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BRENDA W. BROWN <br />JOHN A. COCKLEREECE, CLU <br />GLENN CORPENING, III, CPCI.I, ClC <br />WOODROE HAYWOOB, CPCU <br />KEN HUCKS, CLU, ChFC <br />KEN McLAMB <br />HERB REESE <br /> <br /> P.O. BOX 3015 <br />GREENSBORO, NORTH CAROLINA 27402 <br /> GREENSBORO TELEPHONE 373-5862 <br /> HIGH POINT TELEPHONE 819-5862 <br /> FAX (910) 373-5858 <br /> <br /> January 11, 1994 <br /> <br /> WAYLAND MOORE <br /> Cheirman <br /> <br />SHIRLEY Q. RAY, CPCU, ARM, CPIA <br /> Vice Chairman <br /> <br /> EVERETTE ARNOLD CPCU, ARM <br /> Executive Director <br /> <br /> DAVID A. FLIPPIN, CPCU <br /> Assistant Director <br /> <br />CABARRUS COUNTY <br />WORKERS' COMPENSATION <br /> <br />Pool Premium: $268,926 for 7-1-93/94 year. <br /> <br />Recommendation: <br /> <br />Establish Workers' Compensation self-funded program <br />effective July 1, 1994 with an initial budget of <br />$300,000. <br /> <br />Basic Costs: <br /> <br />Administration <br />Claims Processing <br />Excess Workers' Compensation <br /> <br />$ 4,000 <br /> 5,000* <br /> 33,000' <br /> <br />$42,000' <br /> <br />NOTE: REMAINDER IS PUT IN LOSS FUND! <br /> <br />EXCESS WORKERS' COMPENSATION WITH GENERAL REINSURANCE: <br /> <br />Limits: <br /> <br />$5,000,000 Workers' Compensation <br /> 2,000,000 Employer's Liability <br /> 5,000,000 Aggregate <br /> 250,000 Retention Per Accident <br /> 90,000 Medical Retention First Payment <br /> Year of any Claim <br /> <br />ACTUAL COST BASED ON LAST 6 YEARS: <br /> <br />Year Paid + Basic = Budget <br /> <br />92-93 $ 67,591 <br />91-92 70,162 <br />90-91 21,244 <br />89-90 147,509 <br />88-89 35,723 <br />87-88 13,110 <br /> <br />$355,339 <br /> <br />$42 000 <br /> 42 000 <br /> 42 000 <br /> 42 000 <br /> 42 000 <br /> 42 000 <br /> <br />$109 591 <br />112 i62 <br />63 244 <br />189 509 <br />77 723 <br />55 110 <br /> <br />+ Reserve = Actual Savings <br /> <br />$41,782 $151,373 <br />0 112,I62 <br />0 63,244 <br />0 189,509 <br />0 77,723 <br />0 55,110 <br /> TOTAL $964 <br /> <br />$117 553 <br />156 764 <br />205 682 <br />79 417 <br />191 203 <br />213 816 <br />435 <br /> <br />*Estimates <br /> <br /> <br />