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Home My WebLink About2026_05-21_Retirement Board Agenda_Meeting No_302WASHINGTON COUNTY PenmylvaNa RETIREMENT BOARD MEETING May 21, 2026 1. Opening of Meeting. 2. Approval of Minutes No. 301 dated February 19, 2026 3. Public Comment. 4. Treasurer's Report: a. Bank Reconciliations — January 2026 — March 2026 5. Requisitions: a. Requisitions — January 2026 — April 2026 6. Old Business. 7. New Business. a. Portfolio Presentation: Lee Martin, Marquette Associates. 8. Adjournment. Minute No. 301 February 19, 2026 The quarterly meeting of the Washington County Retirement Board was held at approximately 10:46 a.m. on Thursday, February 19, 2026, in the public meeting room with the following members being present: Commissioners Nick Sherman, Larry Maggi and Electra Janis; Controller Heather Sheader; Treasurer Tom Flickinger. Also present; Solicitor Gary Sweat; Solicitor Michael Cruny; Public Relations Director Nicole Ford; Chief Clerk Cindy Griffin; Administrative Assistant Debbie Corson; Executive Secretaries Heather Wilhelm, Casey Grealish and Randi Marodi and Lee Martin, Ph.D. representing Marquette Associates. APPROVAL OF MINUTES Mr. Sherman entered a motion to approve meeting Minutes 300, dated November 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 Mr. Flickinger made a motion to accept the presented reconciliations of October 2025 to December 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. RETIREMENT ALLOWANCE REPORT Bank Balance as of October 1, 2025 $ 614,350.09 Deposits to Checking Account -0- Transfers In -0- ACH Credit $472,321.85 Other Credits $894,108.58 Less: Cancelled Checks (626,191.71) Less: Other Debits (35,550.32) Less: ACH Debits (1,029,704.21) Funds Transfers Out (67,554.30) Bank Balance as of October 31, 2025 $221,779.98 Transfers to Mutual Funds ($124,848.26) Less: Outstanding Checks/Ret Check Run ($96,931.72) Reconciled Balance as of October 31, 2025 Bank Balance as of November 1, 2025 $ 221,779.98 Deposits to Checking Account -0- Transfers In -0- ACH Credit $315,204.73 Other Credits $1,118,524.58 Less: Cancelled Checks (70,311.79) Less: Other Debits (43,681.91) Less: ACH Debits (1,077,222.37) Funds Transfers Out -0- Bank Balance as of November 30, 2025 $ 464,293.22 Transfers to Mutual Funds $968,835.17 Less: Outstanding Checks/Ret Check Run (1,433,128.39) Reconciled Balance as of Nov 30, 2025 Bank Balance as of December 1, 2025 $ 464,293.22 Deposits to Checking Account -0- Transfers In -0- ACH Credit $313,725.90 Other Credits $798,483.68 Less: Cancelled Checks (331,270.04) Less: Other Debits (81,818.38) Less: ACH Debits (1,017,132.03) Funds Transfers Out -0- Bank Balance as of December 31, 2025 $146,282.35 Outstanding MUNIS Debits $115,971.01 Adjusted bank balance (43,361.26) Less: Outstanding Checks/Ret Check Run ($218,892.10) Reconciled Balance as of Dec 31, 2025 DISTRIBUTIONS November 2025 Check Payee Amount 3653 Kenneth J McKinney $43,747.53 3654 Virginia Summers $28,019.30 3655 Emily White $53,623.78 3656 Monica Morris $53,623.78 3657 Loraine Lusk $220.60 3658 Fidelity Management Trust Company as trustee of IRA of Jason Lee $7,215.56 Scagline 3659 Charles Schwab as trustee of IRA of Molly Augustine $5,152.61 3660 LPL Financial as trustee of IRA of Kelly M. Remlinger $15,991.14 3661 Sarah Pentland $21,829.19 3662 Paige Eisengart $27,073.46 3663 Emily Gilpin $4,800.26 3664 Hannah Yeager $12,819.84 3665 Deborah H. Dellorso $10,705.21 3666 Nathan Blackburn $865.52 3667 Mackenzie Gallant $3,139.65 Transfer: Washington County Regular Payroll Escrow Account $23,824.10 Transfer: Washington County Cash Disbursement Account $23,417.81 Transferred 11 /7/2025 $19,857.81 Transferred 10/31 /2025 $3,560.00 Transfer: PNC Bank $133,499.39 Transfer: Washington Co. Retirement Acct. $961,983.37 Total November 2025 Distributions December 2025 Check Payee Amount 3668 Charles Schwab & Co, Inc. FBO as trustee of IRA of Matthew $13,920.34 Markulin 3669 Brandy Maze $11,019.53 3670 Stashia Barnaba $219.65 3671 Melinda Andrews $379.42 3672 Walkyr Jackson $5,775.81 3673 Brianna Joyner $7,624.56 3674 Alexis Durbin $1,039.44 3675 Bethany Punjack $12,230.01 3676 Jordan Gehron $3,187.76 3677 Melissa Bill $1,542.09 3678 Johnathan Campbell $2,266.17 Leonard Porter VOID -$674.27 3679 Leonard Porter $674.27 Transfer: Washington County Regular Payroll Escrow Account $23,824.10 Transfer: Washington County Cash Disbursement Account $345.91 Transferred 12/12/2025 $345.91 Transfer: PNC Bank $77,482.02 Transfer: Washington Co. Retirement Acct. $959,949.07 Total December 2025 Distributions REQUISITIONS Ms. Sheatler made a motion to approve the requisitions for the months of November 2025 through December 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. OLD BUSINESS None. NEW BUSINESS Portfolio Presentation — Lee Martin, PhD — Marquette Associates Mr. Martin presented the Retirement Fund's Portfolio overview as of the 4th Quaver 2025. As of December 31, 2025, the Fund was valued at approximately $242.5 million with a fourth quarter net gain of $4.4 million. He also stated that the positive attribution relative to policy for the quarter was from Value Equity, Defensive Equity (VRP) and Real Assets. The negative attribution for the quarter was from High Quality Equity and Multisector Fixed Income. Mr. Martin added that the fund gained $76.9 million over the last 5 years with a gross return of 7.8%, placing the fund in the top 24% 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 above 50bps for broadly diversified defined benefit plans. Mr. Martin wraps up the presentation with a look at the OPEB Fund's Portfolio overview as of the 4th Quarter 2025. As of December 31, 2025 the Fund was valued at approximately $32.5 million with a fourth quarter net gain of $695K. He also stated that the positive attribution relative to policy for the quarter was from Value Equity, Defensive Equity (VRP) and Real Estate. The negative attribution for the quarter was from High Quality Equity. Mr. Martin added that the fund gained $10.6 million over the last 5 years with a gross return of 8.5%. 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. There being no more business to be brought before the board, Mr. Sherman adjourned the meeting at approximately 11:18 p.m. THE FOREGOING MINUTES SUBMITTED FOR APPROVAL: , 2026 ATTEST: