In attendance were Lynn Bartlow, Randy Bowman, Brandon Gilmore, Peter Hang, Janet Kendall, Matt Kuss, Dan Morley, Mickey Price, Dina Reid, Gene Stouffer, Jody Topping, and Scott Whitmire.
Mickey opened the meeting at 10:30 a.m. and Jody offered an opening prayer. He welcomed new members Gene Stouffer and Brandon Gilmore.
Peter provided an orientation for our new members and a review for our continuing members. He briefly described
- Pre-82 Pension Plan
- MPP Pension Plan (1982-2016)
- CRSP Pension Plan (2017-Present)
- UMPIP Pension Plan
- CPP Death & Disability Plan
- HealthFlex Health Insurance Plans
- Comprehensive Benefit Funding Plan
The minutes of the 03/15/2022 CBOPHB meeting were approved as presented.
07/31/2022 Financial Update
We had large investment losses on our Wespath and Foundation, resulting in an overall operating deficit of $1.5 million. We billed pension at slightly more than our cost and health insurance at slightly less than our cost, so they mostly offset. With $9.3 million of assets and $7.4 million of liabilities, we are at a 126% funding level.
Update on Conference Benefits Officer Transition
GCFA is coordinating the recruitment. The job will be posted at the end of August, with interviews in September and October. The goal is to have the new Treasurer/Director of Administrative Services/CBO in place on 01/01/2023 to provide 3 months of overlap with Randy.
Health Insurance Claims Through 06/30/2022
Our claims costs were 74% of premiums for the first 6 months of 2022. The 1 PPO plan was the most costly. The 2 CDHP plans and 3 HDHP plans had much lower loss ratios. We had only 3 claims above $50,000 – all in the PPO plan.
|11/17/2022||10:30 a.m. – 11:30 a.m. MST|
There being no further business, we adjourned the meeting at 11:45 a.m.