr. Namie and second by Mrs. Vaughan, the meeting was adjourned at 11:09 a.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: ATTEST:��'\'%' 1 1 ,2019 70 RETIREMENT BOARD IMR I IMITFn F19f)7Q9QI fl MINUTE This page is blank. BOOK WASHINGTON COUNTY, PENNSYLANIA 1 P