Update on TASB RMF Board of Trustees April Meeting
by June Kissinger
The Fund’s Board of Trustees met on April 25, 2010, at the Hyatt Regency Hotel in Austin, TX. After approval of the minutes, the Audit and Finance Committee reported on the following items to the full Board:
- The Fund continues to maintain a strong financial position. The Fund’s financial statements as of March 31, 2010, show an increase in Members’ Equity comprised of a planned negative result from operations and positive investment income.
- An investment report
- An update on the investment policy review and rewrite
The Committee also presented an action item to the full Board to engage Deloitte and Touche, LLP for the Fund’s 2009-10 financial audit. The Board approved this item.
The Claims Committee made the following reports to the Board:
The annual report of pharmacy benefit manager results that revealed the Fund has an overall savings 15 percent higher than the average Progressive Medical client
- A quarterly report on claims activities and trends in Workers’ Compensation and Property/Liability
- A report on the Fund’s obligations as stop-loss carrier for certain Workers’ Compensation ASO members
- Waiver of the Texas Department of Insurance penalty
The Committee also presented an action item to the full Board on criteria for the assessment of non-compliant Workers’ Compensation members in meeting their statutory reporting requirements. The Board approved this item.
The Member Services Committee reported the following items:
- A report on the Members’ Conference activities
- A report on the 2010 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:
- Approval of the underwriting plans for 2010-11, which includes a Members’ Equity Dividend to subsidize rates
- Approval of the 2010–11 property stop-loss program
Dubravka Romano, Associate Executive Director, TASB Risk Management Services, presented the 2010-13 Fund Strategic Plan for approval by the full Board. The action item passed, along with other action items. They are as follows:
- Approval of amendments to the 2009-10 administrative fee
- Approval of the contract with the Fund’s consultant
- Engagement of consultant to assist with the Fund’s rebranding and marketing plan
- Notification to the TASB president of intent to change the Fund’s by-laws
The Board also heard reports on the sponsorship and license agreement negotiations, progress on the Fund’s litigation management program, a report on agreements executed since the last board meeting, and notification of upcoming Board meetings and training opportunities.
The Board adjourned to Executive Session, with no further action items.
If you have any questions about this report, contact June Kissinger, at 800.482.7276, ext. 3545.
