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New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 11/17/16
2016/2017 NJSIG Board of Trustees
Irene Le Febvre Chairperson v2016-2019
North Board Member
180 South Terrace Boonton, NJ 07005 (Boonton Town BOE)
O: (973) 614-8585x3811 F: (973) 614-1334 C: (973) 513-2772
H: (973)335-3382 momlefebvre@hotmail.com Committees: Claims, Policy
Christopher Russo, Ed.D. Vice-Chairperson v2016-2019
South Business Administrator
1310 Mallard Lane Millville, NJ 08332 (Delran BOE)
O: (856) 461-6800x1006 F: (856) 461-6125 C:
H: (609) 694-1505 crusso@delranschools.org Committees: Claims, Personnel
Thomas F. Connors, Ph.D. Trustee
v2015-2018 Central Board Member
10 Seward Ave Piscataway, NJ 08854 (Piscataway Twp BOE)
O: F: C: (732) 491-3248
H: (732) 463-3230 UConnDrTom@aol.com Committees: Finance
James J. Jencarelli, Jr. Trustee
v2015-2018 North Superintendent
2 Mill Creek Road Sparta, NJ 07871 (Morris Hills Regional)
O: (973) 664-2291 F: (973) 627-6588 C: (201) 320-7049
H: (201) 320-7049 jjencarelli@mhrd.org Committees: Personnel
Joseph Meloche, Ed.D. Trustee
v2016-2019 South Superintendent
45 Ranoldo Terrace Cherry Hill, NJ 08034 (Cherry Hill Public Schools)
O: (856) 429-5600x4309 F: (856) 616-9647 C: (856) 229-4318
H: (856) 906-5523 JMeloche@chclc.org Committees: Personnel
Steven K. Robinson Trustee
v2015-2018 North Business Administrator
5 Rodin Lane Marlboro, NJ 07746 (Livingston Twp. BOE)
O: (973)535-8000x8009 F: C: (973) 476-1046
H: (732) 617-1219 srobinson@livingston.org Committees: Finance
Dana Sullivan Trustee
v2016-2019 Central Business Administrator
302 Elm Street, Room 101 Westfield, NJ 07090 (Westfield BOE )
O: (908) 789-4414 F: (908) 789-4180 C: (201) 803-2028
H: (973) 884-1737 dsullivan@westfieldnjk12.org Committees: Claims, Policy
Gerald North Trustee
v2016-2019 Central Superintendent
117 Evergreen Road New Egypt, NJ 08533 (Plumsted Twp. BOE)
O: (609)758-6800x4206 F: (609)758-6808 C: (609)209-5018
H: northg@newegypt.us Committees: Finance, Policy
Vacant Trustee
v2014-2017 South Board Member
O: F: C:
H: Committees:
William Mayo Executive Director
6000 Midlantic Drive, Suite 300 North Mt. Laurel, NJ 08054
O: (609) 386-6060x3039 F: (609) 386-8877 C: (609) 500-4787
H: (609) 217-4845 wmayo@njsig.org
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
2016/2017 NJSIG Sub Fund Liaisons
Rev: 2/23/17
Frank Domin
BACCEIC Sub Fund Liaison
v
Berlin Borough 215 South Franklin Ave Berlin, NJ 08009
O: (856)767-0129 F: (856)767-2465 C: (609)405-1018
dominf@bcsberlin.org
Barbara Prettyman
CAIP Sub Fund Liaison
v
Hammonton BOE 566 Olds Forks Road PO Box 631 Hammonton, NJ 08037
O:(609)567-7000 x353 F: (609)561-3567
bprettyman@hammontonps.org
Thaddeus Thompson
ERIC North Sub Fund Liaison
v
South Brunswick BOE P.O. Box 181 Monmouth Junction, NJ 08852
O: (732)297-7800x5105 F: (732)297-8448
Thaddeus.Thompson@sbschools.org
Gene Mercoli ERIC South
Sub Fund Liaison v
Cumberland Cnty. Voc. 601 Bridgeton Avenue Bridgeton, NJ 08302
O: (856) 451-9000 F: (856) 451-8487
gmercoli@cumberland.tec.nj.us
Vincent A. Gonnella
ERIC West Sub Fund Liaison
v
Kenilworth Public Schools 426 Boulevard Kenilworth, NJ 07033
O: (908)276-1644x1550 F: (908) 709-7315
Vincent_Gonnella@kenilworthschools.com
Loretta Hill MOCSSIF
Sub Fund Liaison, v
Belmar BOE 1101 Main Street Belmar, NJ 07719
O: (732)681-8888 F: (732)681-8709
hill@belmar.k12.nj.us
Anthony Dragona
NJEIF Sub Fund Liaison
v
Union City BOE 3912 Bergen Turnpike Union City, NJ 07087
O: (201) 348-5677 F: (201) 223-0471
adragona@union-city.k12.nj.us
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Meeting Dates 2016/2017
September 21, 2016
NJSIG Mount Laurel Office
October 25, 2016 Caesars Hotel, Palladium A,
2100 Pacific Avenue, Atlantic City, NJ 08401
November 16, 2016 NJSIG Marlboro Office
January 12, 2017, 5:30 p.m. NJSIG Mount Laurel Office
March 15, 2017
NJSIG Mount Laurel Office
May 17, 2017 NJSIG Marlboro Office
June 21, 2017
NJSIG Mount Laurel Office
All meetings will begin at 4:00 p.m. unless otherwise noted.
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Rev.: 6/20/17
BOARD OF TRUSTEES MEETING Wednesday, June 21, 2017
6000 Midlantic Drive, Suite 300 North, Mount Laurel, NJ Meeting 4:00 p.m. Dinner 5:00 p.m.
JUNE AGENDA
PUBLIC SESSION
ITEM #
*1 Call to Order:
In accordance with the Sunshine Law, due notice of all pending meetings was given to the Atlantic City Press, Newark Star Ledger, and Trenton Times on January 6, 2017. Copies of these notices are on file with the New Jersey Secretary of State.
*2 Roll Call:
Thomas F. Connors, Ph.D. Gerald North James J. Jencarelli, Jr. Steven K. Robinson Irene Le Febvre Christopher Russo, Ed. D Joseph Meloche, Ed. D Dana Sullivan
*3 Acceptance of the Public and Executive Session Minutes for May 17, 2017. *4 Public Participation - Opportunity for Public to address the NJSIG Trustees regarding specific
agenda items. Each person will have five minutes to speak. *5 Sub Fund Liaisons - Reports/Comments *6 Reports:
A. Executive Director’s Report William Mayo B. Comptroller’s Report Michele Carosi C. Client Relations and Underwriting Report Kelly Machu D. Safety & Risk Control Report Tony Jones E. Claims Report Tony Ruggeri F. Information Technology Report Jeff Cook
*7 Discussion Items:
A. Contracting William Mayo B. Office of Legislative Services William Mayo
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Rev.: 6/20/17
Board of Trustee Meeting – June 21, 2017 Agenda Pg. 2
*8 Action Items:
A. Payroll Adjustment William Mayo B. Competitive Contracting: 1. Outside Counsel William Mayo 2. Payroll Administration Database Software & Services William Mayo C. Second Reading: 1. 2017/2018 Draft Budget William Mayo 2. 2017/2018 Draft Plan of Risk Management William Mayo 3. 2017/2018 Proposed Meeting Dates William Mayo D. Checking Accounts & New Claims Ratification William Mayo
*9 New Business: *10 Executive Session:
EXECUTIVE SESSION
EXECUTIVE SESSION RESOLUTION
WHEREAS, N.J.S.A. 10:4-6 et. seq., (“the Open Public Meetings Act”), authorizes public entities to meet in executive session under certain circumstances; and WHEREAS, the Open Public Meetings Act requires that the Group adopt a resolution at a public meeting to go into private session; now, therefore, BE IT RESOLVED by the Board of Trustees of the New Jersey Schools Insurance Group that it is necessary to meet in executive session to discuss certain items involving: 10A. Litigation; 10B. Personnel matter - outside employment appeal; BE IT FURTHER RESOLVED that any discussion held by the Board of Trustees which need not remain confidential will be made public as soon as feasible. The minutes of the executive session will not be disclosed until the need for confidentiality no longer exists. FURTHER RESOLVED that the Board of Trustees will not return to open session to conduct business at the conclusion of the executive session.
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
6/9/17
Board of Trustees Meeting of June 21, 2017 Board of Trustees Meeting Minutes of May 17, 2017
New Jersey Schools Insurance Group’s (NJSIG) Board of Trustees Meeting of May 17, 2017 at NJSIG’s Marlboro office. ATTENDEES Trustees: Thomas F. Connors, Irene Le Febvre, Joseph Meloche, Steven Robinson, and
Christopher Russo. Participants: David Rapuano, Esquire representing Archer & Greiner, Dave Ritch representing Willis Re. NJSIG Staff: William Mayo, Executive Director; Michele Carosi, Comptroller; Jill Deitch, Chief Legal Officer;
Stephen Tucker, Assistant General Counsel; Anthony Jones, Safety and Risk Control Manager; Kelly Machu, Underwriting/Client Relations Manager; Neil Marek, Liability Claims Examiner; and Renee Johnson-Payne, Executive Assistant.
ITEM #1 CALL TO ORDER
With a quorum present, the meeting was called to order at 4:00 p.m. In accordance with the Sunshine Law, due notice of all pending meetings was given to the Atlantic City Press, Newark Star Ledger, and Trenton Times on January 6, 2017. Copies of these notices are on file with the New Jersey Secretary of State.
ITEM #2 ROLL CALL
Thomas F. Connors, Ph.D. √ Gerald North A James J. Jencarelli, Jr. A Steven K. Robinson √ Irene Le Febvre √ Christopher Russo, Ed. D √ Joseph Meloche √ Dana Sullivan A
ITEM #3 ACCEPTANCES OF THE PUBLIC AND EXECUTIVE SESSION MINUTES OF
MARCH 15, 2017. Action Taken: M (Connors)\ S (Russo)\ Abstention (Robinson) \Carried (Affirmative Votes
Connors, Le Febvre, Meloche, Robinson, Russo) to accept the March 15, 2017 Public Session Board of Trustees Meeting Minutes.
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
6/9/17
Board of Trustees Meeting Minutes of May 17, 2017 Pg. 2
ITEM #8 ACTION ITEMS A. Contracts: 1. Temporary Staffing Direct Hire and Recruiting Action Taken: M (Meloche)\ S (Robinson)\ Carried (Affirmative Votes = Connors, Le Febvre, Meloche,
Robinson, Russo) to designate a Primary, Secondary and Tertiary award to the vendors identified in the attached resolution in the event that a single vendor is unable to provide a candidate as a result of a search request.
B. Competitive Contracting: 1. Property Appraisal William Mayo, Executive Director, provided details regarding NJSIG’s current property
appraisal service CBIZ. He announced as a matter of compliance NJSIG will go out for Request for Proposal (RFP) to procure real and personal property appraisal services through the competitive contracting process.
Action Taken: M (Russo)\ S (Meloche)\ Carried (Affirmative Votes = Connors, Le Febvre, Meloche,
Robinson, Russo) to approve the attached resolution that authorizes NJSIG to procure both real and personal property appraisal services via the competitive contracting process.
C. Investors Bank Action Taken: M (Russo)\ S (Robinson)\ Carried (Affirmative Votes = Connors, Le Febvre, Meloche,
Robinson, Russo) to approve the attached Investors Bank resolution. D. Checking Accounts & New Claims Ratification Action Taken: M (Russo)\ S (Connors)\ Carried (Affirmative Votes = Connors, Le Febvre, Meloche,
Robinson, Russo) to approve and ratify the checks and new claims which have been issued from accounts XXXX392 (operating account) and XXXX555 (claim account) for the period of 3/1/2017 to 4/30/2017 as shown in the online (Microscribe) version of the meeting package.
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
6/9/17
Board of Trustees Meeting Minutes of May 17, 2017 Pg. 3
ITEM #7 DISCUSSION ITEMS A. 2017/2018 Draft Budget Executive Director, William Mayo, provided background on the development of the
budget. William Mayo explained he and Michele Carosi, Comptroller, participated in a conference call with the finance committee to go through the budget line-by-line, answer questions, and make recommended changes to the finance committee’s satisfaction. The budget increased from last year to $131 million. The actual numbers will be adjusted once it is known which Members have renewed and how much new business has been obtained and lost.
Action Taken: M (Meloche)\ S (Robinson)\ Carried (Affirmative Votes = Connors, Le Febvre, Meloche,
Robinson, Russo) to approve the draft 2017/2018 budget as a first reading. B. 2017/2018 Draft Plan of Risk Management William Mayo, reported the approved Plan of Risk Management (PORM) is required to be
filed with the New Jersey Department of Banking and Insurance (DOBI) by July 1st. He further explained the Legal Team made extensive necessary updates to the PORM’s verbiage and making certain it is consistent with NJSIG’s bylaws. This is a much improved version of our former PORM.
Action Taken: M (Robinson)\ S (Russo)\ Carried (Affirmative Votes = Connors, Le Febvre, Meloche,
Robinson, Russo) to approve the draft 2017/2018 Plan of Risk Management as a first reading.
ITEM #4 PUBLIC PARTICIPATION There was no public participation. ITEM #5 SUB-FUND LIAISONS – Reports/Comments There were no Sub-Fund liaison reports or comments.
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
6/9/17
Board of Trustees Meeting Minutes of May 17, 2017 Pg. 4
ITEM #6 REPORTS A. Executive Director’s Report William Mayo, Executive Director, announced Chris Russo, Vice-Chairperson, and
Business Official of the Year, is leaving Delran Board of Education to take a Business Administrator position with the West Windsor-Plainsboro Board of Education. William Mayo congratulated Chris Russo on his future endeavors. The unfortunate news is West Windsor Plainsboro is currently not a Member of NJSIG.
William Mayo expressed his appreciation for the staff. He commented on the demands of
the compliance work the Legal Team has put into the purchasing and procurement policy procedures, with its’ 151 legal footnotes among other important initiatives. NJSIG has become a very different organization than it was two years ago and it is exclusively due to the work of the staff. Thank you all for all of the work you have done.
B. Comptroller’s Report Comptroller, Michele Carosi, reported NJSIG has gone live with our new bank, investors
Bank. We will keep our TD Bank accounts open for at least 90 days during the transition. She also reported everything has gone smoothly until yesterday when we found out that investors Bank forgot to send us one of their agreements, which has since been resolved. Michele Carosi explained we are still working on the Wilmington Trust contracts. We also have a conference call scheduled for next week with DOBI to resolve issues with some of their contract languages as it relates to indemnification clauses.
C. Client Relations/Underwriting Report Kelly Machu, Client Relations and Underwriting Manager, reported the Underwriters are
working very hard getting proposals out the door. We have received ⅔ of the applications from the Brokers. We have about 60 new business opportunities in and we are reviewing those.
D. Safety and Risk Control Report
Tony Jones, Safety and Risk Control Manager, conveyed we are assisting the Members who have yet to start the Safety Grant process. We are following-up with every Member entitled to a Safety Grant before the May 31, 2017 due date.
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
6/9/17
Board of Trustees Meeting Minutes of May 17, 2017 Pg. 5
E. Claims Report
Neil Marek, Claims Examiner, had no additional information to add to the Claims Report, but would answer any questions.
F. Information Technology Jeff Cook, Information Systems Manager, explained NJSIG has relied heavily on
Symphony for programming consulting services for many years. Some of those consultants are going to retire, to prepare for that time a three-day training has been scheduled to train us to build queries, individual reports and help us with PeopleSoft so we can build expertise analysis.
Jeff Cook also reported he recently hired a new Desktop Support person, John Paoline. ITEM #9 NEW BUSINESS There was no new business. ITEM #10 EXECUTIVE SESSION
EXECUTIVE SESSION
EXECUTIVE SESSION RESOLUTION
WHEREAS, N.J.S.A. 10:4-6 et. seq., (“the Open Public Meetings Act”), authorizes public entities to meet in executive session under certain circumstances; and
WHEREAS, the Open Public Meetings Act requires that the Group adopt a resolution at a public meeting to go into private session; now, therefore,
BE IT RESOLVED by the Board of Trustees of the New Jersey Schools Insurance Group, that it is necessary to meet in executive session to discuss certain items involving:
10A. Litigation; 10B. Attorney client privilege BE IT FURTHER RESOLVED that any discussion held by the Board of Trustees which need not remain confidential will be made public as soon as feasible. The minutes of the executive session will not be disclosed until the need for confidentiality no longer exists.
