The URL can be used to link to this page

Home My WebLink AboutCOMM - Meeting Minutes - 275 - 9-5-2019 - RETIREMENTMINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IMITFn FiR0799pI n Minute No. 275 September 5, 2019 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:38 a.m. on Thursday, September 5, 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: Solicitor Lynn DeHaven, Chief Clerk Cindy Griffin, Director of Finance Joshua Hatfield, Secretary Paula Jansante, Barbara Miller representing the Observer -Reporter, David Reichert representing Korn Ferry, and Lee Martin, Ph.D. representing Marquette Associates. Approval of Minutes Mr. Maggi entertained a motion to approve Minute No. 274 dated May 16, 2019. 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; Mr. Maggi — yes. Motion passed unanimously. Public Comment None, Treasurer's Report Mr. King stated that for April, May, June, and July 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 April 1, 2019 $ 221,308.67 Add: Deposits to Checking Account 27.6E Add:Transfers In 1,594,112.94 Add: ACH Credit 238,570.86 Less: Cancelled Checks (314,503.92) Less: ACH Debits (792,110.69) Bank Balance as of April 30, 2019 $ 947,405.46 Add: Transfers to Bank 773.19 Less: Outstanding Checks (919,778.40) Less: Retirement Check Run (28,400.25) Reconciled Balance as of April 30, 2019 $ -0- Bank Balance as of May 1, 2019 $ 947,405.46 72 MINUTE BO0K RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IMITFII F1A07Q9QI fl. Add: Transfers In 97,168.29 Add: ACH Credit 341,667.70 Add: Other Credits 2,107,112.94 Less: Cancelled Checks (1,047,368.73) Less: ACH Debits (760,442.07) Less: Funds Transfers Out (1,594,112.94) Bank Balance as of May 31, 2019 $ 91,430.65 Less: ACH Return (456.86) Less: Outstanding Checks (69,888.50) Less: Retirement Check Run (21,085.29) Reconciled Balance as of May 31, 2019 $ Q Bank Balance as of June 1, 2019 $ 91,430.65 Add: Transfers In 755,958.87 Add: ACH Credit 471,269.03 Less: Cancelled Checks (145,707.64) Less: ACH Debits (801711.60) Bank Balance as of June 30, 2019 $ 369,239.31 Less: Wire Transfer Return (12,500.00) Less: Outstanding Checks (335,198.16) Less: Retirement Check Run (21,541.15) Reconciled Balance as of June 30, 2019 $ -0- Bank Balance as of July 1, 2019 $ 369,239.31 Add: Transfers In 656,239.04 Add: ACH Credit 260,101.41 Less: Cancelled Checks (422,723.83) Less: ACH Debits (774,667.71) Bank Balance as of July 31, 2019 $ 88,188.22 Less: Outstanding Checks (60,906.50) Less: Retirement Check Run (27,281.72) Reconciled Balance as of July 31, 2019 $ -0- Requisitions Mr. Namie stated that requisitions for the months of May, June, July, and August 2019 totaled $4,089,017.39. 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. n u MINUTE RETIREMENT BOARD I I IMITFn FiR079991 n 73 BOOK WASHINGTON COUNTY, PENNSYLANIA Distributions Mav 2019 Check Payee Amount 1865 Kathy J. Carden 1866 Wells Fargo as trustee of IRA of Joseph M. Bali 14,676.80 1867 Monica Beeler 1,245.16 1868 Donna Lee Connell 1,619.65 1869 Erik Deems 63.14 1870 John Dytko 32.73 1871 Melissa Gorby 1,423.22 1872 Shelby Griffith 1,069.03 1873 Manning & Napier Fund as trustee of IRA of Jennifer 14,532.47 Johnson 1874 Thomas E. Jordan, Jr. 18,916.42 1875 Kortney Kiskadden 1,038.99 1876 Vanguard as trustee of IRA of Aubrey Peart 8,883.57 1877 Robert Madison 3,150.55 1878 Jesse Snyder 1,526.22 1879 Mutual of America FBO Abigail Yochum 3,665.16 VOID Abigail Yochum (2,932.16) 1880 Washington County Regular Payroll Escrow Account 21,114.48 1881 Washington County Cash Disbursement Account 77,221.74 Transfer PNC Bank 53,326.18 Transfer Washington County Retirement Account 729,951.38 Total May 2019 Distributions $ 950.605.94 June 2019 Check Payee Amount 1883 Carol Heider $ 139.88 1884 Debra Ann Malizio 81.21 VOID Kathy J. Carden (81.21) 1885 Kathy J. Carden 20.79 1886 Shannon Lea Yaworski 9,693.65 1887 Dawn L. Hanjorgiris 9,693.65 1888 Bruce A. Yaworski 9,693.65 1889 Patrick S. Yaworski 9,693.65 1890 Taylor Bass 761.80 1891 Shelley D. Karl 10,988.15 1892 Christine Lowe 18,651.68 1893 Morgan Malka 780.40 74 RETIREMENT BOARD IMR I IMITF:n F1R07QgQI n MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA 1894 Fidelity as trustee of IRA of Michelle Meadows 5,199.29 1895 Jonathan Miles 927.76 1896 Nationwide as trustee