Update on TASB RMF Board of Trustees April Meeting
by June Kissinger
The Fund’s Board of Trustees met on April 19 2009, at the Hilton Garden Inn in Austin, TX. After approval of the minutes and an appeal from Simms ISD, the Audit and Finance Committee reported on the following items to the full Board.
- The Fund’s financial statements as of February 28, 2009, show a decrease in Members’ Equity primarily due to unrealized investment losses. However, despite the reduction in Members’ Equity, the fund is in very strong financial health and well positioned to weather the current economic conditions.
- The Fund’s investment report
- An update on the investment consultant RFP was presented. Staff will report to the Committee on the responses received and anticipates bringing a recommendation to the Committee and the Board at the July meeting.
- A report on implementing changes being made as a result of the Internal Control Audit conducted by Deloitte this past year.
The Committee also presented an action item to the full Board to engage Deloitte for the Fund’s 2009-10 financial audit. The Board approved this action item.
The Claims Committee made the following reports to the Board.
- A report on significant WC and P/C Claim activities
- A report on the potential impact of proposed WC legislation
- A report on the new Medicare reporting requirements (MMSEA)
- A report on the possible impact of the federal stimulus package on unemployment claims.
The Member Services Committee reported the following items.
- A Fund membership report and membership changes since the last meeting
- A report on the Members’ Conference activities
- A report on the 2009 Innovation Award winners
- A report on the Loss Prevention Grant program
The Committee also presented the following action items, which were approved by the Board.
- Due to current market conditions, the funding plans normally approved by the Board at the April meeting will be presented to the Board in May or June for their approval.
- Approval of the 2009-10 property stop loss program
Dubravka Romano, associate executive director, Risk Management Services, TASB, presented a progress report on the 2008-09 major projects and initiatives and another concerning the ongoing Program Review and Evaluation Process (PREP) for Risk Management Services Administration. Ms. Romano also presented an action item for approval of amendments to the 2008-09 TASB administrative fee. The Board approved the amendments.
Prior to adjourning to Executive Session, the meeting concluded with the election of the Nominations Committee and an update on upcoming Board meeting and Board training opportunities.
If you have any questions about this report, contact June Kissinger, at 800. 482.7276, ext. 3545.