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
6/9/17
Board of Trustees Meeting Minutes of May 17, 2017 Pg. 5
FURTHER RESOLVED that the Board of Trustees will return to open session to conduct business at the conclusion of the executive session. Action Taken: M (Meloche)\ S (Robinson)\ Carried (Affirmative Votes = Connors, Le Febvre,
Meloche, Robinson, Russo) to adjourn meeting at 7:10 p.m. William Mayo William M. Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Executive Director’s Report
Since our last meeting, NJSIG has begun reaching out to Members and Brokers asking for feedback regarding loss control services NJSIG provides, and suggested areas for improving delivery of those services. Feedback from the Members will help inform NJSIG in establishing what services we deliver and how we will deliver those services. NJSIG anticipates presenting a recommendation for the Board by the end of September. New Jersey School Boards Association nominated Anthony Grafton as NJSIG Trustee representing the Southern Region. Dr. Russo and Dr. Meloche will schedule a meeting with Mr. Grafton to determine his interest in serving and to provide him an overview of service as a Trustee. Office of Legislative Services auditor have delivered their revised draft audit report to NJSIG, and will release the report and NJSIG’s responses to the Legislature and the Governor’s Office on June 29th. NJSIG continues working on requests for proposals (RFP) and requests for qualifications (RFQ) following the NJSIG Procurement Manual. The manual outlines NJSIG’s contracting policies and procedures pursuant to the Public Schools Contracting Law. NJSIG Members may find the manual helpful in updating their own policies and, in the future, we are looking to provide training to our Members on this complex area. Respectfully Submitted, William Mayo William Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6.15.17
Board of Trustees Meeting of June 21, 2017 Comptroller/Financial Reporting Report
The following are updates to and/or new accounting issues (if applicable) since the last Board Package. Ø ACCOUNTING DEPARTMENT PROCESSES:
(1) Billing & Accounts Receivable Processes: The NJSIG Accounting Department has
processed $129.9 million of 2016/2017 renewal gross premiums, and endorsements in our Billing Module as of the date of this report (06/05/2017). The Accounting Department is current with all business that has been bound and exported from the Underwriting system. In addition, the Accounting Department continues to invoice our customers in our Billing system for monthly Workers’ Compensation installments, 2016/2017 Renewals (off 07/01/2016), miscellaneous endorsements as we receive the billing data from the Underwriting Department. The Accounting Department has collected and applied $128.9 million of premium deposits (to date) for the 2016/2017 fiscal year. Collections of NJSIG premiums are kept current with the Accounting Department’s issuance of our color-coded NJSIG Customer Statements on the 15th of each month.
(2) Accounts Payable: All Accounts Payable vouchers and payments are current. The Accounting Department has processed $12.5 million of broker commissions as part of the Direct Bill procedures during the 2016/2017 fiscal year.
Ø FINANCIAL REPORTING ISSUES 2016/2017:
Please find the attached final financial reports for 04/2017. I have also included the most current Investment/Cash report. I am currently working on the 04/2017 reconciliations and the 05/2017 month-end close/reporting. I will report on any material findings at our meeting.
Ø SPECIAL PROJECTS: In addition to my standard responsibilities, I have also been working on the following special projects since our last board meeting:
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6.15.17
Comptroller’s Report – June 21, 2017 Page 2
(1) Investors Bank Transition and Implementation: NJSIG transferred funds from TD Bank and went “live” with Investors Bank for all banking operations on 05/08/17. For the most part, it has been a fairly smooth transition with only a few issues that I am working on resolving with the Investors “team”.
(2) Wilmington Trust (Financial Advisors) Contracts and Implementation – I am also the
project leader for finalizing all Wilmington Trust contracts and documents. Wilmington Trust’s current indemnification contract language is not compliant with DOBI’s required contract language. Wilmington Trust is currently working on revising this language as it relates to investment and custodial services. Any operations/services with Wilmington Trust are on hold until all contract language is compliant and all documents are fully executed.
(3) 2017/2018 Budget: - I have compiled the data and prepared the 2017/2018 final budget for your review and action. The final 2017/2018 budget is included in the “Action Items” section of this report. After you have accepted and adopted the 2017/2018 budget, NJSIG will file it with the Department of Banking and Insurance.
(4) 2016/2017 Nisivoccia Fiscal Year-End Auditor: – Nisivoccia has not scheduled their “pre-audit” meeting with NJSIG yet. It is pending the execution of the service agreement/engagement letter. Once I have a meeting scheduled, I will reach out to the Finance Committee for any interest in attending this annual “pre-audit” meeting (via conference call).
(5) Payroll Provider RFP – NJSIG only had one respondent for the Payroll Services RFP. The results of the RFP committee and the recommendation are included in the “Action Items” section of this report.
Please contact me if you have any questions or concerns email is mcarosi@njsig.org and cell number is 609-949-1973.
Michele Carosi
Michele Carosi, Comptroller
NJSIG
Balance Sheet
For the Period Ended 4/30/2017
Current Balance Prior Year
Current Assets:
D.W. Active Assets 0.00 0.00
Petty Cash 210.04 330.50
Cash Mgmt. Fund - N.J. State 325,166.41 323,569.79
Operating Account (1st Union) 0.00 0.00
Concentration (1st Union) 0.00 0.00
Payroll (1st Union) 0.00 0.00
Claims (1st Union) 0.00 0.00
Legal Account (1st Union) 0.00 0.00
A.G. Edwards Cash 0.00 0.00
Concentration Acct (TD Bank) 332,024,620.93 234,129,242.19
Operating Acct (TD Bank) 0.00 0.00
Payroll Acct (TD Bank) 0.00 0.00
Claims Acct (TD Bank) (2,589,202.69) (2,009,693.86)
FSA/DCA Acct (TD Bank) 0.40 0.00
Lock Box Account(TD Bank) (37,445.48) (548,798.78)
Willis/NJSBAIG Cash (Commerce) 0.00 0.00
Cash Suspense 0.00 0.00
Tri-State Capital Bank Account 0.00 0.00
Beneficial Bank Accont 0.00 0.00
Operating Account (TD Bank2) (95,837.25) (166,219.33)
Concentration Acct (Investors) 68,807.38 0.00
Operating Acct (Investors) 0.00 0.00
Claims Acct (Investors) 0.00 0.00
Payroll Acct (Investors) 0.00 0.00
FSA/DCA Acct (Investors) 0.00 0.00
Assessmnt Collection Acct(INV) (68,706.54) 0.00
CASH IN BANKS 329,627,613.20 231,728,430.51
Certificates of Deposit 0.00 40,000,000.00
Partnership Interests 2.00 2.00
U.S. Treasury Bills (A.G. Edw) 0.00 0.00
N.J. State Investment Fund 0.02 38,246,365.95
Investment Premiums (NJ Inv F) 0.00 0.00
Market Value Adjust (NJ Inv F) (0.02) (0.02)
Certificates of Deposit Suspns 0.00 0.00
MARKETABLE SECURITIES 2.00 78,246,367.93
Reinsurance Rebate Receivable 0.00 0.00
Reinsurance Recoverables 0.00 0.00
Reins. Recovery Receivable 0.00 0.00
Reins. Recovery 85/86 Recvb'l (36,223.49) (34,858.95) REINSURANCE RECEIVABLES (36,223.49) (34,858.95)
NJSIG
Balance Sheet
For the Period Ended 4/30/2017
Current Balance Prior Year
Interest/Divid Recvb'l-AG Ewds 0.00 0.00
Interest/Divid. Recvb'l-NJ Inv 0.02 0.02
Interest/Divid Recvb'l-CD's 0.00 0.00
Interest/Divid Recvbl-Ptnr Dst 0.00 0.00
INTEREST/DIVIDENDS RECEIVABLES 0.02 0.02
Misc. Accounts Receivable 0.00 0.00
Assessments Receivable 0.00 0.00
Legal Settlement Recvb'l 100.00 100.00
Seminar/Training Academy Rec 0.00 0.00
Retro Premium/Service Recvbl 0.00 0.00
Retro Audit Receivable 0.00 0.00
Retro Endorsement Receivable 0.00 0.00
Retro Add'l Servcs Recvb'l 0.00 0.00
MISC ACCOUNTS RECEIVABLES 100.00 100.00
Audit Premium Receivable 0.00 0.00
Premium Recvb'l Installments 5,572,253.85 5,556,338.68
Premium Recvb'l Prebill 0.00 0.00
Premium Receivable 3,722,899.34 3,727,112.91
Commission Recvbl Control Acct 0.00 0.00
Allowance of Doubtful Accts 0.00 0.00
A/R Maintenance Control Acct. 0.00 0.00
Asset Transfer Control Acct. 0.00 0.00
Agent Commission Receivable 0.00 0.00
PREMIUM RECEIVABLES 9,295,153.19 9,283,451.59
TOTAL Current Assets 338,886,644.92 319,223,491.10
F&F Original Value 1,693,729.71 1,913,336.07
Accumulated Depreciation (860,185.36) (1,051,429.32)
Leasehold Improvements 0.00 0.00
Accumulated Amortization 0.00 0.00
TOTAL FIXED ASSETS 833,544.35 861,906.75
Other Assets:
Prepaid General Insurance 99,877.50 97,559.94
Prepaid Crime Insurance 12,597.68 10,889.86
Prepaid General Expenses 109,849.62 131,351.04
Prepaid TPA Expenses (0.12) 112,499.88
NJSIG
Balance Sheet
For the Period Ended 4/30/2017
Current Balance Prior Year
PREPAID ASSETS 222,324.68 352,300.72
Unearned M&M Fees 0.00 0.00
Unearned Marsh Reins Exp 0.00 0.00
Unearned Marsh Ag Comm 0.00 0.00
Unearned Willis Fees 0.00 0.00
Unearned Reins Exp 651,390.18 578,013.38
Unearned Agent Comm. 199,824.44 197,928.47
Unrn'd Cigna/Fireman's Reins. 0.00 0.00
Unrnd Cigna/Fireman's Ag. Comm 0.00 0.00
Retro Reinsurance Unearned 0.00 0.00
Retro Agent Comm Unearned 0.00 0.00
Retro M&M Fee Unearned 0.00 0.00
UNEARNED EXPENSES 851,214.62 775,941.85
Travel Advance 0.00 0.00
Deposits 0.00 0.00
OTHER ASSETS 0.00 0.00
GASB68-Defer Out-ChngInAssump 1,703,943.00 383,215.00
GASB68-DeferOut-ChngProportion 1,347,926.00 563,383.00
GASB68-DeferOut-ExpectvsActual 378,521.00 0.00
DEFERRED OUTFLOWS 3,430,390.00 946,598.00
TOTAL OTHER ASSETS 4,503,929.30 2,074,840.57
TOTAL ASSETS 344,224,118.57 322,160,238.42
A/P Module ADM01 0.00 0.00
Notes Payable 0.00 0.00
Accrued Expenses Payable 122,496.71 122,698.73
A/P Module INS01 (1,346.62) (32,009.40)
Safety Grant Payable 3,420,840.33 2,798,541.65
Reins Recov Paybl- XL Reins 0.00 0.00
Mngmt Maintenance Syst Paybl 0.00 0.00
Broker Refund Payable 0.00 0.00
Federal Income Tax W/H 0.00 0.00
FICA W/H Employee 0.00 0.00
FICA W/H Employer 0.00 0.00
FUI Taxes Payable 0.00 0.00
SUI Payable 0.00 0.00
NJSIG
Balance Sheet
For the Period Ended 4/30/2017
Current Balance Prior Year
State Income W/H-NJ 0.00 0.00
State Income W/H-PA 0.00 0.00
Garnishment Payable 0.00 0.00
Medicare - Employee 0.00 0.00
Medicare - Employer 0.00 0.00
Employee Savings Payable 0.02 0.02
Local Income W/H-Phila 0.03 0.03
FSA MED Payable (1,950.90) 0.00
FSA Depend Payable 3,038.00 0.00
Group Term Life Payable 0.00 0.00
TOTAL CURRENT LIABILITIES 3,543,077.57 2,889,231.03
Estimated Unpaid Losses 217,262,000.00 213,198,000.00
Reserve-Unalloc Loss Adjust 1,498,994.27 1,721,588.39
Unearned Premiums-Marsh 0.00 0.00
Aggregate Contingency Fund 0.00 0.00
Unearned Premiums 1,606,448.11 1,555,470.06
Unrn'd Cigna/Fireman's Premium 0.00 0.00
Unernd Willis Mgt Fees/Ret Prm 0.00 0.00
Post Retirement Bene Paybl 1,181,940.64 899,776.66
Mngmt Maintenance Syst Paybl 0.00 0.00
Rate Stabilization-ERIC North 593,362.40 593,362.40
Rate Stabilization-ERIC South 232,385.94 377,053.53
Rate Stabilization - ERIC West 197,760.85 216,760.85
Rate Stabilization - BACCEIC 290,564.19 290,564.19
Rate Stabilization - MOCSSIF 320,824.09 215,463.00
Rate Stabilization - NJEIF 437,559.63 704,753.39
TOTAL LONG TERM LIABILITIES 223,621,840.12 219,772,792.47
Employee Benefits Payable 0.00 0.00
Pensions Payable 39,643.62 44,037.43
GASB68-Pension Payable 15,866,572.00 12,186,706.00
DCRP Payable 1,079.41 0.00
Dividend Payable 0.00 0.00
403B/T. Rowe Price Payable 6,806.40 5,109.68
Colonial Life Payable 0.00 0.00
Retro Claims (Cash) 180,905.62 314,305.79
STARS Recon/Claims Liability 0.00 0.00
Return of excess subrogation 0.00 0.00
AFLAC Payable 0.00 0.00
Group Term Life Payable 15,887.29 4,533.73
Due to Retro Reinsurer 0.00 0.00
Retro Agent Comm Payable 0.00 0.00
M&M Retro Fee Payable 0.00 0.00
Retro Unearned Prem/Service 0.00 0.00
Marsh Due to Reinsurers 0.00 0.00
NJSIG
Balance Sheet
For the Period Ended 4/30/2017
Current Balance Prior Year
Marsh Ag. Comm. Payable 0.00 0.00
Due to Reinsurers (1,464,493.32) (1,872,614.65)
Agent Comm. Payable 601,664.12 573,070.15
Due To Reinsurers Installments 0.00 0.00
Due To Reinsurers Prebill 0.00 0.00
Ag Comm Paybl Installments 0.00 0.00
Ag Comm Paybl Prebill 0.00 0.00
TOTAL OTHER LIABILITIES 15,248,065.14 11,255,148.13
GASB68-DeferIn-DiffInInvest 255,104.00 726,261.00
GASB68-DeferIn-ChngIn Proport 0.00 0.00
TOTAL DEFERRED INFLOWS 255,104.00 726,261.00
TOTAL LIABILITIES 242,668,086.83 234,643,432.63
Retained Earnings Fund Balance 68,222,366.06 57,315,325.86
Year-to-Date Earnings 33,333,665.68 30,201,479.93
Total Capital 101,556,031.74 87,516,805.79
Total Liabilities and Capital 344,224,118.57 322,160,238.42
NJSIG
Income Statement
For the Period Ending 4/30/2017
Actuals YTD Budget YTD Variance Actuals Month Budget Month Variance
Income:
4103 Workman's Compensation 68,469,290.15 67,264,966.00 1,204,324.15 0.00 0.00 0.00
4104 Property 19,308,762.80 19,414,236.00 (105,473.20) (39.05) 0.00 (39.05)
4105 Automobile Liability 6,769,980.12 7,110,715.00 (340,734.88) 50.14 0.00 50.14
4106 Automobile Phys. Damage 1,161,391.46 1,081,480.00 79,911.46 16.43 0.00 16.43
4107 General Liability 9,523,637.43 10,345,211.00 (821,573.57) 0.00 0.00 0.00
4108 Boiler 1,074,593.87 1,095,686.00 (21,092.13) 0.11 0.00 0.11
4109 Errors & Omissions 15,331,939.73 16,054,110.00 (722,170.27) 0.00 0.00 0.00
4110 Umbrella 4,625,848.29 4,910,169.00 (284,320.71) 0.00 0.00 0.00
4111 Crime 627,846.48 613,024.00 14,822.48 0.00 0.00 0.00
4113 Pollution Liability Income 55,152.72 0.00 55,152.72 0.00 0.00 0.00
