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Home My WebLink About2025_11-20_RETIREMENT BOARD MEETING NO 300_MINUTES_APPROVED 265 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR UMITEL)Et_ Q7 9LD _ Minute No. 300 November 20,2025 The quarterly meeting of the Washington County Retirement Board was held at approximately 11:20 a.m. on Thursday,November 20,2025,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;Solicitor Gary Sweat;County Administrator Daryl Price;Chief Clerk Cindy Griffin;Administrative Assistant Debbie Corson;Executive Secretaries Heather Wilhelm,Casey Grealish and Randi Marodi;Audit Manager Brandi Kulla;Lee Martin,Ph.D. and Brad Hampton representing Marquette Associates and Washington County Retiree Sandy Sabot. APPROVAL OF MINUTES Mr. Sherman entered a motion to approve meeting Minutes 299,dated August 14,2025.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.Sheader—yes;Mr.Flickinger—yes;Mr.Maggi—yes;Ms.Janis—yes;Mr.Sherman—yes Motion passed unanimously. PUBLIC COMMENT Washington County Retiree—Sandy Sabot Ms. Sabot states that she and the other retirees have put in their time working for the county and that they are asking for the Commissioners to take that into consideration when it comes to the rising cost of the retiree's health insurance.Ms. Sabot makes the point that all retirees are in fact living on limited incomes and the retirees would really like that taken into consideration when decisions are made in the future regarding the increase of cost for the retiree health insurance.Ms.Sabot also adds that the retirees were guaranteed this insurance when they were hired, for the rest of their lives, so they stayed employed with the county because of this benefit. Ms. Sabot closed her comment with asking that the commissioners do take time in the future to think about the decisions made regarding the retiree health insurance cost. Commissioner Sherman advised of the 10%cost increase this year for the retiree health insurance, which is the reason for the increase in cost for the retirees. Commissioner Sherman also states that all three commissioners disagree with the increase in price and that they are aggressively looking for ways around the increases. TREASURERS REPORT Mr. Flickinger made a motion to accept the presented reconciliations of July 2025 to September 2025.Motion was accepted and moved by Ms.Janis and seconded by Mr.Maggi. Roll call vote taken: Ms. Sheatler—yes;Mr. Flickinger—yes;Mr.Maggi—yes;Ms.Janis—yes;Mr. Sherman—yes Motion passed unanimously. 266 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR LIM= FlM79?91 D RETIREMENT ALLOWANCE REPORT Bank Balance as of July 1,2025 $65,966.27 Deposits to Checking Account -0- Transfers In $855,366.47 ACH Credit $306,596.15 Other Credits -0- Less: Cancelled Checks (35,031.96) Less: Other Debits (.60) Less: ACH Debits (1,030,800.85) Funds Transfers Out (62,429.89) Bank Balance as of July 31,2025 $99,665.59 Transfers to Mutual Funds $37,466.72 Less:Outstanding Checks/Ret Check Run (137,132.31) Reconciled Balance as of July 31,2025 -0- 267 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR LIMITED F1907929LU Bank Balance as of August 1,2025 Deposits to Checking Account JTransfers In $99,665.59 ACH Credit -0- Other Credits $ 845,037.17 Less: Cancelled Checks $460,816.26 Less: Other Debits -0- (107,796.09) -0- Less:ACH Debits (1,018,307.76) Funds Transfers Out (71,927.98) Bank Balance as of August 31,2025 $207,487.19 Transfers to Mutual Funds ($95,249.76) Less: Outstanding Checks/Ret Check Run (112,237.43) Reconciled Balance as of August 31,2025 -0- Bank Balance as of September 1,2025 $207,487.19 Deposits to Checking Account -0- Transfers In -0- ACH Credit $161,044.35 Other Credits $1,457,769.20 Less: Cancelled Checks (102,656.80) Less: Other Debits -0- Less:ACH Debits (1,027,946.03) Funds Transfers Out (81,347.82) Bank Balance as of September 30,2025 $614,350.09 Transfers to Mutual Funds $8,390.11 Less: Outstanding Checks/Ret Check Run ($622,740.20) Reconciled Balance as of Sept 30,2025 -0- 268 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMA. JMIIED_ElfM7929LD REQUISITIONS Ms.Sheatler made a motion to approve the requisitions for the months of August 2025 through October 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. DISTRIBUTIONS August 2025 Check Payee Amount 3611 Erin Mitchell $169.91 3612 Patrick Hall $169.91 3613 Stifel Nicolaus as trustee of IRA Account of Matthew Emerson $16,500.98 3614 Charles Schwab as trustee of IRA Account of Zachary Edward Moore $16,070.98 Thomas