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Home My WebLink About2025_05-15_RETIREMENT BOARD MEETING NO 298_MINUTES_APPROVED251 RETIREMENT BOARD Minute No. 298 MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA May 15, 2025 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:44 a.m. on Thursday, May 15, 2025, in the public meeting room with the following members being present: Commissioners Nick Sherman, Larry Maggi and Electra Janis; Controller Heather Sheatler; Treasurer Tom Flickinger. Also present; Auditor Brandi Kulla; Solicitor Gary Sweat; Chief of Staff Daryl Price; Chief Clerk Cynthia Griffin and Administrative Assistant Debbie Corson; Executive Secretaries Heather Wilhelm, Casey Grealish and Randi Marodi; Lee Martin, Ph.D. and Brad Hampton representing Marquette Associates. Approval of Minutes Mr. Sherman entered a motion to approve meeting Minutes 297, dated February 20, 2025. The motion was moved by Ms. Janis and seconded by Mr. Maggi that the above -mentioned minutes be approved as written. No discussion followed. Roll call vote taken: Ms. Sheatler — YES; Mr. Flickinger — YES; Mr. Maggi — YES; Ms. Janis — YES; Mr. Sherman — YES Motion passed unanimously. Public Comment None. Treasurer's Report Treasurer Tom Flickinger made a motion to accept the presented reconciliations of January 2025 to March 2025. Motion was accepted and moved by Ms. Janis and seconded by Mr. Maggi. Roll call vote taken: Ms. Sheader — YES; Mr. Flickinger — YES; Mr. Maggi — YES; Ms. Janis — YES; Mr. Sherman — YES Motion passed unanimously. 252 RETIREMENT BOARD MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA RETIREMENT ALLOWANCE REPORT Bank Balance as of January 1, 2025 $ 71,975.03 Deposits to Checking Account -0- Transfers In -0- ACH Credit $441,833.25 Other Credits $860,102.38 Less: Cancelled Checks (105,520.37) Less: Other Debits -0- Less: ACH Debits (1,019,769.46) Funds Transfers Out (38,800.03) Bank Balance as of January 31, 2025 $209,820.80 Transfers to Mutual Funds -0- Less: Outstanding Checks (33,188.01) Less: Retirement Check Run (30,729.37) Deposit in Transit (145,903.42) Reconciled Balance as of January 31, 2025 Bank Balance as of February 1, 2025 $ 209,820.80 Deposits to Checking Account -0- Transfers In -0- ACH Credit $164,246.77 Other Credits $806,471.45 Less: Cancelled Checks (31,102.38) Less: Other Debits -0- Less: ACH Debits (1,011,119.54) Funds Transfers Out (50,946.13) Bank Balance as of February 28, 2025 $ 87,370.97 Transfers to Mutual Funds $43,842.09 Less: Outstanding Checks (101,833.62) Less: Retirement Check Run (29,379.44) Reconciled Balance as of February 28, 2025 253 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA Bank Balance as of March 1, 2025 $ 87,370.97 Deposits to Checking Account -0- Transfers In -0- ACH Credit $307,126.29 Other Credits $820,110.75 Less: Cancelled Checks (83,933.74) Less: Other Debits -0- Less: ACH Debits (1,012,744.10) Funds Transfers Out (29,145.04) Bank Balance as of March 3112025 $ 88,785.13 Transfers to Mutual Funds $49,9625.49 Less: Outstanding Checks (108,998.82) Less: Retirement Check Run (29,751.80) Reconciled Balance as of March 31, 2025 Requisitions Ms. Sheader made a motion to approve the requisitions for the months of January 2025 through April 2025. Motion was seconded by Ms. Janis. No discussion followed. Roll call vote taken: Ms. Sheatler — YES; Mr. Flickinger — YES; Mr. Maggi — YES; Ms. Janis — YES; Mr. Sherman — YES Motion passed unanimously. 254 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA 11151can I Al 11 Noma.� DISTRIBUTIONS January 2025 Check Payee Amount 3546 Michelle Frye $43.37 3547 John Corsie $791.18 3548 Dawn Smith $62,757.16 3549 Braiden Marks $962.52 3550 Emily Wilson $3,507.95 3551 Jason Miller $9,050.80 3552 Maureen Sawmelle $2,007.35 Transfer: Washington County Regular Payroll Escrow Account $23,561.78 Transfer: Washington County Cash Disbursement Account $15,238.25 Transfer: PNC Bank $85,488.49 Transfer: Washington Co. Retirement Acct. $955,587.22 Total January 2025 Distributions February 2025 Check Payee Amount 3555 Kayla Neavins $769.40 3556 Kayla Neavins- Payable to Payroll for Salary Overpayment Probation $821.64 services failed to inform FIR of employee's resignation 3557 Nicole Wenzel $5,115.82 3558 Rick Rizor $247.27 3559 Zachary Deems $355.56 3560 Darian Brown $402.00 3561 Taylor Wall $4,.037.39 3562 Austin Davenport $240.60 3563 Gabriel Cannoni $426.28 3564 Sonya Albano $359.44 3565 Brandon Burton $470.04 3566 Kourtney Boardley $14,141.51 