4114 E.D.P. 902,397.81 886,593.00 15,804.81 0.00 0.00 0.00
4117 Retro Accounts Income 6,389.23 0.00 6,389.23 1,814.58 0.00 1,814.58
4122 Supplemental Indemnity 1,722,695.61 1,304,428.00 418,267.61 0.00 0.00 0.00
4123 Bond Premium 288,428.64 299,058.00 (10,629.36) (49.65) 0.00 (49.65)
Premium Income 129,868,354.34 130,379,676.00 (511,321.66) 1,792.56 0.00 1,792.56
Retro Accounts Income 0.00 0.00 0.00 0.00 0.00 0.00
Total Income 129,868,354.34 130,379,676.00 (511,321.66) 1,792.56 0.00 1,792.56
Adjustments:
4301 Reinsurance Recoveries 10,095,041.79 1,576,000.00 8,519,041.79 0.00 0.00 0.00
4304 Subrogation Income 935,970.72 0.00 935,970.72 92,907.33 0.00 92,907.33
Recoveries & Subro Income 11,031,012.51 1,576,000.00 9,455,012.51 92,907.33 0.00 92,907.33
Revenue 140,899,366.85 131,955,676.00 8,943,690.85 94,699.89 0.00 94,699.89
Page 1 of 5
NJSIG
Income Statement
For the Period Ending 4/30/2017
Actuals YTD Budget YTD Variance Actuals Month Budget Month Variance
Expenses:
5102 Salaries-Temporary Employees 38,869.39 89,583.33 (50,713.94) 8,270.08 8,958.33 (688.25)
5103 Salaries 4,771,486.43 5,054,149.16 (282,662.73) 494,579.35 505,414.92 (10,835.57)
5104 Salaries-Overtime 0.81 2,500.00 (2,499.19) 0.00 250.00 (250.00)
5108 Payroll Tax Expenses 398,635.27 491,666.67 (93,031.40) 46,438.53 49,166.67 (2,728.14)
5109 Pension Expense 643,434.37 550,260.00 93,174.37 0.00 55,026.00 (55,026.00)
5111 Recruiting Costs 23,814.75 6,250.00 17,564.75 330.00 625.00 (295.00)
5112 Post Retirement Bene Exp 0.00 142,960.83 (142,960.83) 0.00 14,296.08 (14,296.08)
5113 Employee Medical Benefits 769,392.40 1,038,190.00 (268,797.60) 77,466.35 103,819.00 (26,352.65)
5114 Employee Dental Benefits 45,022.65 47,000.00 (1,977.35) 4,380.66 4,700.00 (319.34)
5115 Employee Vision Benefits 20,600.45 20,600.00 0.45 1,887.84 2,060.00 (172.16)
5116 EE HRA Benefits 120,937.27 285,000.00 (164,062.73) 0.00 28,500.00 (28,500.00)
5117 Employee FSA Benefits 19,251.73 27,500.00 (8,248.27) 0.00 2,750.00 (2,750.00)
5118 Employee ST Disab & Other Ins 34,323.40 62,500.00 (28,176.60) (3,645.10) 6,250.00 (9,895.10)
5119 Defined Contrib Retirement Exp 7,572.53 0.00 7,572.53 0.00 0.00 0.00
Personnel Expenses 6,893,341.45 7,818,159.99 (924,818.54) 629,707.71 781,816.00 (152,108.29)
5203 Marketing Expenses 19,498.58 10,000.00 9,498.58 179.17 1,000.00 (820.83)
Member Services Dept Expenses 19,498.58 10,000.00 9,498.58 179.17 1,000.00 (820.83)
5227 Loss Prevention 120,872.01 146,166.67 (25,294.66) 11,012.77 14,616.67 (3,603.90)
Loss Control Dept Expenses 120,872.01 146,166.67 (25,294.66) 11,012.77 14,616.67 (3,603.90)
5252 Claims Audit Expense 0.00 10,000.00 (10,000.00) 0.00 1,000.00 (1,000.00)
5253 Claims Admin. Expenses (63.00) 0.00 (63.00) (27.00) 0.00 (27.00)
Claims Dept Expenses (63.00) 10,000.00 (10,063.00) (27.00) 1,000.00 (1,027.00)
5301 Accounting Fees 530.00 1,000.00 (470.00) 0.00 100.00 (100.00)
5303 Actuary Fees 124,658.18 150,000.00 (25,341.82) 26,460.13 15,000.00 11,460.13
5305 Mngmt Maintenance Syst Expense 24,209.99 75,000.00 (50,790.01) 0.00 7,500.00 (7,500.00)
5306 Legal & Professional Fees 121,581.97 250,000.00 (128,418.03) 6,902.50 25,000.00 (18,097.50)
5310 Third Party Admin.-Willis 337,500.00 562,500.00 (225,000.00) 0.00 56,250.00 (56,250.00)
Outside Service Fees 608,480.14 1,038,500.00 (430,019.86) 33,362.63 103,850.00 (70,487.37)
5309 MOCSSIF Agent Commission Exp. 0.00 0.00 0.00 0.00 0.00 0.00
5311 Agent Commission Exp 12,661,150.23 11,326,243.33 1,334,906.90 16.13 1,132,624.33 (1,132,608.20)
5312 NJEIF Agent Commission Exp. 0.00 0.00 0.00 0.00 0.00 0.00
Page 2 of 5
NJSIG
Income Statement
For the Period Ending 4/30/2017
Actuals YTD Budget YTD Variance Actuals Month Budget Month Variance
5315 ERIC North Agent Comm. Exp. 319,361.72 0.00 319,361.72 0.00 0.00 0.00
5316 ERIC South Agent Comm Exp 0.00 0.00 0.00 0.00 0.00 0.00
5318 ERIC West Agent Comm Exp 0.00 0.00 0.00 0.00 0.00 0.00
5319 BACCEIC Agent Commission Exp 0.00 0.00 0.00 0.00 0.00 0.00
5320 CAIP Agent Commission Expense 0.00 0.00 0.00 0.00 0.00 0.00
Total Agent Commission Expense 12,980,511.95 11,326,243.33 1,654,268.62 16.13 1,132,624.33 (1,132,608.20)
5401 Claims Expense 53,686,226.58 57,255,833.33 (3,569,606.75) 4,698,060.32 5,725,583.33 (1,027,523.01)
5404 NEPHA Deductible Reimb. Exp. 5,000.00 0.00 5,000.00 0.00 0.00 0.00
Claims Expenses 53,691,226.58 57,255,833.33 (3,564,606.75) 4,698,060.32 5,725,583.33 (1,027,523.01)
5505 Reinsurance Exp-District Bill 32,395,261.20 27,913,271.67 4,481,989.53 58.35 2,791,327.17 (2,791,268.82)
Reinsurance Expenses 32,395,261.20 27,913,271.67 4,481,989.53 58.35 2,791,327.17 (2,791,268.82)
5352 IT - Office Equipment Supplies 8,969.02 22,500.00 (13,530.98) 0.00 2,250.00 (2,250.00)
5353 Office Equipment Maintenance 17,232.28 32,833.33 (15,601.05) 0.00 3,283.33 (3,283.33)
5354 Computer Software Maintenance 254,704.37 247,300.00 7,404.37 23,424.52 24,730.00 (1,305.48)
Information Technology Dept Expenses 280,905.67 302,633.33 (21,727.66) 23,424.52 30,263.33 (6,838.81)
5702 Depreciation Expense 304,615.45 482,283.33 (177,667.88) 31,523.97 48,228.33 (16,704.36)
5703 Dues & Subscriptions 83,050.34 74,804.16 8,246.18 4,539.95 7,480.42 (2,940.47)
5704 Misc. Bank Fees 2,916.68 2,916.67 0.01 291.67 291.67 0.00
5708 Rent Expense 404,526.24 388,914.17 15,612.07 27,463.52 38,891.42 (11,427.90)
5709 Office Supplies 23,030.02 60,141.67 (37,111.65) 2,246.56 6,014.17 (3,767.61)
5710 Office Operating Expenses 52,159.11 51,315.00 844.11 5,414.78 5,131.50 283.28
5711 Office Leased Expenses 26,796.73 32,916.67 (6,119.94) 2,638.23 3,291.67 (653.44)
5712 Telephone Expense 0.00 2,083.33 (2,083.33) 0.00 208.33 (208.33)
5715 Group's Insurance Expense 155,796.68 187,500.00 (31,703.32) 9,026.54 18,750.00 (9,723.46)
5716 Group's Crime Insurance Exp. 32,715.68 16,666.67 16,049.01 3,400.17 1,666.67 1,733.50
5717 FSA Admin Fee 757.30 0.00 757.30 0.00 0.00 0.00
5723 Postage 38,502.38 52,916.67 (14,414.29) 840.12 5,291.67 (4,451.55)
5727 Employee Seminar Expenses 8,626.44 91,812.49 (83,186.05) 1,542.33 9,181.25 (7,638.92)
5728 Insurance Course Fees 2,818.65 6,666.66 (3,848.01) 155.00 666.67 (511.67)
5729 Tuition Reimursement 1,042.00 18,125.00 (17,083.00) 0.00 1,812.50 (1,812.50)
5730 Audit Fees (890.00) 20,833.33 (21,723.33) 0.00 2,083.33 (2,083.33)
5731 Consulting Fees 127,615.56 285,416.68 (157,801.12) 10,125.00 28,541.67 (18,416.67)
5732 Miscellaneous Expenses 1,326.51 6,208.33 (4,881.82) 225.13 620.83 (395.70)
5733 Disaster Recovery Expenses 87,900.55 95,341.66 (7,441.11) 8,602.25 9,534.17 (931.92)
5737 Cell Phone Expense 10,915.70 15,833.33 (4,917.63) 1,186.42 1,583.33 (396.91)
Page 3 of 5
NJSIG
Income Statement
For the Period Ending 4/30/2017
Actuals YTD Budget YTD Variance Actuals Month Budget Month Variance
5738 OPRA expenses 38,428.71 83,333.33 (44,904.62) 0.00 8,333.33 (8,333.33)
Business Operating Expenses 1,402,650.73 1,976,029.15 (573,378.42) 109,221.64 197,602.92 (88,381.28)
5201 Travel & Related Expenses 48,697.29 125,696.66 (76,999.37) 5,143.33 12,569.67 (7,426.34)
5851 Annual Meeting 46,828.72 42,166.67 4,662.05 (616.25) 4,216.67 (4,832.92)
5852 Trustee Meeting Expense 4,276.46 20,000.00 (15,723.54) 179.21 0.00 179.21
Conferences & Meeting Expenses 99,802.47 187,863.33 (88,060.86) 4,706.29 16,786.33 (12,080.04)
Total Expenses 108,492,487.78 107,984,700.80 507,786.98 5,509,722.53 10,796,470.08 (5,286,747.55)
Page 4 of 5
NJSIG
Income Statement
For the Period Ending 4/30/2017
Actuals YTD Budget YTD Variance Actuals Month Budget Month Variance
Other Revenue and Expenses:
4413 Interest-NJ St Inv Fund 139.64 215.00 (75.36) 0.00 21.50 (21.50)
4414 Interest-NJ Cash Mgmt Fund 1,381.03 186.67 1,194.36 182.10 18.67 163.43
4415 Interest-Commerce Concentr 881,186.74 126,666.67 754,520.07 160,159.29 12,666.67 147,492.62
4420 Interest - Certificate of Dep 37,754.36 62,500.00 (24,745.64) 0.00 6,250.00 (6,250.00)
4423 Interest - InvBk Concentration 0.84 0.00 0.84 0.84 0.00 0.84
Investment Income 920,462.61 189,568.34 730,894.27 160,342.23 18,956.83 141,385.40
Financial Income 0.00 0.00 0.00 0.00 0.00 0.00
4603 Miscellaneous Income 2,379.87 0.00 2,379.87 0.00 0.00 0.00
4605 Seminar Income 3,944.13 2,708.33 1,235.80 0.00 270.83 (270.83)
Other Revenues 6,324.00 2,708.33 3,615.67 0.00 270.83 (270.83)
Investment Expenses 0.00 0.00 0.00 0.00 0.00 0.00
Total Other Revenue and Expenses 926,786.61 192,276.67 734,509.94 160,342.23 19,227.67 141,114.56
Net Revenue 33,333,665.68 24,163,251.87 9,170,413.81 (5,254,680.41) (10,777,242.41) 5,522,562.00
Page 5 of 5
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Rev.: 6/9/17
Board of Trustees Meeting of June 21, 2017 Client Relations and Underwriting Report
The Underwriting Department continues to work diligently to provide our Brokers with both renewal and new business proposals. To date, the Underwriters have released over 250 proposals and are awaiting the arrival of the remaining 80+ applications. Also to date, we have received over 50 binding orders which are now being processed and prepared for invoicing post July 1st. The Client Relations Staff was impressively instrumental in successfully concluding this year’s Safety Grant project. They spent several weeks calling, personally visiting and emailing both our Brokers and our Business Administrators to ensure that no safety grant allotment went uncollected. I would be happy to answer any questions you may have. Thank you, Kelly A. Machu Kelly A. Machu, CSRM Client Relations and Underwriting Manager
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6/9/17
Board of Trustees Meeting of June 21, 2017 Safety and Risk Control Report
Safety Grants The safety grant portal is now closed. Only two Members neglected to meet the deadline. One decided not to file and the other was not interested. The checks will be sent to the Members after renewal season. It required a joint effort from Safety and Risk Control and Client Relations to complete this task as over 100 Members waited until the final week to complete their application. SafetyNet Newsletter The safety theme for June is Prevent Heat Stress. The article gives common sense precautions such as never leave anyone in a closed parked vehicle during hot weather. Claims Supervisor, Ellen Shaw provided the article Be Aware and Observant of Outdoor Environment which outlined outside recreational hazards. During summer, many schools address construction, repair and maintenance issues. We thought it was the right time to remind Members of the Top Four Construction Hazards as reported by OSHA. The Loss Control Department will once again host a National Safety Council Defensive Driving Class this summer at Mount Laurel and Marlboro offices. Last year many teachers and their driving age students participated. Over 40 people have signed up as of June first. A copy of the SafetyNet is included with this report. Continuing Education Senior Safety and Risk Control Representative, Jim Gabrieli attended the Hartford Steam Boiler Symposium in Houston, Texas. The topics included New Technology is Disrupting Insurance and There Will Be A Shift Toward Value Added Service. Safety and Risk Control Supervisor, Steve Williams and I attended School Dude University in Raleigh, North Carolina. Over 120 of our Members use School Dude Maintenance Direct software as part of our 50% reimbursement program. Also, a number of our Members are now using safety grant funds to purchase other School Dude software.
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Loss Control Report – June 21, 2017 Page 2 PRIMA Webinar- Senior Safety and Risk Control Representative, Terry Barlow partnered with me to conduct a webinar for the Public Risk Management Association (PRIMA) titled Loss Control Self Audits for Public Entitles. 196 people signed up for the one-hour webinar, which received positive reviews. If you wish to access the webinar please go to the website www.primacentral.org then click on education and trainings and scroll down to May 17, 2017. In-House Seminars- During July and August, we will host three Hartford Steam Boiler (HSB) Operator Seminars at locations throughout the state. In these seminars, HSB teaches boiler operators how to properly operate and maintain their boilers. We hold these seminars bi-annually. The last time they were held we attracted over 160 boiler operators from across the state. Tony Jones Tony Jones Safety and Risk Control Manager
May 2017 New Jersey Schools Insurance Group
www.njsig.org New Jersey Schools Insurance Group June 2017
April showers bring May flowers is a welcoming expression of
SPRING TIME. We need to be mindful of potential hazards
associated with this time of year. Take proactive steps to address
slippery surfaces due to rain, fallen plant debris and hazards
inherent to activities such as Frisbee, baseball and other seasonal
events. Be aware and observant of your outdoor environment to
avoid potential hazardous activities. Districts should see that the
premise is as safe and as hazard free as possible. Report all
possible issues to the appropriate school personnel. NJSIG is
here to assist with questions before and after an injury occurs. A
safe environment benefits everyone!
Ellen Shaw
NJSIG Claims Supervisor
www.njsig.org
Be Aware and Observant of Outdoor Environment
www.njsig.org New Jersey Schools Insurance Group June 2017
1 The top four causes of construction fatalities are:
Falls, Struck-By, Caught-In/Between and Electrocutions.
Prevent Falls
Wear and use personal fall arrest equipment.
Install and maintain perimeter protection.
Cover and secure floor openings and label floor openings covers.
Use ladders and scaffolds safely.
