PURMIT Board of Trustees Meeting
June 25, 2015
10:00 a.m. – 12:00 p.m.
Phone: 1-800-689-9374, Passcode: 700464
Meeting Minutes
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Trustees Present: Chair Eric Yahnke (WOU); Patrick Hughes (OSU); George Marlton (OIT); Brian Roy (PSU); Vice Chair Lara Moore (EOU); Deb Donning (UO)
Trustees Absent: Craig Morris (SOU)
Others Present: James Parker (DWT); Ryan Britz (Berkley); Ashley Grealish (PURMIT)
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Call to Order
Chair Eric Yahnke called the meeting to order at 10:00 a.m.
Roll Call
Roll call was taken of those present.
Review and approval of Minutes
Action:
A motion was made by Mr. Hughes to approve minutes from the meeting on May 29, 2015. The motion was seconded by Mr. Roy. The motion carried with no objection.
Election of Trust Chair and Vice Chair
Action:
A motion was made by Mr. Roy to elect Mr. Hughes as Chair of the Trust starting July 1, 2015. The motion was seconded by Ms. Moore. The motion carried with no objection.
A motion was made by Mr. Yahnke to elect Mr. Roy as Vice Chair of the Trust starting July 1, 2015. The motion was seconded by Ms. Moore. The motion carried with no objection.
Berkley Risk Transition Update
Mr. Britz provided an update regarding the transition of work from the current structure to Berkley Risk. Mr. Britz stated that the transition is on course with the previous projections and will continue to work through the process and provide regular updates to the Board.
Action:
No action was taken.
Independent Financial Auditor RFP Update
Mr. Britz provided a status report regarding responses from potential audit firms for the Trust. The RFP was sent to 10 firms. Berkley has received indications from a couple so far and is anticipating full responses within the next two weeks.
Action:
No action was taken.
Certificates of Insurance
Mr. Britz informed the Board that their insurance agent Arthur J. Gallagher will be issuing certificates of insurance for all the Trust lines of business, including certificates that reference coverage within the Trust’s self-insured retention. This is a change from last year as the self-insured retention certificates were issued by PURMIT.
Action:
No action was taken.
Bank Account Approved Signatures
The Board discussed the transition of signature authority on the PURMIT accounts at US Bank.
Action:
A motion was made by Ms. Donning to approve to make, effective June 30, 2015, Patrick Hughes and Brian Roy the approved signatures on the PURMIT accounts at US Bank. Motion was seconded by Mr. Yahnke. The motion carried with no objection.
Consent Agenda
The following items were included in the consent agenda:
- Bank account – the board decided to have the names of the Trust Chair in electronic format for checks drawn on US Bank account. In addition, the Vice Chair’s name will be on file as back up.
- Payment authority level – Board put authority levels on hold until the July meeting.
- Mailing address – Board agreed to change address per agenda.
- Board meetings – going forward, meetings will be held quarterly, with updates to the board and ad hoc meetings as deemed appropriate.
- Website – Berkley will be given access to monitor and post information on PURMIT website.
- Accounting – Board agreed to allow Berkley to propose changes to accounting systems. Berkley will present at July Board meeting.
Action:
A motion was made by Mr. Roy to approve the consent agenda items as outlined above. Motion was seconded by Mr. Hughes. The motion carried with no objection.
Other State Coverage for WC
The Board discussed the proposal for Other State Coverage for WC.
Action:
Ms. Donning made a motion to authorize Ms. Grealish to bind state specific workers’ compensation coverage. The motion was seconded by Mr. Roy. The motion carried with no objection.
Study Abroad Coverage
The Board discussed the proposal for Study Abroad Coverage.
Action:
Mr. Marlton made a motion to authorize Ms. Grealish to bind study abroad coverage on an “as is” basis. The motion was seconded by Mr. Hughes. The motion carried with no objection.
Approve Allocation Model
The Board discussed and agreed to have a meeting on Monday, June 29, 2015, to discuss the Allocation Model.
Action:
No action was taken.
Claims – Approval or denial of claims authority
Board proposed to move this discussion to the meeting in July to allow for further research and thought around subject, and requested that Berkley provide some examples that can be discussed at the July meeting.
Action:
No action was taken.
Sedgwick Claim Review
Board did not discuss this item
Action:
No action was taken.
Other items
- Mr. Parker provided an update to the question regarding the need to file a federal tax return. Mr. Parker is working with the accounting firm and tax attorney to provide additional information and solutions to reach resolution.
- Mr. Parker proposed Amendment #1 to the Trust agreement which will appropriately reflect the status of the regional and technical universities as relates to their involvement in PURMIT.
Action:
Mr. Hughes made motion to accept Amendment #1. The motion was seconded by Mr. Yahnke. The motion carried with no objection.
- Mr. Hughes discussed the possibility of distributing the FM Global credit back to the universities, based on the allocation model. Ms. Grealish indicated that the credit is included in the Surplus Fund. The Board discussed distribution and what the impact would be on the Fund. Some additional research was needed to accurately assess the financial impact. The discussion was placed on hold and is to be discussed at a subsequent meeting.
Action:
No action was taken.
- Mr. Hughes discussed the benefits of having PURMIT join AGRiP. Additional research is needed to determine initial and future costs. Board requested the item be included on the agenda for the July meeting.
Action:
No action was taken.
Adjournment
Mr. Roy moved to adjourn the meeting. Mr. Hughes seconded the motion. The motion passed with no objection and the meeting was adjourned at 11:57 a.m.