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Home My WebLink About2025_11-20_Retirement Board Agenda_Meeting No_300 *WAAS�HINGTON RETIREMENT BOARD MEETING November 20, 2025 1. Opening of Meeting. 2. Approval of Minutes No. 299 dated August 14, 2025 3. Public Comment. 4. Treasurer's Report: a. Bank Reconciliations — July 2025 — September 2025 5. Requisitions: a. Requisitions — August 2025 — October 2025 6. Old Business. 7. New Business. a. Estimated ADC for 2026 from Foster & Foster, attached for review, no discussion needed. b. 2025 Charitable Contribution distribution from Marquette Associates: i. divide into equal payments of 200.00 for each retirement board member to contribute to charity of choice. c. Portfolio Presentation: Lee Martin, Marquette Associates. 8. Adjournment. Minute No. 299 August 14, 2025 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:56 a.m. on Thursday,August 14, 2025,in the public meeting room with the following members being present: Commissioners Nick Sherman,Larry Maggi and Electra Janis; Controller Heather Sheatler; Deputy Treasurer Lisa Rice on behalf of Treasurer Tom Flickinger. Also present; Solicitor Gary Sweat; County Administrator Daryl Price;Administrative Assistant Debbie Corson; Executive Secretaries Heather Wilhelm and Randi Marodi;Lee Martin, Ph.D. representing Marquette Associates and WJPA Journalist Joe Jasek. APPROVAL OF MINUTES Mr. Sherman entered a motion to approve meeting Minutes 298, dated May 15, 2025. No discussion followed. Motion by Ms.Janis, seconded by Mr. Maggi to approve the above-mentioned minutes, as written. Roll call vote taken: Ms. Sheatler—yes;Ms. Rice—yes;Mr. Maggi—yes;Ms.Janis—yes;Mr. Sherman—yes Motion passed unanimously. PUBLIC COMMENT None. TREASURER'S REPORT I Deputy Treasurer Lisa Rice, on behalf of Treasurer Tom Flickinger made a motion to accept the presented reconciliations of April 2025 to June 2025. Motion moved by Ms.Janis, seconded by Mr. Maggi. Roll call vote taken: Ms. Sheader—yes;Ms. Rice—yes;Mr. Maggi—yes;Ms.Janis—yes;Mr. Sherman—yes Motion passed unanimously. Retirement Allowance Report Bank Balance as of April 1, 2025 $ 88,785.13 Deposits to Checking Account -0- Transfers In $665,453.32 ACH Credit $460,072.24 Other Credits -0- Less: Cancelled Checks (89,620.98) Less: Other Debits -0- Less:ACH Debits (1,013,724.11) Funds Transfers Out (105,224.29) Bank Balance as of April 30, 2025 $5,741.31 Transfers to Mutual Funds $16,016.42 Less: Outstanding Checks (95,463.46) Less: Retirement Check Run (31,602.72) Deposit in Transit $105,308.45 Reconciled Balance as of April 30, 2025 Bank Balance as of May 1, 2025 $ 5,741.31 Deposits to Checking Account -0- Transfers In $ 914,145.50 ACH Credit $308,628.92 Other Credits -0- Less: Cancelled Checks (77,425.30) Less: Other Debits -0- Less:ACH Debits (1,025,325.83) Funds Transfers Out (105,101.59) Bank Balance as of May 31,2025 $ 20,663.01 Transfers to Mutual Funds ($5,289.83) Less: Outstanding Checks (107,864.32) Less: Retirement Check Run (12,817.31) Deposit in Transit $105,308.45 Reconciled Balance as of May 31, 2025 Bank Balance as of June 1, 2025 $ 20,663.01 Deposits to Checking Account -0- Transfers In $884,684.30 ACH Credit $311,152.27 Other Credits -0- Less: Cancelled Checks (102,137.12) Less: Other Debits -0- Less:ACH Debits (1,021,876.24) Funds Transfers Out (26,519.95) Bank Balance as of June 30, 2025 $ 65,966.27 Transfers to Mutual Funds $16,297.80 Less: Outstanding Checks (49,683.27) Less: Retirement Check Run (32,580.80) Reconciled Balance as of June 30, 2025 REQUISITIONS Ms. Sheatler made a motion to approve the requisitions for the months of May 2025 through July 2025. No discussion followed. Motion was seconded by Ms.Janis. Roll call vote taken: Ms. Sheatler—yes;Ms. Rice—yes;Mr. Maggi—yes;Ms.Janis—yes;Mr. Sherman—yes Motion passed unanimously. DISTRIBUTIONS May 2025 Check Payee Amount 3588 Trustee of Penn State Deferred Comp Plane FBO Cody Muntan $30,892.64 3589 Cody Muntan $700.16 3590 Capital Bank&Trust Co. as