of IRA of James Stanko 134,973.79 1897 Janice Townsend 526.26 1898 Joshua Vandivner 152.15 1899 Paula Werry 174.40 1900 Robin Ware 48,293.12 1901 Jerome Moschetta 54,134.93 1902 Stephanie Reis 4,529.60 1903 Rhonda Erickson 33,683.49 1904 Washington County Regular Payroll Escrow Account 21,457.12 1905 Washington County Cash Disbursement Account 11,438.30 Transfer PNC Bank 98,724.87 Transfer Washington County Retirement Account 730,395.52 Total June 2019 Distributions $ 1.214.727.90 Julv 2019 Check Payee Amount 1906 JoAnn Frank $ 161.95 1907 Terri Lynn Taylor 161.94 1908 Lisa Barbosky 252.60 1909 Debbie Jenkins 15,127.31 1910 Renee Colbert 3,243.72 1911 Matthew Harps 82.95 1912 Marsha O'Hare 24.67 1913 David John Pollock 41,844.97 1914 Thomas Wilt 15,351.16 1915 PNC Investments as trustee of IRA of Evan 2,398.49 McWreath 1916 Washington County Cash Disbursement Account 31,040.48 1917 Washington County Regular Payroll Escrow Account 15,962.40 Transfer PNC Bank 63,189.59 Transfer Washington County Retirement Account 739,704.49 Total July 2019 Distributions $ 928.546.72 August 2019 Check Payee Amount 1918 Victoria L. Lapham $ 354.24 1919 Estate of Allen K. Grimm, Jr. 9,878.84 1920 Tristan Cooley 222.42 u 75 D RETIREMENT BOARD IMR I IMITF:n Fi An7Q9Q1 n 1921 1922 1923 1924 1925 1926 1927 1928 Transfer Transfer MINUTE Carly Cordaro James W. Doman Rakeem Jones BO0K WASHINGTON COUNTY, PENNSYLANIA 403B Plan Southwestern PA Legal Services FBO Keirstyn Marcucci Heather Miller Karissa Snyder Washington County Regular Payroll Escrow Account Washington County Cash Disbursement Account PNC Bank Washington County Retirement Account Total August 2019 Distributions 2,400.54 22,302.33 135.92 1,199.68 51,497.28 4,999.36 20,279.10 70,624.29 69,118.81 742,124.02 $ 995.136.83 Old Business None. New Business Actuarial Presentation — David Reichert — Korn Ferry Mr. Reichert began with a discussion of the 2019 Valuation Report stating that the County's contribution came in just under $4 million, slightly less than Korn Ferry's original estimate. Washington County's funded ratio is currently 90% with approximately $17.5 million unfunded and an assumed rate of return of 6.75%. Mr. Namie noted that the County's funded ratio was 100% per Marquette Associates latest State-wide report, which standardizes all County pension funds with the same criteria including a 7.5% assumed rate of return. Mr. Reichert stated that while the County's contributions have remained fairly constant over the past 10 years, employee contributions have fallen due to the sale of the Health Center. He cautioned that the Board should keep this in mind when looking at the expense side of the retirement fund. In 2019, the actuarial community introduced a new mortality table based on a public sector -only population. This table extends life expectancy 3-4 years over the mortality table that Korn Ferry currently uses. Mr. Reichert noted that Korn Ferry will probably move to this table at some point and that this will more than likely lead to increased liabilities and County contributions in the future. Portfolio Presentation - Lee Martin. Ph.D. — Marauette Associates GDP came in well above expectations in the 2" d quarter of 2019, but with negative yield curves across the board in Europe, predictions are for slower growth going forward. The County's portfolio finished the quarter at $169 million, a gain of just over $5 million. Over the past 7 years, the fund has gained $87 million, more than half the current total, with an average return of 8.9% per year. Mr. Martin touched upon Mr. Reichert's comments regarding the negative cash flows created by the decrease in employee contributions from the sale of the Health Center. He feels that it is time to have a discussion about managing this outflow with the addition of ladder bonds to the portfolio. Mr. Martin hopes to have more information for the Board at the next meeting. 76 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IMITFII F1R07Q9Q1 n The OPEB fund finished the quarter at about $19 million, a gain of $579,000 with performance slightly ahead of benchmark. Since inception, the OPEB fund has returned about 8% per year and gained over $5 million. The meeting was adjourned at 11:05 a.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: 2019 .*��/ ATTEST. �z L E