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The Kentucky Association of Counties Workers' Compensation Self-Insurance Fund held a special Board of Trustees meeting at 10 a.m. on Wednesday, August 28, 2024. This meeting was held 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 61.823, 61.826 and KRS 65.312(3).
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; Adam O'Nan, Union Co. Judge/Executive; and David Nicholson, Jefferson Co. Circuit Court Clerk (via video teleconference).
Others present included: Jim Henderson, Executive Director/CEO; Temple Juett, Director of Insurance and Business; Tim Sturgill, General Counsel; Paul Harnice, Board Counsel, Stoll, Keenon, Ogden, PLLC; Michael Ray, Safety and Loss Control Manager; Jeremy Head, Claims Manager; Crystal Hellard, Litigated Claims Manager; Andrea Morse, Insurance Agency Manager; Marie Skinner, Accountant (via video teleconference); Dwayne Litton (via video teleconference), Stephen Clary and Steve Morrison, Safety and Loss Control Specialists; Macy Thompson and Lindsey Bowman, Customer Service Representatives; Alyssa Rogers, Staff Accountant; Phil Crumpton, Law Enforcement Liaison; Jon Kovach, Emergency Services Liaison; Sue Porter (via video teleconference) and Michelle Barrett, Public Entity Insurance/KACo Marketing Agent; Joe Greathouse, Marketing Agent, Commonwealth Insurance Agency; Shellie Hampton, Director of Government Affairs; Ed Meredith and Jeremy Russell, Charles Taylor TPA (via video teleconference); GeeAnn Missi, Marsh, Inc. (via video teleconference); Danny Linton, Pinnacle Actuarial Resources; Jesse Penn, Computer Support Specialist; and Sonya Chesser, Executive Assistant to CEO/Director of Administrative Services.
Chairman Terry called the meeting to order at 10:01 a.m.
Motion made by Adam O'Nan, seconded by Michael Logsdon, to approve the minutes of the August 19, 2024, meeting as presented. Motion carried.
Mr. Sturgill presented and discussed the following financial reports: balance sheet as of July 31, 2024; statement of operations as of July 31, 2024; check history report for period July 1 - 31, 2024; FY 2024/25 PAF budget for period July 1, 2024 - July 31, 2024; and FY 2024/25 agent commissions by agency as July 31, 2024.
Motion made by Dan Mosley, seconded by David Nicholson, to acknowledge receipt of the financial reports as presented. Motion carried.
Mr. Sturgill presented the investment report for July 2024; the investment transactions for July 2024; and the FY 2024/25 investment portfolio summary by month. The board received a full listing of the Fund's investments electronically prior to the meeting. He said the Fund is in compliance with the ratios as statutorily required.
Motion made by Michael Logsdon, seconded by Dan Mosley, to acknowledge receipt of the investment report and to ratify the investment transactions as presented. Motion carried.
Mr. Linton presented and discussed the actuarial reserve study for the period ending June 30, 2024 as prepared by Pinnacle Actuarial Resources.
Motion made by Adam O'Nan, seconded by Michael Logsdon, to set the reserves as of June 30, 2024, at the level of nominal unpaid loss and ALAE at $67,043,000 per the June 30, 2024 actuarial report. Motion carried.
Mr. Head presented and discussed the quarterly claims report as of July 31, 2024.
The next scheduled meeting is Sept. 30 at 11 a.m.
Motion made by Adam O'Nan, seconded by Chairman Terry, to go in closed session at 10:36 a.m. to discuss proposed or pending litigation involving the board as authorized by KRS 61.810(1)(c). Motion carried.
Motion made by Michael Logsdon, seconded by Adam O'Nan, to return to open session at 10:42 a.m. Motion carried. There was no action taken in closed session.
Motion made by Adam O'Nan, seconded by David Nicholson, to adjourn the meeting at 10:44 a.m. Motion carried.