Prevent Struck-By
Never position yourself between moving and fixed objects.
Wear high-visibility clothes near equipment/vehicles.
Prevent Caught-In/Between
Never enter an unprotected trench or excavation 5 feet or deeper without an adequate
protective system in place; some trenches under 5 feet may also need such a system.
Make sure the trench or excavation is protected either by sloping, shoring, benching or
trench shield systems.
Prevent Electrocutions
Locate and identify utilities before starting work.
Look for overhead power lines when operating any equipment.
Maintain a safe distance away from power lines; learn the safe distance requirements.
Do not operate portable electric tools unless they are grounded or double insulated.
Use ground-fault circuit interrupters for protection.
Be alert to electrical hazards when working with ladders, scaffolds or other platforms.
Top Four Construction Hazards
2 3 4
Source: Occupational Safety and Health Administration (OSHA)
New Jersey Schools Insurance Group is offering summer Defensive Driving Classes. This six hour training class was developed by the National Safety Council.
Upon successful completion, participants will receive a certificate to be submitted to their insurance carrier which may entitle them up to a 5% reduction in their personal automobile liability insurance premium. In addition, if participants have points against their NJ Drivers license, they may apply to the Department of Motor Vehicles for a possible two-point reduction.
Training Location:
6000 Midlantic Drive, Suite 300 North Mount Laurel, NJ 08054
Time:
9:00 am to 3:00 pm
July 11, 2017
July 19, 2017
July 27, 2017
August 8, 2017
August 16, 2017
August 24, 2017
2017 Defensive Driving Classes
Dates:
You must be pre-registered to attend the
Defensive Driving Class.
Please contact Joanne Gunter at 609-386-6060 x3021 or via email at jgunter@njsig.org. Please bring a check payable to:
New Jersey Schools Insurance Group.
Class size limited: 20 per class
Instructor: Stephen Williams, NJSIG Safety & Risk Control Supervisor
Employees who drive for their district: No Charge
All other employees, spouses and age appropriate children: $10.00
*Please bring your lunch to the class*
NJSIG - Mount Laurel, NJ Office
Register Today!
New Jersey Schools Insurance Group
Phone: 609-386-6060
Fax: 609-386-8877 www.njsig.org
New Jersey Schools Insurance Group is offering summer Defensive Driving Classes. This six hour training class was developed by the National Safety Council.
Upon successful completion, participants will receive a certificate to be submitted to their insurance carrier, which may entitle them up to a 5% reduction in their personal automobile liability insurance premium. In addition, if participants have points against their NJ Drivers license, they may apply to the Department of Motor Vehicles for a possible two-point reduction.
You must be pre-registered to attend the Defensive Driving Class.
Please contact Joanne Gunter at 609-386-6060 x3021 or via email at jgunter@njsig.org. Please bring a check payable to:
New Jersey Schools Insurance Group.
Class size limited: 20 per class
Instructor: Stephen Williams, NJSIG Safety & Risk Control Supervisor
Employees who drive for their district: No Charge
All other employees, spouses and age appropriate children: $10.00
Training Location:
500 Campus Drive, Suite 100 Morganville, NJ 07751
Time:
9:00 am to 3:00 pm
Thursday, July 13, 2017
Thursday, July 20, 2017
2017 Defensive Driving Classes
New Jersey Schools Insurance Group Phone: 609-386-6060 | Fax: 609-386-8877
www.njsig.org
Dates:
*Please bring your lunch to the class*
NJSIG - Marlboro, NJ Office
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6000 Midlantic Drive, Suite 300 North, Mount Laurel, NJ 08054 Phone: 609-386-6060 | Fax: 609-386-8877
www.njsig.org
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New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6/9/17
Board of Trustees Meeting of June 21, 2017 Claims Report
v May 1, 2017 to May 31, 2017 CLAIM ACTIVITY
Workers' Compensation Total pending work comp cases as of April 30, 2017 2655 New work comp cases months from April 30, 2017 to May 31, 2017 613 Total work comp cases months from April 30,2017to May 31, 2017 3268 Total closed work comp cases from April 30, 2017to May 31, 2017 (554)
Total Pending Work Comp Cases as of May 31, 2017 2714
Property / Liability
Total new property-liability reports as of April 30, 2017 645 New property-liability cases from April 30, 2017 to May 31, 2017 111 Total property-liability cases from April 30, 2017to May 31, 2017 756 Total closed property-liability cases from April 30, 2017to May 31, 2017 (81)
Total Property-Liability Cases as of May 31, 2017 675
Office Totals
Total pending cases as of April 30, 2017 3300 Total new reports from April 30, 2017to May 31, 2017 724 Total cases from April 30, 2017to May 31, 2017 4024 Total closed cases from April 30, 2017to May 31, 2017 (635)
Total Pending Cases as of May 31, 2017 3389 nPENDING BY ADJUSTER TITLE
Job Title April Claim Representatives 7 1101 Senior Claim Representatives 4 787 Claim Examiner 9 1323 LegalClaim Examiner 1 178 Totals 3389
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6/9/17
Claim Report – June 21, 2017 Page 2
Work Load Standards Property/Liability Claim Representatives to 150 files Senior Claim Representatives to 150 files Claim Examiners to 150 files Workers’ Compensation Claim Representatives to 175 files Senior Claim Representatives to 180 files Claim Examiners to 185 files nMAY – CLAIMS ACTIVITY The total number of new claims for this period was 724. This is down from the previous two-month average of 777. The new claims volume is in line with results in previous years for the spring months. The overall pending 3389 is up 3% from the prior month total of 3301. Workers’ compensation incoming was 613, which is up 3% from the previous two-month average of 592. Property liability claims totaled 111, which is down 17% from the previous two-month average of 134. As predicted, May was a busy month, since it is the final full month of the school year. The property liability pending count contains one Hurricane Sandy claim, which is in litigation. nCLAIMS PERSONNEL Lauren Schmidt, previously a Medical Claim Representative, was moved to an Indemnity Claim Representative position vacated by Maureen Dempsey. Maureen was promoted to Senior Claims Representative last month. We recently filled the Medical Claim Representative position vacated by Lauren with a new hire scheduled to begin on June 16th. The Claims Department will have no vacant positions as of June 16th.
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6/9/17
Claim Report – June 21, 2017 Page 3
nSELECTED SELF-AUDIT RESULTS
RATING
PERCENT Satisfactory Unsatisfactory
Reporting & Communication 70 16 81%
Direction 166 6 97%
48 Hour Contact 107 24 82%
Investigation 6 1 86% TOTALS 349 47 88%
The preceding results are reflected in the overall claims analysis report for 6 individuals. Individual results were 98%, 82%, 93%, 90%, 83%, and 99%. The category of 48 Hour Contacts slipped slightly, which has been addressed. Noted improvement was made in the area of file Direction. nFRAUDULENT CHECK A review of 50 checks issued in May was completed to determine if any were fraudulent. No internal or external problems were found. nACCOUNT VISITATIONS AND INSTALLATIONS May 5, 2017 ERIC North Sub Fund Meeting attended by Ron Henry, Claims
Examiner.
May 10, 2017 BACCEIC/ERIC South Sub-Fund Meeting was attended by Tony Ruggeri, Claims Manager and Sherwin Archibald, Liability Claims Supervisor.
May 12, 2017 NJEIF Sub-Fund Meeting was attended by Tony Ruggeri, Claims Manager and Sherwin Archibald, Liability Claims Supervisor.
May 17, 2017 Orange BOE Workers’ Compensation training was completed by Ellen Shaw, Claim Supervisor and Tom Fratantoni, Claim Examiner.
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6/9/17
Claim Report – June 21, 2017 Page 5
nEDUCATION AND TRAINING May 4-5, 2017 Tony Ruggeri, Claims Manager attended the New Jersey Self Insurer
Association Conference in Atlantic City. The focus of the conference was Workers’ Compensation law.
May 11, 2017 Settlement Funding Associates did a seminar on Structured Settlements for the entire claims staff to reinforce the benefits of using structured settlements to negotiate and settle cases.
nLITIGATION There are two upcoming trials scheduled, one in June and one in July. Details will be discussed at the June Board of Trustees meeting. nMISCELLANOUS/ MANAGED CARE RESULTS Reports from our managed care company, Qual-Lynx, show a 62% savings on medical bills repriced so far in 2017. This is in line with previous results of 65% in 2016, 63% in 2015, and 61% in 2014. REINSURANCE RECOVERIES On the Plainfield BOE fire loss, claim number 14PR00097D, a total of $219,526.78 was recovered thus far of $264,174.47 owed. CLAIMS OUTCOMES We continue to receive favorable outcomes through the efforts of our Claims Staff. The case of Chavez v. City of Elizabeth BOE resulted in a motion for summary judgment (MSJ) win. The plaintiff allegedly was injured as a result of slipping and falling on our insured's icy sidewalk on 12/11/14. We denied this claim based on snow and ice immunity under Title 59. A lawsuit was filed in the Superior Court of New Jersey, Union County. After discovery, we filed a MSJ, which was granted by Judge Camille M. Kenny. Counsel for the plaintiff did not appeal or file a motion for reconsideration.
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6/9/17
Claim Report – June 21, 2017 Page 5
EXTERNAL CLAIMS REVIEW Regional Claims Manager Christian Kolb of our reinsurer Safety National reviewed recent claim outcomes of workers’ compensation claims we reported to reinsurance. He advised, “We are definitely getting what we need. Your staff has always been very responsive to our requests, which we appreciate. They are always easy to work with and always on top of everything.” INTERNAL CLAIMS AUDIT The firm conducting our 2017 Internal Claims Review, MCM CPAS and Advisors of Louisville, Kentucky, completed all testing and review of our claims files. Claims files have been audited and sampling was completed. Auditors examined our office procedures, conducted interviews with our personnel and reviewed the claims processes. The results of the internal claims audit will be communicated upon receipt of the final report. CAT PREPAREDNESS On June 8th and 9th, our property reinsurers conducted a comprehensive review of our plans in case of a property catastrophe. We brought in our property appraisers and restoration companies to take part in the review. Our property reinsurers expressed confidence that our processes and procedure to handle a property catastrophe is solid and well-defined. Tony Ruggeri Anthony Ruggeri, AIC, ARM, INS Claims Manager Email: truggeri@njsig.org
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Information Technology Report
Origami Upgrade (Claims Management Software) We continue to move forward with the configuration and testing of our new claims management system Origami. We completed our second data extraction test to confirm the timing of the data delivery, which is the first step in the migration process. Origami is tested their data import procedures and Staff training begins June 19th and June 26th. On June 29th, Stars will shut down and will be available to staff as read only. The IT Department will be testing and validating data counts over the weekend of June 29th through July 2nd so as to have Origami up and running on July 3rd. Origami will be live on July 3, 2017. Jeff Cook Jeff Cook, Information Systems Manager
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Discussion Item
Contracting As a part of the New Jersey School Insurance Group’s (“NJSIG”) efforts to maintain compliance with the Public School Contracts Law (“PSCL”), NJSIG has sought approval from the State of New Jersey, Department of Community Affairs, Division of Local Government Services (“DLGS”) to use competitive contracting for the following goods and services in accordance with N.J.S.A. 18A:18A-4.1(k):
1. Workers’ compensation managed care services; and, 2. Property appraisal services.
A copy of the DLGS approval is attached. NJSIG intends to issue the requests for proposals for workers’ compensation managed care services in July 2017, and for property appraisal services in September 2017. In addition, NJSIG constantly reviews all expenditures to ensure that it is receiving sufficient value for the expenditures. As part of this effort, NJSIG plans to issue a public request for comments on the scope of services for sub-fund administration services in July 2017. After this public comment period is complete, NJSIG intends to issue the request for proposals for sub-fund administration services. William Mayo William Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Revised: 6/21/17
Board of Trustees Meeting of June 21, 2017 Discussion Item
Office of Legislative Services Audit The State of New Jersey, Office of Legislative Services, Office of the State Auditor (“OLS”) audit team conducted a post-audit conference at NJSIG’s offices on May 9, 2017. The audit report is scheduled to be publicly released on July 3, 2017. William Mayo William Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Action Item
Payroll Adjustment As a part of New Jersey Schools Insurance Group (NJSIG)’s efforts to streamline the organization, the employee responsible for the payroll function has assumed many additional responsibilities associated with administering NJSIG’s benefits program (including participation in Public Employees’ Retirement System and the State Health Benefits Program) and the associated compliance efforts. This employee assumed these functions effective February 3, 2017; however, her salary was only adjusted in April 2017 to recognize these additional duties. This payroll adjustment was made retroactive to February 3, 2017. Per the request of the State of New Jersey, Department of the Treasury, Division of Pension and Benefits, because this retroactive salary adjustment crosses reporting quarters, it must be ratified by the NJSIG Board of Trustees for pension purposes. Recommended Resolution: to ratify the attached payroll change notification. William Mayo William Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Action Item
Outside Counsel As a part of New Jersey Schools Insurance Group (NJSIG)’s efforts to maintain compliance with the Public School Contracts Law (PSCL), NJSIG issued requests for qualifications for outside counsel for Subrogation and Recovery Litigation (C-2017-0006), Insurance Coverage Counsel and Litigation (C-2017-0007), and Joint Insurance Fund Counsel (L-2017-0001). As a result of this competitive contracting process, NJSIG received numerous proposals from qualified firms. These proposals were evaluated using the weighted evaluation criteria, and the results of that evaluation are attached. The designation of a firm as approved outside counsel is not a retention for a specific matter, and does not entitle a firm to be retained for a specific matter. Rather, these firms would now be eligible to handle matters on behalf of NJSIG and its insureds in the respective areas. The cutoff for qualifying for the outside counsel designation was an average score of seventy-five or greater. Thus, it is proposed that the firms identified in the attached resolution be designated as outside counsel in the respective areas. Recommended Resolution: to approve the firms identified in the attached resolution be designated as outside counsel in the respective areas. William Mayo William Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Resolution Authorizing the Execution of Contracts Pursuant to the Public School Contracts Law
Page 1 of 3
WHEREAS, the New Jersey Schools Insurance Group (“NJSIG”) is
authorized by N.J.S.A. 18A:18B-1, et seq. to provide insurance coverage for its
members;
WHEREAS, NJSIG requires professional services in the form of outside
counsel to represent the interests of NJSIG and its insureds;
WHEREAS, NJSIG has engaged in a fair and open competitive contracting
process, pursuant to which proposals were solicited; and,
WHEREAS, an evaluation committee was convened by NJSIG and has
evaluated all proposals submitted.
NOW THEREFORE, BE IT RESOLVED, on this 21st day of June, 2017 that:
1) NJSIG designates the following firms as Outside Counsel as to each respective
area based on technical criteria, management criteria, cost criteria and the
service provider’s demonstrated service to public entities in the State of New
Jersey:
a. Subrogation and Recovery Litigation (C-2017-0006):
i. Butler, Weihmuller, Katz Craig, LLP;
ii. Law Offices of Stephen E. Gertler; and,
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Resolution Authorizing the Execution of Contracts Pursuant to the Public School Contracts Law
Page 2 of 3
iii. Methfessel & Werbel.
b. Insurance Coverage Counsel and Litigation (C-2017-0007):
i. Florio, Perrucci, Steinhardt & Fader, LLC;
ii. Malapero, Prisco, Klauber & Licata, LLP; and,
iii. Schenck, Price, Smith & King, LLP.
c. Joint Insurance Fund Counsel (L-2017-0001):
i. Archer & Greiner, P.C.;
ii. Brown & Connery, LLP;
iii. DeCotiis, Fitzpatrick, Cole & Giblin, LLP;
iv. Florio Perrucci Steinhardt & Fader, LLC; and,
v. Schenck, Price, Smith & King, LLP.
2) The Executive Director is hereby authorized to execute professional services
agreements with the above-referenced service providers;
3) NJSIG is hereby authorized to retain firms designated as Outside Counsel that
have executed a professional service agreement as to each respective area;
4) This designation is in accordance with the Public School Contracts Law,
N.J.S.A. 18A:18A-1, et seq.;
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Action Item
Payroll Administration Database Software and Services As a part of New Jersey Schools Insurance Group (NJSIG)’s efforts to maintain compliance with the Public School Contracts Law (PSCL), NJSIG issued a request for proposals for payroll administration database software and services (A-2017-0002). As a result of this competitive contracting process, NJSIG received one proposal from the incumbent payroll administration database software and service provider, Paychex, LLC. This proposal was evaluated using weighted evaluation criteria, and the results of that evaluation are attached. Recommended Resolution: to approve the contract for payroll administration database software and services be awarded to Paychex, LLC based on the results of the committee’s evaluation. William Mayo William Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Resolution Authorizing the Execution of a Contract Pursuant to the Public School Contracts Law
Page 1 of 3
WHEREAS, the New Jersey Schools Insurance Group (“NJSIG”) is
authorized by N.J.S.A. 18A:18B-1, et seq. to provide insurance coverage for its
members;
WHEREAS, NJSIG requires payroll administration database software and
services;
WHEREAS, NJSIG has engaged in a fair and open competitive contracting
process, pursuant to which proposals were solicited; and,
WHEREAS, an evaluation committee was convened by NJSIG and has
evaluated all proposals submitted.
