Update on the TASB RMF Board of Trustees November Meeting
By Mary Kate Rice
The Fund’s Board of Trustees met on Friday, November 4, 2011, at the TASB offices in Austin, Texas. Fund Chair Kevin Carbo of Mesquite ISD called the meeting to order and asked for approval of the minutes of the July 30, 2011 meeting.
The Audit and Finance Committee reported to the Board on the preliminary financial statements for the 2010-11 fiscal year, which ended August 31, 2011, as well as the Fund’s five-year financial trends. The Fund continues to be in a very strong financial position with Members’ Equity totaling over $183 million. The Fund’s Investment Manager, Michael Salvay of Payden & Rygel, and Investment Consultant, Dan Smereck of Strategic Asset Alliance, also presented the annual investment report to the Board.
The Claims Committee presented their annual report on claims trends and activities for the Workers’ Compensation, Unemployment Compensation, and Property and Liability programs. The Board also heard an update on significant claims. There was a report on the Texas Department of Insurance’s Network Report Cards in which the Political Subdivision Workers’ Compensation Alliance (Alliance) scored better than all other networks in the state. The Alliance is the network in which the Fund, along with four other pools, collectively contracts with providers for treatment of injured workers. The Board also discussed drought-related claims and determined these are not covered losses.
The Member Services Committee reported on the 2011-12 renewal and marketing results which resulted in a gain in the following programs: Property, Auto Physical Damage, General Liability, SP Legal Liability, Auto Liability, and Workers’ Compensation. There was a small loss of membership in the Unemployment Compensation program. The Fund Board approved the Member Benefits Program for 2011-12, which included continuing the Loss Prevention Grant Program for the 14th year. The Committee also heard a report on upcoming training opportunities, including the Fund’s Annual Members’ Conference, as well as a report on the Loss Prevention Needs-Based Service Plan.
Paul Taylor, division director, TASB Risk Management Legal & Regulatory Affairs, conducted the annual review of the Fund board policies and bylaws. The Board approved the 2010-11 TASB Administrative Fee after hearing a report from Dubravka Romano, associate executive director, TASB Risk Management Services. Romano also reported on the program review and evaluation process (PREP) for Property and Liability Claims Administration and Workers’ Compensation Claims Administration. In addition, the Board approved a new vendor to conduct property appraisals and approved the contract for HailAlert Technologies for the 2012 calendar year.
The Fund’s Board will meet again on February 9-10, 2012 at the TASB offices in Austin, Texas.
