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Home My WebLink AboutCOMM - Meeting Minutes - 278 - 5-21-2020 - RETIREMENT• MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR LIMITFn FIM79M n Minute No. 278 May 21, 2020 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:02 a.m. on Thursday, May 21, 2020, in the Public Meeting Room with the following members being present: Commissioner Diana Irey Vaughan, Commissioner Larry Maggi, Controller Michael Namie, and Deputy Treasurer Lisa Carpenter. Commissioner Nick Sherman was present via telephone. Also present: Chief of Staff John Haynes, Chief Clerk Cindy Griffin, Director of Finance Joshua J. Hatfield, and Secretary Paula Jansante. Present via telephone were Lee Martin, Ph.D. and Sam Frymier representing Marquette Associates and Barbara Miller representing the Observer -Reporter. Approval of Minutes Mrs. Vaughan entertained a motion to approve Minute No. 277 dated February 20, 2020. The motion was moved by Mr. Maggi and seconded by Mr. Namie that the above -mentioned minutes be approved as written. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mrs. Carpenter - yes; Mr. Maggi — yes; Mr. Sherman — yes; Mrs. Vaughan — yes. Motion passed unanimously. Public Comment None. Treasurer's Report Mrs. Carpenter stated that the bank balance was reconciled to zero for the months of February, March, and April 2020. It was moved by Mrs. Carpenter and seconded by Mr. Namie that the report be approved. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mrs. Carpenter — yes; Mr. Maggi — yes; Mr. Sherman — yes; Mrs. Vaughan — yes. Motion passed unanimously. Retirement Allowance Report Bank Balance as of February 1, 2020 $ 168,506.72 Add: Deposits to Checking Account 1,721.40 Add: Transfers In 692,594.49 Add: ACH Credit 247,292.14 Less: Cancelled Checks (221,679.55) Less: ACH Debits (798,648.26) Bank Balance as of February 29, 2020 $ 89,756.94 Less: Outstanding Checks (58,975.74) Less: Retirement Check Run (30,811.20) Reconciled Balance as of February 29, 2020 $__ •' aA RETIREMENT BOARD IMR I IMITFII Fi R(17WAi n MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA Bank Balance as of March 1, 2020 Add: Deposits to Checking Account Add: Transfers In Add: ACH Credit Add: Other Credits Less: Cancelled Checks Less: ACH Debits Funds Transfers Out Bank Balance as of March 31, 2020 Less: Transfers to Mutual Funds Less: Outstanding Checks Less: Retirement Check Run Reconciled Balance as of March 31, 2020 Bank Balance as of April 1, 2020 Add: ACH Credit Add: Other Credits Less: Cancelled Checks Less: ACH Debits Adjustments Bank Balance as of April 30, 2020 Transfers from Mutual Funds Less: Outstanding Checks Less: Retirement Check Run Reconciled Balance as of April 30, 2020 $ 89,786.94 866.15 12,500.00 256,317.82 702,693.54 (128,929.54) (808,823.88) (21,455.30) $ 102,955.73 (12,500.00) (70,530.74) (19,924.99) $ -0- $ 102,955.73 241,931.74 641,662.15 (111,941.01) (807,164.46) (450.00) $ 66,994.15 100.00 (37,453.41) (29,640.74) $ -0 Requisitions Mr. Namie stated that requisitions for the months of February, March, and April 2020 totaled $2,796,394.33. It was moved by Mr. Namie and seconded by Mr. Maggi that the requisitions be approved. No discussion followed. Roll call vote taken: Mr. Namie — yes; Mrs. Carpenter — yes; Mr. Maggi — yes; Mr. Sherman — yes; Mrs. Vaughan — yes. Motion passed unanimously. Distributions February 2020 Check Payee Amount 1994 Brittiany Brumage $ 1,518.06 1995 Fragomen De1Rey Bersen & Loewy FBO Gabrielle Conti 6,385.01 1 �7 91 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IYITFD F1907A94I n 1996 Jennifer Grayson 3,444.02 1997 Michael Guzma, Jr. 711.31 1998 Franklin Templeton as trustee of IRA of Tricia Johnson 39,512.46 1999 Jennifer Kirkland 1,268.21 2000 Washington County Regular Payroll Escrow Account 21,673.42 2001 Washington County Cash Disbursement Account 41,092.45 Transfer PNC Bank 51,958.77 Transfer Washington County Retirement Account 772,982.38 Total February 2020 Distributions $ 940.546.09 March 2020 Check Payee Amount 2002 Robert E. Fisher, Jr. $ 530.08 2003 Jessica Cypher 65.65 2004 Maggie Desmond 1,899.88 2005 Capital Bank & Trust as trustee of IRA of Jennifer L. 14,225.51 Hook 2006 Fidelity as trustee of IRA of John Hosa 6,693.98 2007 Kristy Liggitt 11,874.67 2008 Lori Locke 13,558.41 2009 Noelle Malizia 1,279.51 2010 Teresa McCulloch 467.47 2011 Aubrey Onorato 1,550.77 2012 Zachary Swarrow 4,127.84 2013 Washington County Regular Payroll Escrow Account 21,455.30 2014 Washington County Cash Disbursement Account 50,300.31 Transfer PNC Bank 59,958.48 Transfer Washington County Retirement Account 771,766.49 Total March 2020 Distributions $ 959.754.35 Auri12020 2015 Elizabeth Alexie $ 104.85 2016 April Georgetti 16,867.54 2017 Fidelity as trustee of IRA of Stephanie Kennedy 14,614.21 2018 Washington County Regular Payroll Escrow Account 20,612.30 2019 Washington County Cash Disbursement Account 12,640.97 Transfer PNC Bank 53,642.08 Transfer Washington County Retirement Account 777,611.94 Total April 2020 Disbursements $ 896.093.89 The fund performed better relative to the policy index than the pension fund due to the higher weighting and strong performance of Treasuries during the quarter. Global equities and real estate also worked well. 92 MINUTE RETIREMENT BOARD MAR I IMITF=n F:1rn7Q9QI n Old Business None. New Business Me I MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR I IMITFII F1Rn7Q9QI n On behalf of the Board, Mr. Namie congratulated Mr. Martin and Marquette Associates for being recognized as a Greenwich Quality Leader in overall U.S. investment consulting. Mr. Martin thanked the Board on behalf of himself and Marquette Associates. By motion of Mr. Maggi and seconded by Mr. Namie, the meeting was adjourned at 11:30 a.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: 2020 ATTEST: �u