NOW THEREFORE, BE IT RESOLVED, on this 21st day of June, 2017
that:
1) NJSIG awards the contract for payroll administration database software and
services to PayChex, LLC;
2) NJSIG awards the contract for payroll administration database software and
services to this service provider based on technical criteria, management
criteria, cost criteria and the service provider’s demonstrated service to public
entities in the State of New Jersey;
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Action Item
Second Reading 2017/2018 Budget
The attached 2017/2018 NJSIG budget was presented for discussion at the May 17, 2017 meeting. It is now attached as an action item for your approval and adoption for the 2017/2018 fiscal year. As per our bylaws and regulations, the attachments will be forwarded to the Department of Banking and Insurance (DOBI) once it is approved. Recommended Resolution: to approve the attached draft 2017/2018 budget as a second reading. Michele Carosi Michele Carosi Comptroller
NJSIG KEY:
Income Statement A8 - 8 months actual
For the Periods Ending: E12 - Estimate based on A7
B17 - Budgeted 2017 amount
B18 - Budgeted 2018 amount
FY 2014/2015 FY 2015/2016 FY 2015/2016 02/28/2017 02/28/2017 06/30/2017 06/30/2017 06/30/2017 FY 2017/2018
06/30/2015 06/30/2016 06/30/2016 8 MONTHS 8 MONTHS 12 MONTHS 12 MONTHS PROJECTED 06/30/2018
Account Department Description Actuals YTD Budget YTD Actuals YTD Budget YTD Actuals YTD Budget YTD PROJECTED Variance Budget YTD
Income:
4101-4131 Premium Income 123,157,772.10 130,175,197.62 124,012,334.08 130,379,676.00 129,867,720.19 130,379,676.00 129,869,613 (510,063) 131,180,680
Total Income 123,157,772.10 130,175,197.62 124,012,334.08 130,379,676.00 129,867,720.19 130,379,676.00 129,869,613 (510,063) 131,180,680
Adjustments:
4301 Reinsurance Recoveries 12,954,141.75 0.00 21,016,979.81 1,576,000.00 9,936,264.38 1,576,000.00 9,936,264 A8 8,360,264 0
4302 Reins Recovery W/C 85/86 (34,329.65) 0.00 (1,364.54) 0.00 0.00 0.00 0 0 0
4303 Accrued Reins Recoveries 1,892,475.39 0.00 (1,892,475.39) 0.00 0.00 0.00 0 0 0
4304 Subrogation Income 1,127,723.08 0.00 1,237,058.32 0.00 759,467.49 0.00 759,467 A8 759,467 0
4306 Reinsurance Rebate Income 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
Recoveries & Subro Income 15,940,010.57 0.00 20,360,198.20 1,576,000.00 10,695,731.87 1,576,000.00 10,695,732 9,119,732 0
Revenue 139,097,782.67 130,175,197.62 144,372,532.28 131,955,676.00 140,563,452.06 131,955,676.00 140,565,344 8,609,668 131,180,680
Expenses:
5102 Salaries-Temporary Employees 253,864.98 118,999.99 127,323.38 71,666.66 23,879.31 107,500.00 35,819 E12 (71,681) 112,520
5103 Salaries 5,472,796.80 6,002,794.37 5,391,689.51 4,043,319.33 3,776,210.60 6,064,978.99 5,664,316 E12 (400,663) 6,450,037
5104 Salaries - Overtime 20,195.37 3,000.00 3,843.13 2,000.00 0.81 3,000.00 1 A8 (2,999) 5,000
5108 Payroll Tax Expenses 451,129.41 526,788.00 466,532.88 393,333.34 303,161.82 590,000.00 454,743 E12 (135,257) 558,110
5109 Pension Expense 551,767.00 606,960.00 622,937.00 440,208.00 116.37 660,312.00 660,312 B17 0 745,215
5109-68 GASB68-Pension Expense 193,243.00 0.00 724,917.00 0.00 0.00 0.00 0 0 0
5110 Employee Benefits Expense (1,268.41) 0.00 0.00 0.00 0.00 0.00 0 0 0
5111 Recruiting Costs 5,447.45 10,000.00 10,753.50 5,000.00 11,484.75 7,500.00 23,485 A9 15,985 30,670
5112 Reiree Med Bene Exp 77,943.00 78,000.00 288,182.81 114,368.66 0.00 171,553.00 171,553 B17 0 182,402
5113 Employee Medical Benefits 859,315.26 1,149,720.00 884,408.38 830,552.00 614,472.91 1,245,828.00 921,709 E12 (324,119) 1,219,320
5114 Employee Dental Benefits 51,577.18 54,954.00 50,881.41 37,600.00 36,149.73 56,400.00 54,225 E12 (2,175) 65,602
5115 Employee Vision Benefits 21,131.34 24,000.00 21,202.43 16,480.00 16,719.51 24,720.00 25,079 E12 359 28,334
Page 1 of 5 5/4/2017 12:41 PM
NJSIG KEY:
Income Statement A8 - 8 months actual
For the Periods Ending: E12 - Estimate based on A7
B17 - Budgeted 2017 amount
B18 - Budgeted 2018 amount
FY 2014/2015 FY 2015/2016 FY 2015/2016 02/28/2017 02/28/2017 06/30/2017 06/30/2017 06/30/2017 FY 2017/2018
06/30/2015 06/30/2016 06/30/2016 8 MONTHS 8 MONTHS 12 MONTHS 12 MONTHS PROJECTED 06/30/2018
Account Department Description Actuals YTD Budget YTD Actuals YTD Budget YTD Actuals YTD Budget YTD PROJECTED Variance Budget YTD
5116 EE HRA Benefits 204,229.21 342,000.00 118,204.60 228,000.00 120,937.27 342,000.00 120,937 A8 (221,063) 0
5117 Employee FSA Benefits 45,182.58 33,000.00 13,987.23 22,000.00 19,251.73 33,000.00 33,000 B17 0 0
5118 Employee Short Term Disability & Other Ins 57,283.57 75,000.00 55,328.99 50,000.00 27,472.89 75,000.00 75,000 B17 0 82,000
5119 Defined Contribution Retirement Expense 0.00 0.00 0.00 0.00 5,609.27 0.00 11,219 A8 11,219 6,722
Personnel Expenses 8,263,837.74 9,025,216.36 8,780,192.25 6,254,527.99 4,955,466.97 9,381,791.99 8,251,397 (1,130,395) 9,485,931
5202 Newsletter Expenses 3,348.23 0.00 0.00 0.00 0.00 0.00 0 0 0
5203 Marketing Expenses 25,677.09 12,000.00 19,053.17 8,000.00 19,058.26 12,000.00 28,587 E12 16,587 8,450
Member Services Dept Expenses 29,025.32 12,000.00 19,053.17 8,000.00 19,058.26 12,000.00 28,587 16,587 8,450
5227 Loss Prevention 153,669.54 160,300.00 156,926.39 116,933.34 97,480.80 175,400.00 175,400 B17 (0) 174,600
5228 Office Equipment Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0 0
5229 Computer Software Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
Loss Control Dept Expenses 153,669.54 160,300.00 156,926.39 116,933.34 97,480.80 175,400.00 175,400 (0) 174,600
5252 Claims Audit Expense 8,471.18 7,600.00 14,867.59 8,000.00 0.00 12,000.00 12,000 B17 0 16,000
5253 Claims Admin. Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
Claims Dept Expenses 8,471.18 7,600.00 14,867.59 8,000.00 0.00 12,000.00 12,000 0 16,000
5301 Accounting Fees 1,210.00 1,187.00 1,140.00 800.00 530.00 1,200.00 1,200 B17 0 1,100
5303 Actuary Fees 148,269.66 160,000.00 114,520.74 120,000.00 98,198.05 180,000.00 180,000 B17 0 220,000
5305 Mngmt Maintenance Syst Expense 54,470.76 65,000.00 71,083.73 60,000.00 24,209.99 90,000.00 90,000 B17 0 90,000
5306 Legal & Professional Fees 179,710.86 300,000.00 171,570.59 200,000.00 103,197.19 300,000.00 300,000 B17 0 250,000
5310 Third Party Admin.-Willis 506,250.00 675,000.00 675,000.00 450,000.00 337,500.00 675,000.00 675,000 B17 0 675,000
Outside Service Fees 889,911.28 1,201,187.00 1,033,315.06 830,800.00 563,635.23 1,246,200.00 1,246,200 0 1,236,100
5309 MOCSSIF Agent Commission Exp. 344,570.00 398,646.48 344,138.16 0.00 0.00 411,216.00 411,216 B17 0 447,080
5311 Agent Commission Exp 12,825,878.22 12,879,905.02 12,605,095.06 9,060,994.66 12,661,426.43 13,591,492.00 12,661,426 A8 (930,066) 12,673,259
5312 NJEIF Agent Commission Exp. 456,864.00 492,058.76 520,435.52 0.00 0.00 506,030.00 506,030 B17 0 557,183
5315 ERIC North Agent Comm. Exp. 500,000.00 500,000.00 378,385.20 0.00 319,361.72 500,000.00 500,000 B17 0 500,000
5316 ERIC South Agent Comm Exp 239,872.00 248,267.96 217,837.24 0.00 0.00 256,823.00 256,823 B17 0 255,659
5318 ERIC WEST AG. COMM EXP 371,535.00 297,254.87 359,710.01 0.00 0.00 306,376.00 306,376 B17 0 323,958
5319 BACCEIC Agent Commission Exp 201,505.00 208,537.94 160,830.12 0.00 0.00 215,508.00 215,508 B17 0 229,131
5320 CAIP Agent Commission Expense 168,022.56 132,255.44 88,928.83 0.00 0.00 136,582.00 136,582 B17 0 130,127
Total Agent Commission Expense 15,108,246.78 15,156,926.47 14,675,360.14 9,060,994.66 12,980,788.15 15,924,027.00 14,993,961 (930,066) 15,116,396
5401 Claims Expense 79,557,899.87 68,502,032.00 68,439,096.09 45,804,666.66 42,767,666.05 68,707,000.00 68,707,000 B17 0 69,071,521
5402 Change in Claims Reserves (184,000.00) 0.00 4,064,000.00 0.00 0.00 0.00 0 0 0
Page 2 of 5 5/4/2017 12:41 PM
NJSIG KEY:
Income Statement A8 - 8 months actual
For the Periods Ending: E12 - Estimate based on A7
B17 - Budgeted 2017 amount
B18 - Budgeted 2018 amount
FY 2014/2015 FY 2015/2016 FY 2015/2016 02/28/2017 02/28/2017 06/30/2017 06/30/2017 06/30/2017 FY 2017/2018
06/30/2015 06/30/2016 06/30/2016 8 MONTHS 8 MONTHS 12 MONTHS 12 MONTHS PROJECTED 06/30/2018
Account Department Description Actuals YTD Budget YTD Actuals YTD Budget YTD Actuals YTD Budget YTD PROJECTED Variance Budget YTD
5403 Change in Claims Reserves for ULAG (66,496.62) 0.00 (222,594.12) 0.00 0.00 0.00 0 0 0
5404 NEPHA Deductible Reimb. Exp. 0.00 0.00 0.00 0.00 0.00 0.00 5,000 A8 5,000 0
Claims Expenses 79,307,403.25 68,502,032.00 72,280,501.97 45,804,666.66 42,767,666.05 68,707,000.00 68,712,000 5,000 69,071,521
5502 Reinsurance Exp (Group/Flat) 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
5505 Reinsurance Exp-District Bill 29,021,094.05 33,486,128.80 32,334,931.57 22,330,617.34 32,388,803.79 33,495,926.00 32,388,804 A8 (1,107,122) 32,968,039
5507 Reinsurance Exp-NJSBAIG Paid 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
Reinsurance Expenses 29,021,094.05 33,486,128.80 32,334,931.57 22,330,617.34 32,388,803.79 33,495,926.00 32,388,804 (1,107,122) 32,968,039
5352 IT - Office Equipment Supplies 11,672.12 22,000.00 13,483.97 18,000.00 7,739.29 27,000.00 27,131 131 29,000
5353 Office Equipment Maintenance 15,192.00 44,400.00 23,000.56 26,266.66 17,232.28 39,400.00 39,400 B17 0 39,900
5354 Computer Software Maintenance 195,587.00 240,760.00 170,754.41 197,840.00 203,971.47 296,760.00 305,957 E12 9,197 275,056
Information Technology Dept 222,451.12 307,159.99 207,238.94 242,106.66 228,943.04 363,160.00 372,488 9,328 343,956
5702 Depreciation Expense 369,371.35 489,855.00 469,735.89 385,826.66 240,419.58 578,740.00 578,740 B17 0 606,611
5703 Dues & Subscriptions 28,172.17 30,499.99 40,700.00 59,843.33 74,829.14 89,764.99 112,244 E12 22,479 100,337
5704 Misc. Bank Fees 3,232.36 3,500.00 3,500.03 2,333.34 2,333.34 3,500.00 3,500 E12 0 37,860
5708 Rent Expense 193,191.29 323,510.00 301,575.19 311,131.34 339,327.63 466,697.00 508,991 E12 42,294 471,391
5709 Office Supplies 29,630.80 41,940.00 41,929.00 48,113.34 18,978.09 72,170.00 72,170 B17 (0) 70,670
5710 Office Operating Expenses 85,515.03 86,003.00 97,148.61 41,052.00 40,691.52 61,578.00 61,037 E12 (541) 92,984
5711 Office Leased Expenses 31,599.87 29,100.00 30,000.39 26,333.34 20,437.07 39,500.00 39,500 B17 (0) 39,500
5712 Telephone Expense (2,735.59) 4,900.00 199.00 1,666.66 0.00 2,500.00 2,500 B17 0 1,000
5713 Employee Internet Reimbursmt 1,839.03 0.00 0.00 0.00 0.00 0.00 0 0 0
5714 Utilities 31,071.52 33,200.00 21,542.26 0.00 0.00 0.00 0 0 0
5715 Group's Insurance Expense 194,352.20 223,000.00 183,014.89 150,000.00 130,369.60 225,000.00 225,000 B17 0 250,000
5716 Group's Crime Insurance Exp. 35,832.04 47,000.00 37,562.01 13,333.34 25,915.34 20,000.00 38,873 E12 18,873 40,000
5723 Postage 59,908.79 62,000.00 50,525.63 42,333.34 31,964.93 63,500.00 63,500 B17 (0) 62,000
5727 Employee Seminar Expenses 23,427.84 60,000.01 26,609.69 73,449.99 6,494.61 110,174.99 9,742 E12 (100,433) 126,500
5728 Insurance Course Fees 1,087.24 7,500.00 2,292.10 5,333.33 1,140.65 7,999.99 7,215 B17 (785) 12,000
5729 Tuition Reimursement 3,930.00 16,889.00 4,224.00 14,500.00 0.00 21,750.00 1,563 E12 (20,187) 6,000
5730 Audit Fees 119,927.00 45,000.00 47,773.00 16,666.66 (890.00) 70,500.00 45,500 (25,000) 60,000
5731 Consulting Fees 284,114.83 266,000.00 195,189.31 228,333.34 114,054.31 342,500.02 342,500 B17 (0) 355,000
5732 Miscellaneous Expenses 33,550.19 65,750.00 36,159.06 4,966.66 953.00 7,450.00 1,430 E12 (6,020) 6,200
5733 Disaster Recovery Expenses 40,756.37 118,840.00 84,628.50 76,273.33 70,415.68 114,409.99 114,410 B17 0 123,696
5734 Building Appraisal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
5735 DOBI Audit Fees 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
5737 Employee Cell Phone Expense 13,864.00 17,560.00 16,721.47 12,666.66 8,543.13 19,000.00 12,815 E12 (6,185) 20,250
5738 OPRA expenses 0.00 100,000.00 33,770.90 66,666.66 38,428.71 100,000.00 57,643 E12 (42,357) 100,000
Page 3 of 5 5/4/2017 12:41 PM
NJSIG KEY:
Income Statement A8 - 8 months actual
For the Periods Ending: E12 - Estimate based on A7
B17 - Budgeted 2017 amount
B18 - Budgeted 2018 amount
FY 2014/2015 FY 2015/2016 FY 2015/2016 02/28/2017 02/28/2017 06/30/2017 06/30/2017 06/30/2017 FY 2017/2018
06/30/2015 06/30/2016 06/30/2016 8 MONTHS 8 MONTHS 12 MONTHS 12 MONTHS PROJECTED 06/30/2018
Account Department Description Actuals YTD Budget YTD Actuals YTD Budget YTD Actuals YTD Budget YTD PROJECTED Variance Budget YTD
5807 Ins. Write-off Exp 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
5809 Safety Grant Distribution Exp 2,200,000.00 0.00 3,000,000.00 0.00 0.00 0.00 0 0 0
Business Operating Expenses 3,781,638.33 2,072,047.02 4,724,800.93 1,580,823.32 1,164,406.33 2,416,734.98 2,298,873 (75,505) 2,582,000
5201 Travel & Related Expenses 156,150.99 173,000.00 118,333.36 100,557.33 39,585.59 150,835.99 52,422 E12 (98,414) 114,288
5851 Annual Meeting 63,783.93 47,600.00 45,991.43 33,733.34 47,311.22 50,600.00 47,311 A8 (3,289) 53,400
5852 Trustee Meeting Expense 16,283.91 24,000.00 9,136.88 20,000.00 3,607.07 20,000.00 5,411 E12 (14,589) 10,000
Conferences & Meeting Expenses 236,218.83 244,600.00 173,461.67 154,290.66 90,503.88 221,436.00 105,144 (116,292) 177,688
Total Expenses 137,021,967.42 130,175,197.63 134,400,649.68 86,391,760.64 95,256,752.50 131,955,675.96 128,584,854 (3,328,465) 131,180,681
Page 4 of 5 5/4/2017 12:41 PM
NJSIG KEY:
Income Statement A8 - 8 months actual
For the Periods Ending: E12 - Estimate based on A7
B17 - Budgeted 2017 amount
B18 - Budgeted 2018 amount
FY 2014/2015 FY 2015/2016 FY 2015/2016 02/28/2017 02/28/2017 06/30/2017 06/30/2017 06/30/2017 FY 2017/2018
06/30/2015 06/30/2016 06/30/2016 8 MONTHS 8 MONTHS 12 MONTHS 12 MONTHS PROJECTED 06/30/2018
Account Department Description Actuals YTD Budget YTD Actuals YTD Budget YTD Actuals YTD Budget YTD PROJECTED Variance Budget YTD
Other Revenue and Expenses:
4405 Partnership Distributions 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