3567 Joy Barnhart $5,163.29 3568 Alexander Niehaus $4,366.91 3569 Anthony LaBella $516.20 255 RETIREMENT BOARD !MR LIM1iEd. E1fifl72fi�D MINUTE BOOK WASHINGTON COUNTY, PENNSYLANIA 3570 Sarah Coss $6,672.67 3571 Andrew Eletick $4,538.94 3572 Anna Shawgo $4,175.52 3551 Jason Miller VOID $-9,050.80 3573 LPL Financial/Jeff Mendola as trustee of IRA of Jason Miller $11,313.80 Transfer: Washington County Regular Payroll Escrow Account $23,120.06 Transfer: Washington County Cash Disbursement Account $27,825.07 Transferred 2/7/2025 $7,409.52 Transferred 2/21 /2025 $20,415.55 Transfer: PNC Bank $76,177.48 Washington Co. Retirement Acct. $956,,248.31 Total February 2025 Distributions $1,139,454.40 March 2025 Check Payee Amount 3574 Sarra Dotts $5,248.91 3575 Justice McCamick $6,474.88 3576 Deanna Bevan $1,655.84 3577 Washington Area Teachers FCU as trustee of IRA of Rowena Ipson $3,034.28 3578 PSF Investments as trustee of IRA of Regina Lindley $50,515.43 3579 Deborah Hannah $3,236.31 Transfer: Washington County Regular Payroll Escrow Account $23,021.04 Transfer: Washington County Cash Disbursement Account $6,124.00 Transferred 3/7/2025 $3,062.00 Transferred 3/21/2025 $3,062.00 PNC Bank $70,720.89 Washington Co. Retirement Acct. $963,329.46 Total March 2025 Distributions A,133,361-04- 256 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA April 2025 Check Payee Amount 3580 American Funds as trustee of IRA of Jeffrey Melvin $31,266.40 3581 Trustee of Mutual of America FBO Katelyn Waugh $6,976.59 3582 Ashleigh Ellis $1,579.00 3583 Madison Lampe $1,421.34 3584 Danielle McCrea $8,710.67 3585 Amanda Santoro $10,057.62 3586 Austin Gray $4,369.74 3587 Brianna Kinsey $2,656.46 Transfer: Washington County Regular Payroll Escrow Account $23,457.38 Transfer: Washington County Cash Disbursement Account $71,359.38 Transferred 4/4/2025 $54,620.37 Transferred 4/11/2025 $3,957.93 Transferred 4/18/2025 $1,215.88 Transferred 4/25/2025 $11,565.20 PNC Bank $74,545.98 Washington Co. Retirement Acct. $960,484.38 Total April 2025 Distributions 1,196,994.94 OLD BUSINESS None. NEW BUSINESS Portfolio Presentation — Lee Martin & Brad Hampton — Marquette Associates Mr. Martin presented the Retirement Fund's Portfolio overview as of the 1st Q"aie12025. As of March 31, 2025, the Fund was valued at approximately $219.2 million with a first quarter net gain of $1.7 million. He also stated that the positive attribution for the quarter was from Higher Quality Equities, Defensive Equity (VRP), Real Assets, and both Private Equity and Credit. The negative attribution for the quarter were from Growth Equity and Core Plus Fixed Income. 257 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA Mr. Martin added that the fund gained $92.3 million over the last 5 years with a gross return of 3.8%. He states we are in the top 21% of the InvestMetrics US DB plan universe. He noted that currently we are seeing overall low investment management fees of 0.42% compared to the national average for defined benefit plans. Mr. Martin moves on in the presentation with a look at the Asset Allocations. Mr. Martin advises that Marquette is recommending turning back on the Real Estate dividend reinvestment in Quarter 2 in 2025 so that the allocation can grow back to its IPS target of 5%. Mr. Martin added that there will be full redemption in for Timber/Farmland strategy. Mr. Martin wraps up the presentation with a look at the OPEB Fund's Portfolio overview as of the 1st Quarter 2025. As of March 31,2025, the Fund was valued at approximately $28.3 million with a fourth quarter net gain of $209K. He also stated that the positive attribution for the quarter was from Higher Quality Global and Non -US Equity, Real Estate, and Listed Infrastructure. The negative attribution for the quarter were from Growth Equity and Core Plus Fixed Income. Mr. Martin added that the fund gained $11.5 million over the last 5 years with a gross return of 11.3%. He states we are in the top 15% of all DB plans over that period. He noted that currently we are seeing very low investment management fees of 0.33%. No Discussion followed. Mr. Sherman entered a motion to accept the report provided by Marquette Associates. The motion was moved by Mr. Maggi and seconded by Ms. Janis. No discussion followed. Roll call vote taken: Ms. Sheatler — YES; Mr. Flickinger — YES; Mr. Maggi — YES; Ms. Janis — YES; Mr. Sherman — YES Motion passed unanimously. The meeting was adjourned at 11:14 a.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: 2025 ATTEST: I