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The Kentucky Association of Counties Unemployment Compensation Self-Insurance Fund held a Board of Directors meeting at 9 a.m. on Wednesday, February 19, 2025. This meeting was via video teleconference, pursuant to proper notice given in accordance with KRS 61.826 and KRS 65.312(3).
The roll was called. The following Directors participated virtually: Chairman David Fields, Pendleton County Judge/Executive; Vice-Chair John Ward, Hardin County Sheriff; Jacqalynn Riley, Grant County Magistrate; Elbert Bennett, Caldwell County Magistrate; David Livingston, Scott County Magistrate; and Mike Welsh, Metcalfe County PVA.
Others participating included: Jim Henderson, Executive Director; Temple Juett, Director of Insurance and Business; Karen Basham, Chief Financial Officer; Marie Skinner, Accounting Manager; Tim Sturgill, General Counsel; Andrea Morse, Insurance Agency Manager; Lindsey Bowman, Customer Service Representative; Jennifer Burnett, Director of Strategic Operations; Alyssa Rogers, Staff Accountant; Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Chairman Fields called the meeting to order at 9 a.m.
Motion made by David Livingston, seconded by Jacqalynn Riley, to approve the minutes of the January 22, 2025, meeting as presented. Motion carried.
Ms. Skinner presented and discussed the following financial reports: balance sheet as of January 31, 2025; statement of activities for period July 2024 through January 2025; and FY 2024/25 PAF budget for period July 1, 2024 through January 31, 2025.
Motion made by Jacqalynn Riley, seconded by Mike Welsh, to acknowledge receipt of the financial reports as presented. Motion carried.
Ms. Basham presented and discussed a summary of the Fund's investments for months ended January 2025. There were no investment transactions for the month of January 2025. The Board received a full listing of the Fund's investments electronically.
Motion made by Mike Welsh, seconded by David Livingston, to acknowledge receipt of the investment report as presented. Motion carried.
Ms. Basham discussed the rate schedule for calendar year 2025. Ms. Basham said staff recommends using the actuarial rates as suggested in the 2023 actuarial report as prepared by Oliver Wyman.
Motion made by John Ward, seconded by Jacqalynn Riley, to adopt the rate schedule as recommended in the 2023 actuarial report. Motion carried.
Ms. Basham stated that the existing asset management agreement with Conning is set to expire on June 30, 2025, and it includes an option for up to two additional three-year extensions. She presented the first memorandum of extension between the Fund and Conning, Inc. for a period of three (3) years commencing on July 1, 2025, and continuing through June 30, 2028.
Motion made by Jacqalynn Riley, seconded by John Ward, to approve the memorandum of extension for three years. Motion carried.
Ms. Bowman presented the second quarter claim charges for October 1, 2024 through December 31, 2024.
Ms. Bowman presented a report on the unemployment rates by county for December 2024, and a list of potential benefit claims for January 2025.
The next meeting is Mar. 19, at 9 a.m.
Motion made by David Livingston, seconded by Jacqalynn Riley, to adjourn the meeting at 9:25 a.m. Motion carried.