4413 Interest-NJ St Inv Fund 148,514.08 258.00 782.52 172.00 139.64 258.00 140 A8 (118) 0
4414 Interest-NJ Cash Mgmt Fund 206.25 224.00 786.82 149.34 1,030.09 224.00 1,545 E12 1,321 224
4415 Interest-Commerce Concentr 162,758.69 171,548.00 308,075.28 101,333.34 577,776.41 152,000.00 577,776 A8 425,776 578,269
4419 Interest - Operating Account 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
4420 Interest - Certificate of Dep 762,608.96 616,388.00 538,751.20 50,000.00 37,754.36 75,000.00 37,754 A8 (37,246) 0
4421 Tri-State Capital Intrst Inc 0.61 0.00 0.00 0.00 0.00 0.00 0 0 0
4422 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
Investment Income 1,074,088.59 788,418.01 848,395.82 151,654.67 616,700.50 227,482.01 617,216 389,734 578,493
4501 Gain on Securities (109,794.40) 0.00 0.00 0.00 0.00 0.00 0 0 0
Financial Income (109,794.40) 0.00 0.00 0.00 0.00 0.00 0 0 0
4603 Miscellaneous Income 11,438.56 0.00 1,579.01 0.00 2,376.00 0.00 2,376 A8 2,376 0
4605 Seminar Income 3,865.00 3,250.00 9,910.00 2,166.66 3,694.13 3,250.00 3,694 A8 444 8,750
4609 Willis Change in Unrnd Ag Comm (24,791.50) 0.00 1,895.97 0.00 0.00 0.00 0 0 0
4610 Willis Change in Unrnd Reins (78,830.10) 0.00 73,376.80 0.00 0.00 0.00 0 0 0
4620 Legal Settlement Income 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
Other Revenues (88,318.04) 3,250.00 86,761.78 2,166.66 6,070.13 3,250.00 6,070 2,820 8,750
5901 Amortization of Inv. Premiums 32,810.60 0.00 0.00 0.00 0.00 0.00 0 0 0
5902 Investment Costs 0.00 0.00 0.00 0.00 0.00 0.00 0 0 0
Investment Expenses 32,810.60 0.00 0.00 0.00 0.00 0.00 0 0 0
Total Other Revenue and Expenses 843,165.55 791,668.01 935,157.60 153,821.34 622,770.63 230,732.00 623,286 392,554 587,243
Net Revenue 2,918,980.80 791,667.99 10,907,040.20 45,717,736.70 45,929,470.19 230,732.04 12,603,776 12,373,044 587,243
Page 5 of 5 5/4/2017 12:41 PM
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
PREMIUM INCOME
Account # 4105 – 4118 Budget: $ 131,180,680
GROSS PREMIUM
Estimated at current levels
Workers’ Compensation $ 70,526,032
Property $ 18,602,082
Auto Liability $ 6,064,955
Auto Physical Damage $ 1,391,342
General Liability $ 9,047,456
Boiler $ 1,215,963
E&O $ 16,251,856
Excess Liability $ 4,533,332
Crime $ 627,846
Pollution $ 0
E.D.P. $ 857,278
Retro Income $ 0
Builders Risk $ 0
Workers’ Compensation Supplemental Indemnity $ 1,774,376
Bond $ 288,162
TOTAL $ 131,180,680
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
SALARIES TEMPORARY EMPLOYEES
Account # 5102 Budget: $ 112,520
Claims $ 70,000
Information Technology $ 10,000
Underwriting/Client Relations $ 6,000
Administrative $ 26,520
TOTAL $ 112,520
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
SALARIES
Account # 5103 Budget: $ 6,450,037
PERSONNEL SALARY EXPENSE
500 – Claims $ 2,427,287
510 – Loss Control $ 623,415
530 – Legal $ 249,153
540 – Administrative $ 579,375
550 – Accounting $ 550,265
560 – Underwriting $ 1,131,311
570 – Information Technology $ 889,231
All increases scheduled for 9/1/2017.
TOTAL $ 6,450,037
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
OVERTIME
Account # 5104 Budget: $ 5,000
Information Technology $5,000
TOTAL $ 5,000
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
PAYROLL TAXES
Account # 5108 Budget: $ 558,110
Social Security
Unemployment tax $ 558,110
TOTAL $ 558,110
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
EMPLOYEE PENSION EXPENSE
Account # 5109 Budget: $ 745,215
Pension Expense - Estimated $ 745,215
Defined by the State of New Jersey actuary
Based on employer appropriation.
TOTAL $ 745,215
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
RECRUITMENT
Account # 5111 Budget: $ 30,670
Administrative $ 30,670
TOTAL $ 30,670
New Jersey Schools Insurance Group 450 Veterans Drive
Burlington, New Jersey 08016
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
RETIREE MEDICAL BENEFITS
Account # 5112 Budget: $ 182,402
This funds the retiree medical benefits account. The NJSIG will reimburse
$500/month for medical benefits to retired employees that have accumulated
25 years of service and reached a minimum age of 60 at retirement.
The annual budget amount is determined by an independent actuary study.
The program is administered by an outside vendor.
TOTAL $ 182,402
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
EMPLOYEE MEDICAL BENEFITS
Account # 5113 Budget: $ 1,219,320
Assumed 5% increase @ 2017/2018 $ 1,219,320
TOTAL $ 1,219,320
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
EMPLOYEE DENTAL BENEFITS
Account # 5114 Budget: $ 65,602
Assume 5% increase @ 2017/2018 $ 65,602
TOTAL $ 65,602
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
EMPLOYEE VISION BENEFITS
Account # 5115 Budget: $ 28,334
Assume 5% increase @ 2017/2018 $ 28,334
(82 employees)
TOTAL $ 28,334
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
EE SHORT TERM DISABILITY BENEFITS
Account # 5118 Budget: $ 82,000
Based on 82 employees
TOTAL $ 82,000
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
ER Defined Contribution Retirement Expense
Account # 5119 Budget: $ 6,722
DCRP $4,979
Group Term Life $1,228
Long Term Disability $ 515
Based on 3 eligible employees @ 2017/2018
TOTAL $ 6,722
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
MARKETING/ADVERTISING EXPENSE
Account # 5203 Budget: $ 8,450
Miscellaneous brochure folders
training materials and advertising expenses $8,450
TOTAL $ 8,450
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Rev.: 4/12/17
2017/2018 Budget LOSS PREVENTION MISCELLANEOUS EXPENSE Account # 5227 Budget: $ 174,600 Training Academy Expenses Food for 20 classes @ $150 each $ 3,000 150 folders for classes $ 200 NJ Safety Council – DDC
500 Books @ $13.50 per student $ 6,750 500 Certification @ $10 per student $ 5,000 Instructor Certification $ 800 NJSIGtrain.org $10,000 First Aid/CPR/AED Training $ 1,500 First Aid/CPR/AED Instructor Certification $ 500 CPI Books & Certificates & Instructor Certification $ 2,000 Safety Materials Video $ 200 Family Safety Magazine $ 600
Top Health Newsletter $ 600
Safety Awards 45 @ $100 each $ 4,500 Safety Calendars 600 @ $3.25 $ 1,950 Safety Committee Recognition $ 1,000
Awards/Poster/Frames WeTip (discretionary) $ 1,000 Dupont/Coastal/Video Stream $ 2,000 Safe School Online Training $ 125,000 Boiler Seminar $ 8,000 TOTAL $ 174,600
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
CLAIMS AUDIT
Account # 5252 Budget: $ 16,000
Claim Audit $ 16,000
Independent auditor reviews claim operation
TOTAL $ 16,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
ACCOUNTING FEES
Account # 5301 Budget: $ 1,100
Accounting Fees $ 1,100
(To support monthly closing)
TOTAL $ 1,100
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget ACTUARIAL FEES
Account # 5303 Budget: $ 220,000
Two reserve studies, one rating study, and
miscellaneous services performed $ 220,000
by independent actuary.
TOTAL $ 220,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget MANAGEMENT MAINTENANCE SYSTEM EXPENSE
Account # 5305 Budget: $ 90,000
School Dude reimbursements are made to members
that have maintenance direct (MD) and scored $ 90,000
a minimum of two from School Dude.
TOTAL $ 90,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
LEGAL AND PROFESSIONAL FEES
Account # 5306 Budget: $ 250,000
TOTAL $ 250,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
THIRD PARTY ADMIN FEE
Account # 5310 Budget: $ 675,000
Broker Fees $ 675,000
Provide retail and reinsurance brokerage services - Willis
TOTAL $ 675,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
AGENT FEES
Account # 5309-5320 Budget: $ 15,116,396
Auto Liability & Physical Damage $1,054,550
General Liability $ 1,299,162
Property $ 2,651,332
EDP – Electronic Data Processing $ 123,000
Boiler & Machinery (equipment breakdown) $ 170,961
Auto Liability/General Liability Excess $ 650,316
Workers’ Compensation $ 4,088,210
Errors & Omissions $ 2,326,784
Crime $ 91,887
Bond $ 41,462
Workers’ Compensation Supplemental Indemnity $ 175,595
Pollution $ 0
Sub Fund Agent Commissions $ 2,443,137
TOTAL $ 15,116,396
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
CLAIMS EXPENSE
Account # 5401 Budget: $ 69,071,521
CLAIMS EXPENSE
From Actuary Pricing Study $ 69,071,521
TOTAL $ 69,071,521
New Jersey School Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
REINSURANCE EXPENSE
Account # 5505 Budget: $ 32,968,039
NET REINSURANCE
Auto Liability $1,014,800
General Liability $ 978,147
Property $ 9,052,915
E.D.P $ 123,469
Boiler $ 971,851
Excess Liability $ 3,732,479
Workers’ Compensation $ 1,542,830
E&O $ 14,008,857
Crime $ 111,782
Bond $ 51,622
Workers’ Compensation Supplemental Indemnity $ 1,379,287
TOTAL $ 32,968,039
New Jersey School Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
INFORMATION TECHNOLOGY OFFICE SUPPLIES
Account # 5352 Budget: $29,000
CD Copies $ 4,000
Cintas Paper Shredding @ 100 per month $ 6,000
Kodak Scanner Supplies $ 1,500
Miscellaneous Expenses $ 10,000
Pitney Bowes Supplies $ 4,000
Shredder Supplies $3,500
TOTAL $ 29,000
New Jersey School Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
OFFICE EQUIPMENT MAINTENANCE
Account # 5353 Budget: $ 39,900
Avalanche (ML350) 1yr 13x5x4 Support $ 1,000
Dresx1 (Mt. Laurel) DL 380 G5 $ 1,000
Dresx2 (Mt. Laurel) DL 380 G5 $ 1,000
Dresx3 (Mt. Laurel) DL 380 G5 $ 1,000
DR Backup (Mt. Laurel) DL 380 G5 $ 1,000
DR San 4300 (DRISCSI 1) $ 2,800
DR San 4300 (DRISCSI 2) $ 2,800
DR Cisco Router 2901 (DRISCSI 2) $ 800
ESX1 DL380 G6 $ 1,000
ESX2 DL380 G6 $ 1,000
ESX3 DL380 G6 $ 1,000
ISCSI1 SAN 4500 $ 3,000
ISCSI2 SAN 4500 $ 3,000
ISCSI3 SAN 4500 $ 3,000
Kodak Scanner Support $ 4,500
Misc. Hardware Support $ 10,000
Backup $ 1,000
ImageRight Full Text DL 380 G4 $ 1,000
TOTAL $ 39,900
New Jersey School Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget COMPUTER SOFTWARE MAINTENANCE
Account # 5354 Budget: $ 275,056 1099Pro $ 1,000
Brook Trout Fax Board Software $ 1,000
Cisco Support $ 1,600
Comcast Internet/TV $ 3,000
Escrow Tech for NavRisk $ 1,000
Ethernet 40MB Broadview (Data/Phone) $ 56,496
Go To Meeting $ 700
ImageRight $ 52,800
ImageRight (After 9-5) Support $ 2,000
Micro Scribe (Paperless Board Package) $ 2,360
Microsoft Web Mail $ 5,800
Misc. Software Support/Licensing $ 5,000
Misc. Software Cal. Licensing $ 10,000
NavRisk Programming Projects $ 10,000
eFax (Cloud Faxing) $24,000
SSL VPN $ 9,000
Origami Programming Projects $ 10,000
Trend Micro Client/Server Protection $ 4,200
Veeam $ 2,700
VmWare (upgrade 5.1 to 6.1) $10,000
Watchguard (Mt. Laurel/Marlboro) $ 10,000
Windows Server 2012 $ 5,000
Zetafax $ 1,800
Constant Contact Software $ 1,000
Crystal Reports $500
ISO Data Analytics $25,000
Adobe Creative Cloud $2,000
ShareFile $15,300
SHI Asset Management $700
IOS/Mac Apps Development $350
AD Audit Plus $750
TOTAL $ 275,056
New Jersey School Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
DEPRECIATION
Account # 5702 Budget: $ 606,611
1401 Capital
Monitors 22” LCD Flat Screen $250/each $ 5,000
Desktop Workstations/Thin Clients $1,250/each $ 25,000
All in One Printers (9 Road Personnel) $130/each $ 650
HP Laptop (Upgrades) $1,800/each $ 7,200
Laserjet Printers $2,000/each $ 4,000
LCD Projector $1,800/each $ 3,600
Oragami Risk $ 199,150
PeopleSoft (Oracle) $ 16,000
NavRisk $ 77,500
2 Desktop Scanning $200/each $ 600
60 VM Ware View Desktops $200/each $ 12,000
SSL Certs $ 7,000
ImageRight Upgrade $100,000
HP Storageworks $ 26,000
Office Furniture $ 25,000
Subtotal of Capital – Carry Forward $ 508,700
Continued on next page
New Jersey Schools Insurance Group 6000 Midlantic Drive Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Rev.: 4/12/17
2017/2018 Budget
DEPRECIATION Account # 5702 1401 Capital
Subtotal of Capital – from Previous Pages $ 508,700
Total Capital 2017/2018 $ 508,700
Total 2017/2018 Depreciation Expenses Budgeted $ 206,680 + Carried forward Depreciation Expenses from
previous years $ 399,931 Budget plus Carry Forward = 2017/2018 Depreciation Budget $ 606,611 TOTAL Depreciation Budget= $ 606,611
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
DUES & SUBSCRIPTIONS
Account # 5703 Budget: $ 100,337
Claims $ 25,000
Loss Control $ 2,500
Legal $4,912
Administrative $ 62,275
Underwriting $5,650
TOTAL $ 100,337
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
MISCELLANOUS BANKING FEES
Account # 5704 Budget: $ 37,860
Miscellaneous Banking Fees $ 37,860
TOTAL $37,860
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
RENT EXPENSE
Account # 5708 Budget: $ 471,391
Rent and Fees – Mt. Laurel Office $ 471,391
TOTAL $ 471,391
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
OFFICE SUPPLIES
Account # 5709 Budget: $ 70,670
Office Supplies
Administrative $68,670
Underwriting $2,000
TOTAL $ 70,670
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
OFFICE OPERATING EXPENSES
Account # 5710 Budget: $ 92,984
UAS – Monthly $160 $ 2,400
Coffee Services (ML & DR) $ 4,000
Water Services (ML & DR) $1,000
Payroll $ 80,000
Mt Laurel Fire License $400
Verizon Wireless Tablets $5,184
TOTAL $92,984
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
LEASE PAYMENTS
Account # 5711 Budget: $ 39,500
Lease Payments $ 32,000
(copiers, fax machine and Pitney Bowes)
Pitney Bowes Postage Machine $7,500
TOTAL $39,500
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
TELEPHONE EXPENSE
Account # 5712 Budget: $ 1,000
Including long distance & fax lines $ 1,000
TOTAL $1,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
GROUP’S INSURANCE
Account # 5715 Budget: $ 250,000
Property/Liability $ 250,000
Workers’ Compensation
Errors & Omissions
Data Breach
TOTAL $ 250,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
CRIME INSURANCE
Account # 5716 Budget: $ 40,000
Crime Coverage $ 40,000
TOTAL $40,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
POSTAGE
Account # 5723 Budget: $ 62,000
Federal Express Postage $10,000
Pitney Bowes - Administrative $50,000
Pitney Bowes Pre-Sort – IT $2,000
TOTAL $ 62,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
EMPLOYEE SEMINAR EXPENSE