Clibbens lll 3615 Robert Tutko $6,114.46 3616 Emma O'Hair $1,128.73 3617 Tess Salzman $5,790.93 3618 Jared Johnson $16,398.09 3619 Abigail Lowe $733.55 3620 Trustee of PA State Employees Deferred Comp Plan FBO Walter Lober $201.42 VOID Walter Lober -$8,415.08 Washington County Regular Payroll Escrow Account 3621 Washington County Cash Disbursement Account $6,731.08 Transfer: Transferred 8/15/2025$364.97 $24,543.76 Transfer: Transferred 8/8/2025 $29,47091 $29,835.88 PNC Bank Washington Co. Retirement Acct. Transfer: Total August 2025 Distributions $75,514.24 Transfer: $962,835.41 1,154,324.25 269 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA [M�r1�12F0 E78079P9tD September 2025 Check Payee Amount 3622 CB&T as trustee of Richard Cessna ACCT#58701121 $518,320.85 3623 Garrett Hull $42.48 3624 Daniel Pascoe $752.28 3625 Edward Snider Jr. $747.06 3626 Aaron Matthews $320.12 3627 Trustee of Mutal of America FBO Zoe Leann Belknap $622.35 3628 Chalsea Alexander $1,084.18 3629 Whitney Burdette $1,108.66 3630 Tyler Abbey $3,147.76 3631 Ryan Ankrom $552.33 3632 Madeline Crumine $3,774.05 3633 Janelle Brewer $7,225.22 3634 Marcus Altman $213.61 3635 Raymond Lampkins $899.38 3636 Hannah Lindley $21,321.59 3637 Joshua Green $28,224.70 3638 CFS Bank as trustee of IRA Account of TiLisa Watts $20,571.51 3639 Jessica Pantalo $138.92 3640 Sebastian Lauver $3,303.24 3641 Bailee Seaman $3,722.85 Transfer: Washington County Regular Payroll Escrow Account $24,726.18 Transfer: Washington County Cash Disbursement Account $74,169.98 Transferred 8/29/2025 $17,548.34 Transferred 9/5/2025 $56,277.95 Transfer: Transferred 9/12/2025 $343.69 Transfer: PNC Bank $84,324.53 Washington Co.Retirement Acct. $965,022.59 Total September 2025 Distributions $1,764,336.42 270 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA IMR LIMITED-_Ej5aZ929j p October 2025 Check Payee Amount 3642 Diane Suski $41.39 3643 Charles Schwab as trustee of IRA of Jocelyn Fulks $10,195.64 3644 PNC Wealth management as trustee of Sydney Senay $6,258.82 3645 Bobbi Cumpston $9,570.31 3646 Jaylin Kelly $11,163.66 3647 Kristin Koerber $11,955.35 3648 Ashley Walker $5,936.61 3649 Ta'Leaha Poole $3,427.16 3650 Leonard Porter $674.27 3651 Albert Nemchek $13,558.98 3461 Jessica Pantalo VOID $438.92 3485 Sebastian Lauver VOID $-3,303.24 3505 Bailee Seaman VOID $-3,722.85 Transfer: Washington County Regular Payroll Escrow Account $27,107.96 Transfer: Washington County'Cash Disbursement Account $72,436.66 Transferred 10/10/2025 $5,423.55 Transferred 10/17/2025 $62,130.75 Transfer: Transferred 10/31/2025$4,822.36 Transfer: PNC Bank $83,408.40 Washington Co.Retirement Acct. $965,778.00 Total October 2025 Distributions $1,214,348.20 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 3rd Q-a-2025.As of September 30,2025,the Fund was valued at approximately$240.8 million with a third quarter net gain of $10.8 million.He also stated that the positive attribution relative to policy for the quarter was from Growth Equity,Emerging Market Equity,Defense Equity(VRP),Real Estate and Infrastructure.The negative attribution for the quarter was from Value Equity,Low Volatility Equity and Timber/Farmland. Mr.Martin added that the fund gained$89 million over the last 5 years with a gross return of 9.4%, placing the fund in the top 28% of the InvestMetrics US DB plan universe. He noted that we are currently seeing overall low investment management fees of 0.38%compared to the national average for broadly diversified defined benefit plans. Mr.Martin states that the Asset Allocation will be reviewed in 2026. 271 MINUTE BOOK RETIREMENT BOARD WASHINGTON COUNTY, PENNSYLANIA ibag L ml FQ rija 7990 0 Mr.Martin wraps up the presentation with a look at the OPEB Fund's Portfolio overview as of the 3rd Quarter 2025.As of September 30,2025 the Fund was valued at approximately$31.9 million with a third quarter net gain of$1.6 million.He also stated that the positive attribution relative to policy for the quarter was from Growth Equity,Emerging Market Equity,Defensive Equity VRP and Real Assets. The negative attribution for the quarter was from Value Equity and Low Volatility Equity. Mr.Martin added that the fund gained$12 million over the last 5 years with a gross return of 10.2%. He states we are in the top 9%of the US Defined Benefit plan universe over that period. He noted that currently we are seeing very low investment management fees of 0.32%. No Discussion followed. The meeting was adjourned at 12:12 p.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: 2026 ATTEST: