[tidy error]
The Kentucky Association of Counties Workers' Compensation Fund held a Board of Trustees' meeting at the KACo offices located at 400 Englewood Drive in Frankfort, Kentucky and via video teleconference, pursuant to proper notice given in accordance with KRS 61.826 and 2020 Ky. Acts ch. 73 sec 1(8)(b), at 10:30 a.m. (EDT) on Wednesday, May 26, 2021.
The roll was called. The following Trustees were present: Chairman Greg Terry, Carlisle Co. Judge/Executive; Vice-Chair Dan Mosley, Harlan Co. Judge/Executive; Michael Logsdon, Oldham Co. Magistrate; Elbert Bennett, Caldwell Co. Magistrate; and Casey Ellis, Owen Co. Judge/Executive.
Others participating in person included: Temple Juett, Director of Insurance and Business; Jim Henderson, Executive Director/CEO; Karen Basham, Chief Financial Officer; Tim Sturgill, General Counsel; Jeremy Head, Claims Manager; Kris Dunn, Associate Director of Insurance; Crystal Hellard, Litigated Claims Manager; Rich Ornstein, Staff Attorney; Michael Ray, Safety & Loss Control Manager; Andrea Morse, Insurance Agency Manager; Marie Skinner, Accounting Manager; Phil Crumpton, Law Enforcement Specialist; Rob Brown and Joe Greathouse, LGIA/KACo Marketing Agents; Sue Porter and Kathy Marshall, Marketing Agents, Roeding Insurance; Clint Combs, Marketing Agent, Peel & Holland Financial Group; Paul Harnice, Board Counsel, Stoll, Keenon, Ogden, PLLC; and Sonya Chesser, Executive Assistant to the CEO/Director of Administrative Services.
Others participating virtually included: Michelle Barrett, Roeding Insurance/Marketing Agent; Greg Sisson and Jeremy Russell, Underwriters, Safety & Claims; John Logan, Marsh, Inc.; and Jon Sharp, IT Manager.
Chairman Terry called the meeting to order at 10:32 a.m.
Motion made by Elbert Bennett, seconded by Casey Ellis, to approve the minutes of the Apr. 28, 2021 meeting as presented. Motion carried.
Mr. Head presented and discussed the quarterly claims report for period Feb. 2021 through Apr. 2021.
Ms. Basham presented and discussed the following reports: balance sheet as of Apr. 30, 2021, income statement, and claims expense report for period July 1, 2020 - Apr. 30, 2021; FY 2020/21 PAF budget for period July 1, 2020 - Apr. 30, 2021; check history report for period Apr. 1 - 30, 2021; additions and deletions to the premium for Apr. 1 - 30, 2021; FY 2020/21 agent commissions earned to date as of Apr. 30, 2021; FY 2019/20 payroll audit premium receivables and FY 2020/21 premium receivables as of May 20, 2021.
Motion made by Dan Mosley, seconded by Elbert Bennett, to acknowledge receipt of the financial reports as presented. Motion carried.
Ms. Basham presented the investment report and investment transactions for the month of April 2021. The board received a full listing of all of the Fund's investments electronically.
Motion made by Casey Ellis, seconded by Dan Mosley, to acknowledge receipt of the investment report and ratify the investment transactions as presented. Motion carried.
Ms. Basham presented and discussed the Custodial Agreement between the KACo Workers Compensation Fund and Central Bank to hold, manage and invest properties per the terms and conditions of the agreement.
Motion made by Dan Mosley, seconded by Elbert Bennett, to approve the Custodial Agreement between the KACo Workers Compensation Fund and Central Bank as presented. Motion carried.
Ms. Basham presented and discussed the FY 2021/22 draft budget for the board's review.
Mr. Juett presented and discussed the reinsurance renewal premium quote from County Reinsurance Limited (CRL) for policy year 2021/22 totaling $1,545,340.
Motion made by Michael Logsdon, seconded by Elbert Bennett, to renew reinsurance with CRL for policy year 2021/22. Motion carried.
Mr. Juett presented a Memorandum of Extension between the KACo Workers Compensation Fund and Roeding Insurance-Public Entity for Territory D for another three year term commencing on July 1, 2021 and continuing through June 30, 2024. He said that in the meantime, staff will continue to work with the regional agents to revise the agreements.
Motion made by Dan Mosley, seconded by Michael Logsdon, to approve the Memorandum of Extension with Roeding Insurance-Public Entity for Territory D for another three year term as presented. Motion carried.
Mr. Henderson reminded the board that the NACo Annual Conference will be held July 9-12 in Prince George's County, MD, in which the County Reinsurance Limited (CRL) staff will be in attendance and a great opportunity to speak with them.
The board agreed to move the next meeting from June 23rd at 10:30 a.m. to June 17th at 3:30 p.m. at the Marriott Griffin Gate in Lexington. This meeting will be held in conjunction with the KJCEA/KMCA joint summer conference.
Motion made by Elbert Bennett, seconded by Dan Mosley, to adjourn the meeting at 11:18 a.m. Motion carried.