Account # 5727 Budget: $ 126,500
Claims $ 12,000
Loss Control $ 14,000
Legal $8,500
Administrative $ 14,500
Accounting $ 7,500
Underwriting $ 24,500
Information Technology $ 45,500
TOTAL $ 126,500
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
INSURANCE EDUCATION
Account # 5728 Budget: $ 12,000
Claims $ 5,000
Underwriting $ 7,000
TOTAL $ 12,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
TUITION REIMBURSEMENT
Account # 5729 Budget: $ 6,000
Loss Control $3,000
Accounting $3,000
TOTAL $ 6,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
FINANCIAL AUDITS
Account # 5730 Budget: $ 60,000
Fiscal Year End Audit $ 60,000
TOTAL $ 60,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
CONSULTING FEES
Account # 5731 Budget: $ 355,000
Consultants for Information Technology, Accounting,
Loss Control and Administration
Loss Control
WeTip and property Inspection $ 40,000
Accounting
PeopleSoft $ 35,000
Information Technology $ 35,000
Administrative $ 245,000
CBIZ
Retreat
Korn Ferry/Hay Group
Legal One
ISO
Watson Consulting
Echo Group
Canning Group
TOTAL $ 355,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
MISCELLANEOUS
Account # 5732 Budget: $ 6,200
Claims $1,000
Underwriting
Storage Facility Files $2,200
Administrative
Miscellaneous $1,000
Petty Cash Reimbursements $2,000
TOTAL $6,200
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
DISASTER RECOVERY
Account # 5733 Budget: $ 123,696
Disaster Recovery
Information Technology – Site Costs $ 109,108
Rent $ 58,308
Analog Phone Line $ 3,600
Ethernet Line $ 34,200
ADT – Alarm System $ 2,400
PSE&G $ 5,400
Postage $ 1,200
Comcast/Verizon $ 3,000
Misc. Annual Fees $ 1,000
Administrative – Site Costs $14,588
Cleaning Service $ 4,000
Copier Maintenance $ 4,800
CAM Costs $ 5,788
TOTAL $ 123,696
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
CELL PHONES
Account # 5737 Budget: $ 20,250
$ 19,250
Data & International Package Annual Fee $ 1,000
TOTAL $ 20,250
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
OPEN PUBLIC RECORDS ACTS (OPRA) EXPENSES
Account # 5738 Budget: $ 100,000
Miscellaneous Administrative Expenses $ 100,000
related to OPRA requests.
TOTAL $ 100,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget TRAVEL AND RELATED EXPENSE
Account # 5201 Budget: $ 114,288
Claims $ 13,000
Loss Control $ 43,363
Legal $ 2,500
Administrative $ 5,425
Accounting $ 1,000
Underwriting $ 49,000
Information Technology $ 0
TOTAL $ 114,288
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
ANNUAL MEETING
Account #5851 Budget: $ 53,400
Hotel & Meeting Rooms Expenses $ 6,600
Booth Storage and Freight $ 3,000
NJSIG Booth Space $ 30,000
Union Labor & Booth Furniture $ 3,500
Convention Handouts/Materials $ 3,000
Badges $ 300
Annual Meeting and Luncheon $ 7,000
Total $ 53,400
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
BOARD OF TRUSTEES MEETINGS
Account# 5852 Budget: $ 10,000
$ 10,000
TOTAL $ 10,000
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
INVESTMENT INCOME
Account # 4406 - 4420 Budget: $ 578,493
Estimated Investment Income $ 578,493
TOTAL $ 578,493
New Jersey Schools Insurance Group 6000 Midlantic Drive
Mount Laurel, New Jersey 08054
(609) 386-6060 FAX (609) 386-8877 www.njsig.org
2017/2018 Budget
SEMINAR INCOME
Account # 4605 Budget: $8,750
Defensive Driving $250
Training Academy $1,000
Boiler Seminars $7,500
TOTAL $8,750
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Action Item
Second Reading 2017/2018 Draft Plan of Risk Management
Last month this draft Plan of Risk Management (PORM) was presented as a first reading. The approved PORM must be filed with the Department of Banking and Insurance (DOBI) each year. Recommended Resolution: to approve the attached draft 2017/2018 Plan of Risk Management as a second reading. William Mayo William Mayo, CPCU, ARM Executive Director
Rev.: 5/8/17
TABLE OF CONTENTS Page INTRODUCTION - Mission Statement 1 Coverage Provided, Limits of Liability, Self-Insured Retentions and Deductibles 2
General Property Equipment Breakdown
Comprehensive General and Automobile Liability
2 3 3 3
Workers’ Compensation and Employers Liability 4
School Leaders Errors and Omissions Liability 4
Reinsurance 4
Operational Philosophy 5 General/Sub-Fund 5 Premium Contribution 5 Brokers 6 Claims Response and Reserving 6-7 Standards of Performance 7 General Liability/Automobile Liability 7-8 Workers’ Compensation and Employers Liability 8-10 Property 10-11 Productivity/Pending Standards 11
Rev.: 5/8/17
TABLE OF CONTENTS Continued Page Legal Claim Handling 12 Claim Payment Procedures 12 Incoming/Outgoing Correspondence 12 Outside Independent Assignments 12 Reporting Guidelines - Workers’ Compensation 12
Reporting Guidelines - General Liability/Automobile
12-13
Reporting Guidelines - Property 13 Rehabilitation - Administrative Controls 14 General Comments 14 Discretionary Settlement Authority 14-15
Claims Committee
Financial Management
15-16
16 Safety and Loss Prevention 16 Standards of Participation 16
1 Rev.: 5/8/17
NEW JERSEY SCHOOLS INSURANCE GROUP PLAN OF RISK MANAGEMENT The mission of New Jersey Schools Insurance Group (“NJSIG"), a school insurance pool, is to ensure the availability of insurance to New Jersey public school districts and charter schools by offering the best coverage at the lowest possible cost while providing risk management education, training and services. I. INTRODUCTION NJSIG is a joint insurance fund formed under the provisions of N.J.S.A. 18A: 18B-1 et. seq. NJSIG’s membership is comprised of public school districts and charter schools. NJSIG commenced operations in October 1983.
NJSIG’s objectives include the following:
A. Providing eligible school districts and charter schools with a long-term alternative to the conventional insurance market as a means of stabilizing the otherwise cyclical nature of insurance expenditures;
B. Maintaining proactive safety and loss prevention programs specific to issues inherent in
public schools;
C. Aggressively evaluating, defending and/or settling claims made against M embers which fall within the defined coverages afforded through NJSIG;
D. Maintaining a responsible funding posture in an effort to ensure long-term
financial security for NJSIG and, by extension, the membership.
2 Rev.: 5/8/17
II. COVERAGE PROVIDED, LIMITS OF LIABILITY, SELF-INSURED RETENTIONS AND DEDUCTIBLES A. GENERAL
NJSIG offers coverage to its Members through one or more of the following vehicles:
• Pooled self-insurance • Excess insurance • Reinsurance • Individual contracts
NJSIG offers its Members the following coverages:
1. Workers’ Compensation and Employers’ Liability
2. Automobile Liability,
3. General Liability
4. Property
5. Equipment Breakdown
6. Automobile Physical Damage
7. School Leaders Errors and Omissions Liability
8. Crime and Bonds
9. Electronic Data Processing
10. Excess Liability
11. Supplemental Indemnity
12. Breach Response
13. Environmental Liability
The specific limits of coverages afforded by NJSIG incorporate individual Member deductibles, funded self-insured retentions and various jointly purchased conventional and excess/reinsurance policies. Unless specifically stated to the contrary, limits shown in the following sections shall be considered to be inclusive of applicable pooled self-insured retention.
3 Rev.: 5/8/17
NJSIG also provides for aggregate excess insurance where applicable. B. PROPERTY
1. Limit of liability $500,000,000 per occurrence
2. NJSIG self-insured retention (SIR) $1,000,000 per occurrence
3. Member deductible $1,000 to $50,000
4. Perils included see policies “Appendix A” C. EQUIPMENT BREAKDOWN
1. Limit of liability $100,000,000 per loss
2. NJSIG self-insured retention $0
3. Member deductible 12 hours/$1,000 - $10,000
4. Policy conditions refer to specific policy language D. COMPREHENSIVE GENERAL AND AUTOMOBILE LIABILITY
1. Limit of liability between $1,000,000 and $31,000,000 per occurrence
2. NJSIG self-insured retention (SIR): $500,000 per occurrence
3. Member deductible liability options $0-$50,000 except
$1,000 employee benefits
4. Insuring agreement provides coverage for bodily injury, property damage and personal injury liability arising out of the business activities of the Member. See specific policy language.
E. WORKERS’ COMPENSATION
1. Limits of liability: (a) Workers’ Compensation statutory (b) Employers Liability $2,000,000 per occurrence
2. NJSIG specific self-insured retention (a) Workers’ Compensation $1,000,000 (b) Employers Liability $1,000,000
3. Member deductible none
4 Rev.: 5/8/17
F. SCHOOL LEADERS ERRORS & OMISSIONS LIABILITY
1. Coverage A Limits of liability between $1,000,000 and $31,000,000 per occurrence/aggregate, per member. Limit chosen by district may be subject to retro-active dates. Refer to specific policy language.
2. Coverage B $100,000/$300,000 or $50,000/$150,000 3. Member deductible: between $5,000 to $250,000 Coverage A and B 4. Insuring agreements: refer to specific policy language.
5. NJSIG self-insured retention $0 G. REINSURANCE
1. NJSIG may purchase reinsurance or excess insurance, which is subject to the terms and
conditions of the specific excess or reinsurance carrier agreements. NJSIG purchased reinsurance for the following:
(a) Property: NJSIG cedes 100% net loss per occurrence in excess of $1,000,000
to a maximum of $500,000,000.
(b) Comprehensive General Liability and Automobile Liability: NJSIG cedes 100% net loss per occurrence in excess of $500,000.
(c) Workers’ Compensation and Employers Liability: NJSIG places excess
statutory limits of liability and employers’ liability in excess of $1,000,000 per occurrence.
2. The cost of reinsurance is variable depending on Member exposure. The final number
will be determined by audit at year-end. Based upon known exposures the total reinsurance cost is estimated to be $33,500,000.
5 Rev.: 5/8/17
III. OPERATIONAL PHILOSOPHY
A. SUB-FUNDS NJSIG organized the state into seven (7) predominately geographical groups known as Sub-Funds. There is also an eighth group consisting of non-geographical members. Eligible NJSIG Members are assigned to a geographic Sub-Fund. Continued membership in the Sub-Fund is predicated on Members meeting the minimum standards of participation and maintaining the required loss profile as defined by the eligibility requirements. These Sub-Funds have no decision making authority relative to the operation of NJSIG. Sub-Fund governing documents do not supersede any governing documents of NJSIG. Each Sub-Fund is individually analyzed and priced by NJSIG’s actuary for workers’ compensation based on that particular Sub-Fund’s loss experience, size and premium volume. Each of the seven geographical Sub-Funds has a Sub-Fund Administrator. The Sub-Fund Administrator is an insurance broker with demonstrated school board risk management expertise and a contract with NJSIG. Members may be removed from a Sub-Fund if they do not meet the eligibility requirements.
B. PREMIUM CONTRIBUTION
1. Each year, the actuary shall compute the probable net cost for the upcoming
year by line of coverage.
2. The annual premium of each Member shall be its share of the probable net cost for the upcoming year based upon exposures, loss portfolio and experience modifiers.
3. A Member’s right to continue membership in a particular Sub-Fund for the full
term of its commitment is contingent upon meeting the eligibility requirements.
4. The calculation of premium for each Member shall be based on the overall annual budget. Premiums may be modified to reflect the loss history or underwriting data of the individual Member.
5. NJSIG’s Board of Trustees votes and approves the budget at least one (1)
month prior to the beginning of the next fiscal year.
6. The annual premium shall be paid in one (1) installment, except Workers’ Compensation, where Members may request up to a maximum of twelve (12) monthly installments.
6 Rev.: 5/8/17
C. BROKERS
Members are required to retain the services of a broker. Service expectations of brokers include, but are not limited to the following: 1. The Broker retained must be licensed by the State of New Jersey.
2. The Broker shall be paid commission by NJSIG as defined in the standard
commission policy. 3. The Broker’s specific responsibilities shall include but not be limited to:
(a) Annual evaluation of the Member’s exposures, policies and risk
portfolio.
(b) Expert knowledge and guidance with respect to coverages, limits and deductibles applicable to the Member’s individual exposures.
(c) Preparation and completion of reports, applications, statements of
values, schedules and other required Underwriting documentation to obtain coverage terms.
(d) Review of Member’s insurance costs in preparation of the Member’s
insurance budget.
(e) Review of the Member’s loss experience, engineering reports and participation in the Member’s safety committee meetings.
(f) Assist and guide in the claims process, as necessary.
(g) Attendance at their Member’s respective Sub-Fund meetings.
4. The broker shall be a New Jersey licensed Property/Casualty Insurance
Producer who has demonstrated and provided proof of prior experience in the management of public entity insurance risks. The broker shall maintain at least a $5,000,000 per claim errors & omissions insurance limit and provide evidence of coverage to NJSIG prior to binding. Brokers earning less than $30,000 of annual NJSIG commission may request an annual exemption for the $5,000,000 errors and omissions insurance minimum requirement. Such requests must be submitted to the Underwriting Manager in writing 60 days prior to renewal.
D. CLAIMS RESPONSE AND RESERVING
1. CLAIM DEPARTMENT STATEMENT
(a) Customer Service
NJSIG is committed to partnering with member districts to provide extraordinary claim service to all members.
7 Rev.: 5/8/17
(b) Quality Services
Departmental procedures have been developed to meet the present and future needs of Members. Achieving consistently favorable results is a clear measure of sustained quality service.
