HomeMy WebLinkAboutCOMM - Meeting Minutes - 279 SP - 6-24-2020 - RETIREMENTM
MINUTE BOOK
RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA
IMR LIMITFn FiAM9AI n
Minute No. 279 SP June 24, 2020
A special meeting of the Washington County Retirement Board was held at approximately 10:07
a.m. on Wednesday, June 24, 2020, in the Public Meeting Room with the following members being
present: Commissioners Diana Irey Vaughan, Larry Maggi, and Nick Sherman, Controller Michael
Namie, and Deputy Treasurer Lisa Carpenter. Also present: Chief of Staff John Haynes, Solicitor Jana
Phillis Grimm, Chief Clerk Cindy Griffin, Director of Finance Joshua J. Hatfield, Administrative
Assistant Marie Trossman and Administrative Assistant Randi Marodi.
Approval of Minutes
Mrs. Vaughan noted for the record that the approval of Minute No. 278 dated May 21, 2020 will
be made at the next regularly scheduled meeting to be held on August 20, 2020.
No discussion followed.
Public Comment
None.
Old Business
None.
New Business
Mrs. Vaughan entertained a motion for the approval of the change from the current life expectancy
assumption to the newly published study by the Society of Actuaries on life expectancies for general
public sector employees as scaled to 2019. The motion to approve was made by Mr. Sherman and
seconded by Mr. Maggi.
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.
Mrs. Vaughan entertained a motion for the approval of the revised method for member deductions
to project the expected future member contributions to each individual's retirement and adjust the value to
reflect the difference between the interest credited on the member balances and the expected investment
returns of the fund, as recommended by GASB Statement Numbers 67 and 68. The motion to approve
was made by Mr. Sherman and seconded by Mr. Maggi.
No discussion followed.
Roll call vote taken:
yes
Mr. Namie - yes; Mrs. Carpenter — yes; Mr. Maggi — yes; Mr. Sherman — yes; Mrs. Vaughan —
Motion passed unanimously.
•02
RETIREMENT BOARD
IMR_LIjYllTFn F:lgn7Q9p1 h
MINUTE BOOK
WASHINGTON COUNTY, PENNSYLANIA
Mrs. Vaughan entertained a motion for the approval of a reduction in the investment return
assumption from the current rate of 6.75% to 6.50%. The motion to approve was made by Mr. Sherman
and seconded by Mr. Maggi.
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.
The meeting was adjourned at 10:09 a.m.
THE FOREGOING MINUTES SUBMITTED FOR APPROVAL:
=3 ' A 0 , 2020
ATTEST T`
n
1