trustee of IRA Account of Rebecca $2,276.84 3591 Price AC $21,521.18 3592 Anthony McCoy $4,946.99 3593 Stacey Andronas $1,360.91 3594 Rebecca Cario $512.55 3595 McKenna Lampe $8,829.48 Transfer: Brad Krepps $23,250.60 Transfer: Washington County Regular Payroll Escrow Account $81,850.99 Transfer: Washington County Cash Disbursement Account $77,799.26 Transfer: PNC Bank $968,832.82 Washington Co. Retirement Acct. $1,222,774.42 Total May 2025 Distributions June 2025 Check Payee Amount 3596 Deborah Fallenstein $242.28 3597 Raquel Gilpin $13.04 3598 Cherisse Sachs $13.03 3599 Ralph Abbondanza $13.03 3600 Summer Dutton $4,667.10 3601 Kylie Dunker $3,257.54 3602 Vincent Argento $1,891.47 3603 Richard Walker $1,730.94 3604 Savannah Grooms $2,919.67 3605 Lanie Balmer $5,370.46 3606 Desirae Wolfe $356.32 Transfer: Washington County Regular Payroll Escrow Account $23,098.62 Transfer: Washington County Cash Disbursement Account $3,421.33 Transferred 6/13/2025 $359.33 Transferred 6/27/2025 $3,062.00 Transfer: PNC Bank $73,451.80 Washington Co. Retirement Acct. $969,730.69 Total June 2025 Distributions $1,099,99 .94 July 2025 Check Payee Amount 3607 Jannie Simonelli $64,605.41 3608 Linsey Dami $1,874.14 3609 Sarah Danchik $869.48 3610 Carly Zofchak $1,877.10 Transfer: Washington County Regular Payroll Escrow Account $24,352.32 Transfer: Washington County Cash Disbursement Account $15,644.89 Transferred 7/11/2025 $1.96 Transferred 7/11/2025 $15,642.93 PNC Bank $85,298.22 Washington Co. Retirement Acct. $966,808.88 Total July 2025 Distributions $.1,161,330 44 OLD BUSINESS None. NEW BUSINESS Portfolio Presentation—Lee Martin—Marquette Associates Mr. Martin presented the Retirement Fund's Portfolio overview as of the 2nd Quarter 2025. As of June 30, 2025, the Fund was valued at approximately$231.2 million with a second quarter net gain of$11.9 million. He also stated that the positive attribution relative to policy for the quarter was from Growth Equity,Real Estate,Timber and Infrastructure. The negative attribution for the quarter were from High Quality Equity, Private Equity-Public Benchmark and Private Credit- Public Benchmark. Mr. Martin added that the fund gained$85.6 million over the last 5 years with a gross return of 9.3%,placing the fund in the top 35% of the InvestMetrics US DB plan universe. He noted that we are currently seeing overall low investment management fees of 0.39% 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 rebalancing from the evergreen Private Equity throughout the remainder of the year so that the allocation can drop back in line with its IPS target of 5%. Mr. Martin added that the full redemption is in for Timber/Farmland strategy. Mr. Martin wraps up the presentation with a look at the OPEB Fund's Portfolio overview as of the 2nd Quarter 2025. As of June 30, 2025 the Fund was valued at approximately$30.3 million with a second quarter net gain of$2.0 million. He also stated that the positive attribution relative to policy for the quarter was from Growth Equity and Core Plus Bonds. The negative attribution for the quarter was from High Quality Equity, Defensive Equity and Real Assets. Mr. Martin added that the fund gained$16.7 million over the last 14 years with a gross return of 8.3%. He states we are in the top 21% of the US Defined Benefit plan universe 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. No discussion followed. Motion by Ms.Janis, seconded by Mr. Maggi. Roll call vote taken: Ms. Sheader—yes;Ms. Rice—yes;Mr. Maggi—yes;Ms.Janis—yes;Mr. Sherman—yes Motion passed unanimously. Mr. Sherman entered a motion for the professional service contract to replace Korn Ferry with Foster&Foster,with rates remaining the same. No discussion followed. Motion by Ms.Janis, seconded by Mr. Maggi. Roll call vote taken: Ms. Sheader—yes;Ms. Rice—yes;Mr. Maggi—yes;Ms.Janis—yes;Mr. Sherman—yes Motion passed unanimously. The meeting was adjourned at approximately 11:26 a.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: 52025 ATTEST: SECRETARY