IV. STANDARDS OF PERFORMANCE
A. GENERAL LIABILITY/AUTOMOBILE LIABILITY
1. Coverages
Claims will be promptly reviewed for coverage. If there is a question concerning coverage, the issue(s) will be documented and reviewed. If issues of coverage remain, the matter will be referred to coverage counsel with a request for a timely determination. Excess and/or reinsurance carriers will be informed as required. Upon determination of coverage, any remaining questions or issues will be documented and communicated with a reservation of rights letter.
2. Initial Technical Processing New losses are assigned promptly, reserved and entered into the claim system within one business day of receipt. Appropriate matters are centrally index to cross reference prior claims. An acknowledgement letter is sent to the Member when the file is set up, with a copy to the broker.
3. Insured/Claimant Contact
(a) All insureds must be contacted within two business days of assignment.
(b) All claimants will be contacted within two business days of assignment. If verbal contact is not made, written correspondence will follow.
4. Investigation
(a) Investigation of claims will be guided by the adjuster assigned.
5. Reporting and Communication
(a) The claim file will be documented detailing all developments.
Correspondence will be addressed and answered timely, as necessary.
(b) All reserves will be reviewed and, as necessary, approved by a supervisor and/or Claims Manager.
(c) Claims that are 50% of NJSIG’s retention, catastrophic losses or that meet
the criteria under any reinsurance or excess reporting guidelines, shall be reported to the reinsurer/excess carrier immediately.
8 Rev.: 5/8/17
(d) All files are reviewed on a periodic and as needed basis by the claims adjuster and supervisor.
6. Recovery/Subrogation/Contribution
(a) Claims with subrogation recovery and/or contribution potential shall be
recognized, investigated and documented.
(b) If recovery, subrogation and/or contribution is to be waived or compromised, it must be approved by the Claims Manager.
7. General
(a) Loss Control will be notified as to conditions which may require corrective measures. Loss Control will contact the Member and ensure the condition is given appropriate attention.
(b) For all physical damage automobile losses, the vehicle must be
inspected by an independent auto appraiser within five business days of assignment and concluded within ten business days. If damages are less than $2,000, two estimates may be reviewed by the claims adjuster in lieu of a physical inspection.
(c) Centers for Medicare and Medicaid Services (CMS) reporting complied with in all cases involving bodily injury.
B. WORKERS' COMPENSATION
1. Coverages
Claims will be promptly reviewed for coverage. If there is a question concerning coverage, the issue(s) will be documented and reviewed. If issues of coverage remain, the matter will be referred to coverage counsel with a request for a timely determination. Excess and/or reinsurance carriers will be informed as required. Upon determination of coverage, any remaining questions or issues will be documented and communicated.
2. Initial Technical Processing
New losses are assigned promptly, reserved and entered into the claims system within one business day of receipt. Appropriate matters are centrally indexed to cross reference prior claims. An acknowledgement letter is sent to the Member when the file is set up, with a copy to the broker.
3. Insured/Claimant Contact
All insureds and claimants must be contacted within two business days of assignment for lost time cases.
9 Rev.: 5/8/17
4. Investigation
(a) The claimant should be interviewed or a statement obtained for all claims involving questionable and/or serious exposure when appropriate.
(b) A detailed investigation shall be conducted for all claims commensurate
with the potential exposure.
5. Reporting and Communication
(a) The claim file will be documents detailing all significant developments. Correspondence will be addressed and answered timely, as necessary.
(b) All reserves will be reviewed and, as necessary, approved by a
supervisor and/or Claims Manager. (c) Claims that are 50% of NJSIG’s retention, catastrophic losses or that
meet the criteria under any reinsurance or excess reporting guidelines shall be reported to the reinsurer/excess carrier immediately.
(d) All files are reviewed on a periodic and as needed basis by the claims
adjuster and supervisor. 6. Recovery/Subrogation/Contribution
(a) Claims with subrogation recovery and/or contribution potential shall be recognized, investigated and documented.
(b) If recovery, subrogation and/or contribution is to be waived or
compromised, it must be approved by the Claims Manager.
7. General
(a) Loss Control will be notified as to conditions which may require corrective measures. Loss Control will contact the Member and ensure the condition is given appropriate attention.
(b) Compensability analysis shall be in accordance with New Jersey law.
(c) Initial indemnity payment on all loss time cases shall occur within
twenty-one (21) business days of receipt of loss.
(d) Medical bills should be process/paid within ten (10) business days of receipt.
(e) Lost wages and permanency claims are to be properly calculated based on
current New Jersey law and disability chart. The disability chart is updated by the State of New Jersey annually.
10 Rev.: 5/8/17
(f) Physician contact and control is completed based on the treatment plan established by the claims adjuster along with the managed care provider.
(g) Centers for Medicare and Medicaid Services (CMS) reporting complied
with in all cases involving bodily injury. The First Report of Injury (FROI) and the Subsequent Report of Injury (SROI) are complied with in accordance with New Jersey law.
C. PROPERTY
1. Coverage
Claims will be promptly reviewed for coverage. If there is a question concerning coverage, the issue(s) will be documented and reviewed. If issues of coverage remain, the matter will be referred to coverage counsel with a request for a timely determination. Excess and/or reinsurance carriers will be informed as required. Upon determination of coverage any questions or issues will be documented and communicated.
2. Initial Technical Processing
New claims are assigned promptly, reserved and entered into the claims system within one business day of receipt. Appropriate matters are central indexed to cross-reference prior claims. An acknowledgement letter is sent to the Member when the file is set up, with a copy to the broker.
3. Insured Contact
All insureds must be contacted within two (2) business day of assignment. If verbal contact is not made, written correspondence will be sent.
4. Investigation
A NJSIG claims adjuster, along with a designated property appraiser, if necessary, will be assigned to verify damages, cause of loss and provide an appraisal/estimate for needed repair or replacement. If a physical inspection is necessary, it will be completed within three (3) business days of assignment. If no inspection is warranted, receipts, purchase orders, or other substantiated documentation will be obtained to verify and pay the loss. All claims with significant subrogation potential will be assigned to subrogation counsel, as necessary.
5. Reporting and Communication
(a) The claim file will be documented detailing all developments. Correspondence will be addressed and answered timely, as necessary.
11 Rev.: 5/8/17
(b) All reserves will be reviewed, and as necessary, approved by a claims supervisor and/or Claims Manager.
(c) Claims that are 50% of NJSIG’s retention, catastrophic losses or that
meet the criteria under reinsurance or excess reporting guidelines shall be reported to the reinsurer/excess carrier immediately.
(d) All claims are reviewed on a periodic and as needed bases by the claims
adjuster and supervisor.
6. Recovery/Subrogation
(a) Claims with subrogation recovery and/or contribution potential shall be identified, investigated and documented.
(b) If subrogation, recovery and/or contribution is to be waived or
compromised, it must be approved by the Claims Manager. 7. General
(a) Loss Control will be notified of conditions which may require corrective measures. Loss Control will contact the Member and ensure the condition is given appropriate attention.
(b) A proof of loss will be required on all property claims. The proof of
loss must be signed and notarized by the school business administrator. D. PRODUCTIVITY/PENDING STANDARDS
1. The guidelines below indicate the number of files each claims adjuster should
handle by position.
Property/Liability claim representative to 150 senior claim representative to 150 claim examiner to 150
Workers’ Compensation claim representative to 175 senior claim representative to 180 claim examiner to 185
Claims supervisors shall have claims adjusters under their direct supervision, reviewing all files on a scheduled and as needed basis.
12 Rev.: 5/8/17
2. Productivity Guidelines
(a) The goal is for all claims adjuster to close one file for every file that is opened.
E. LEGAL CLAIM HANDLING
1. Counsel Billing (a) Counsel bills must be submitted for each matter, adhering to NJSIG’s
litigation guidelines. Itemized bills should contain a description of each charged activity, date of service and time allocated for each activity. The bills must indicate total time spent and total charges. The claims adjuster is expected to audit each bill and communicate with counsel on questionable charges.
2. Legal Handling
(b) Counsel should perform only legal work. Investigative activities should be conducted by the claims adjuster. The claims adjuster and counsel should work together to determine who is appropriate to handle negotiations All negotiations shall be documented in the file and confirmation of that authority shall be provided to counsel.
F. CLAIM PAYMENT PROCEDURES
1. Once a medical, legal, or service bill is verified, the claims adjuster shall highlight the amount to be paid. The claims adjuster shall initial the bill, date it, indicate the payment and coverage type, and forward it to the bill processor for payment. The bill processor must verify the payment. Bills are to be paid within ten (10) calendar days of receipt, unless further clarification is necessary.
G. INCOMING/OUTGOING CORRESPONDENCE
1. All incoming mail is date stamped on the same day it is received and tasked to the
respective claim adjuster. Prior to close of business, the claims adjuster will process the task and determine if it is a priority or scheduled activity for a later date.
2. Any correspondence without an addressee or claim number will be brought to the
attention of a claims supervisor for further action.
H. OUTSIDE INDEPENDENT ADJUSTERS ASSIGNMENTS
1. The claims adjuster maintains control of any investigation. Should the services of an independent appraiser or adjuster become necessary, their activities and direction are guided by the NJSIG claims adjuster.
I. REPORTING GUIDELINES WORKERS’ COMPENSATION
A summary report will be completed within ten (10) business days by the claims adjuster.
13 Rev.: 5/8/17
The contents of that report shall include:
1. Occurrence/accident description 2. Compensability acceptance/denial – if denied explanation 3. Injury 4. Subrogation 5. Action plan 6. Reserve
The above information shall be added as an entry into the claims file. This information should be brief with an explanation in each category. An annual report is to be done one year from the date the file was assigned, as well as each year the file remains open.
J. REPORTING GUIDELINES - GENERAL LIABILITY/AUTOMOBILE LIABILITY
A summary report will be completed within fifteen (15) business days by the claims adjuster. The contents of that report shall include:
1. Description of loss/occurrence
2. Liability 3. Damages 4. Action plan 5. Reserves
The above information shall be added as an entry into the claims file. This information should be brief with an explanation in each category. An annual report is to be done one year from the date the file was assigned, as well as each year the file remains open.
K. REPORTING GUIDELINES - PROPERTY
A summary report will be completed within fifteen (15) business days by the claims adjuster. The contents of that report shall include:
1. Description of loss/occurrence 2. Coverages 3. Scope of damages 4. Action plan 5. Reserve
The above information shall be added as an entry into the claims file. This information should be brief with an explanation in each category.
14 Rev.: 5/8/17
An annual report is to be done on year from the date the file was assigned, as well as each year the file remains open.
L. REHABILITATION GUIDELINES - ADMINISTRATIVE CONTROLS
1. The following criteria shall be used when a claim is to be referred for medical rehabilitation.
(a) The following injuries are to be immediately referred:
- Spinal cord injuries - Serious head injuries - Amputations - Severe burn - Crush injuries - Heart Problems - Stress-related disorders - Serious eye injuries - Complex regional pain syndrome (RSD)
(b) Other possible referrals, post initial injury, could include:
- Herniated disc - Multiple fractures - Exacerbation of pre-existing condition - Exacerbation of congenital condition - Extensive over-treatment for a soft tissue injury
V. GENERAL COMMENTS
A. DISCRETIONARY SETTLEMENT AUTHORITY
Pursuant to a school’s workers’ compensation policy, NJSIG will pay medical and loss wage benefits when such payments are warranted, legal or as ordered by a court. There may be some claims however, where either liability or amount of benefit due is contested. The Board of Trustees approved the following authority for the settlement of contested workers’ compensation claims:
Settlement Authority
$1—$500 bill processor $501 - $60,000 claim representative and senior claim
representative
15 Rev.: 5/8/17
$60,001 - $120,000 claim examiner $120,001 - $200,000 claim supervisor $200,001 - $300,000 claim manager $300,001 – Up Board of Trustees The Claim Manager shall have discretion to adjust any individual’s authority under $300,000. All lines of coverage, other than workers’ compensation, are subject to the following settlement authority:
Settlement Authority $1—$5,000 bill processor $5,001 - $35,000 claims representative and senior claims
representative $35,001-$60,000 claims examiner $60,001-$90,000 claims supervisor $90,001-$200,000 claims manager $200,001-$300,000 claims manager and chief legal officer $300,001-above Board of Trustees
The Claim Manager shall have discretion to adjust any individual’s authority under $200,000. NJSIG recognizes that there may be instances where the Board of Trustees has approved authority and facts arise that indicate more settlement authority is required. It may be impossible to reconvene the Trustees timely to consider the matter further. The Trustees authorize the Claims Manager, Chief Legal Officer and one member of the NJSIG claims committee for the purpose of extending additional authority on such cases, in an amount not to exceed 120% of the original extended authority. Should this occur, the Claims Manager shall report it to the Trustees at the next regularly scheduled Board of Trustee meeting.
16 Rev.: 5/8/17
B. CLAIMS COMMITTEE
In the event that settlement authority is required before the next regularly scheduled meeting, the Claims Committee shall be convened. The claims committee is comprised of the Claims Manager, the Chief Legal Officer and up to three (3) Board of Trustee Members. The Claims Committee shall have authority to approve claims, provided that the amount is recommended by both the Claim Manager and the Chief Legal Officer. All three Trustee participants will be notified of all meetings, however, only one Trustee is required to participate in order to extend settlement authority, in addition to the Claim Manager and Chief Legal Officer. Agreement by a simple majority of attendees, along with the recommendation of the Claim Manager and Chief Legal Officer, shall be sufficient to establish settlement authority.
C. FINANCIAL MANAGEMENT
All actuarial, investment and banking functions of NJSIG are outlined in NJSIG’s policies, cash management plan, procedures and bylaws.
D. SAFETY AND LOSS PREVENTION
In an effort to identify and prevent loss, NJSIG will implement safety and risk control programs and procedures intended to reduce and eliminate conditions or practices which may lead to loss.
E. STANDARDS OF PARTICIPATION
The following are the eligibility requirements for participation as approved by the Board of Trustees:
1. The Member’s five (5) year claims history, policies and risk management philosophy should demonstrate safety performance consistent with NJSIG’s requirements.
2. A safety inspection and evaluation, where required, conducted by NJSIG’s
Safety and Loss Control department to confirm that the Member meets NJSIG’s safety standards.
3. Members must develop a safety committee and actively participate in NJSIG
sponsored safety programs and trainings.
4. Members must be in compliance with all Federal and New Jersey Statutes governing the operations of public schools and the accompanying regulations.
5. Member must promptly pay all premiums or other obligations arising out of or
related to the Member’s participation in NJSIG.
6. Actively participate in all NJSIG sponsored or directed meetings, programs or activities to ensure the continued successful operation of NJSIG.
17 Rev.: 5/8/17
NJSIG’s will notify the Member of any eligibility concerns as outlined above. In each case, NJSIG will work with the Member to address and correct, as necessary, the concerns. Continued improvement with safety and loss control programs, as guided by a member of the NJSIG Safety and Risk Management team, will be required to remain eligible. Should a Member fail to work with NJSIG in addressing any eligibility concern, NJSIG may seek termination of membership as outlined in the NJSIG Bylaws.
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Action Item
Second Reading Proposed 2017/2018 Meeting Dates
Each year the meeting dates are set for the next fiscal year. Below are the updated proposed meeting dates for the July 1, 2017 to June 30, 2018 fund year.
September 20, 2017
October 24, 2017
November 29, 2017
March 21, 2018
May 16, 2018
June 27, 2018 Recommended Resolution: to approve the proposed 2017/2018 meeting dates as shown above as a second reading. William Mayo William Mayo, CPCU, ARM Executive Director
New Jersey Schools Insurance Group 6000 Midlantic Drive, Suite 300 North
Mount Laurel, New Jersey 08054 (609) 386-6060 • FAX (609) 386-8877
www.njsig.org
1-888-NJ Pool 1
Board of Trustees Meeting of June 21, 2017 Action Item
Checking Accounts and New Claims
Attached are the check registers for May 2017. In addition, attached is a list of all new claims. The claims list has been provided to coincide with the check registers. The list includes all new claims for May 2017. This report shows the nature and financials for each claim. Recommended Resolution: Approve and ratify the checks and new claims which have been issued from accounts XXXX392 (operating account), XXXX555 (TD Bank claim account) and XXXXXXX229 (investors Bank claim account) for the period of 5/1/2017 to 5/31/2017 as shown in the online (Microscribe) version of the meeting package. William Mayo William Mayo, CPCU, ARM Executive Director
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