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VLCT Property and Casualty Intermunicipal Fund and VLCT Employment Resource and Benefits Trust, Inc.
Joint Annual Meeting of the Membership
October 5, 2017
Northstar II, Killington Grand Hotel, Killington, Vermont

Minutes

PACIF Directors present: Brendan Whittaker, John Lawe, Joshua Powers, Carl Rogers, Stuart Hurd, Pete Johnson and Jerry Storey

VERB Directors present: Bill Shepeluk, Kathleen Ramsay, Carrie Johnson and Joel Cope

A quorum was confirmed for the VERB Trust organization by member sign-in.  A quorum was not present for the PACIF Trust organization.

VERB Trust President Bill Shepeluk called the meeting to order at 10:35 a.m. and asked for approval of the agenda.
    
Upon motion (Ramsay/Durfee), duly adopted, the agenda was unanimously approved by the membership.

Upon motion (Ramsay/Durfee), duly adopted, the minutes of the 2016 Joint Annual Meeting were approved by the membership.

Jillian Mulcahy of Johnson Lambert reviewed a summary of the 2016 VERB Trust audit.  Commissions decreased 24%, paid losses remained consistent with 2015 and consulting fees increased 77% with the first full year of the new Human Resources Program.  Net investment income increased $164K, largely due to increases in interest and dividends.  $350K was returned to members in contribution credits.  These appeared as a liability for the first time in 2016 as $350,000 was also expensed in the same year due to recording practice changes in accordance with general accounting principles.

Upon motion (Johnson/Durfee), duly adopted, the report of the 2016 VERB Trust audit was unanimously accepted by the membership.

President Shepeluk introduced other members of the board and provided a brief history of the VERB Trust.  Mr. Shepeluk also announced the board met yesterday to set rates for the UI program for 2018 and decided on the 75% confidence level for an 18.7% rate reduction and a $350K contribution credit return to members.  Individual member rates will vary. The trust is in a healthy financial position and has recently started a strategic planning process.  Mr. Shepeluk highly encouraged members to take advantage of the trust’s Health Advocate program.

Joe Damiata provided the staff report to the membership and asked VLCT staff and be recognized.  Mr. Damiata read the VERB Trust’s Mission Statement and highlighted the various programs available through the trust.  The Life and Disability program rates are now locked until July 1, 2020.  The Health Advocate program, previously available at no cost only to those members who were in the Health Trust program prior to the Exchange going into effect in 2014, will be open to all VERB Trust members starting January 2018 at no cost.  Mr. Damiata also briefly noted the dental, vision and Health Insurance Advisory Services Programs as well.

Director Johnson presented the Report of the Nominating Committee and slate of officers.

Upon motion (Johnson/Ramsay), duly adopted, the members voted unanimously to accept the Report of the Nominating Committee and the slate of officers as presented with a renewed three-year term for director Bill Shepeluk.

Upon motion, duly moved and seconded, the members voted unanimously to adjourn the VERB Trust annual meeting at 11:01 a.m.

PACIF Trust Vice President Pete Johnson called the meeting to order at 11:01 a.m. President Scheidel was unable to attend. Mr. Johnson introduced the other members of the board and thanked Director Joshua Powers for his many years of service to the board.  Mr. Johnson also congratulated Joe Damiata on his recent promotion to VLCT Director of Risk Management Services.

Upon motion (Powers/Lawe), duly adopted, the agenda was unanimously approved by the membership.    

Upon motion (Powers/Lawe), duly adopted, the minutes of the 2016 Joint Annual Meeting were unanimously approved by the membership.

Kristen. Sharrow reviewed a summary of the 2016 PACIF audit.  There was a 16% increase in net position due to decreased losses, a 13% increase in contribution income due to rate increases and a substantial increase in investment income.  $700K was once again returned to members as $500K in contribution credits and $200K for the grant program. The trust’s loss ratio was far better in 2016 (down from 119% in 2015 to 71% in 2016) due to more favorable loss development for the year.

Upon motion (Powers/Whittaker), duly adopted, the report of the 2016 PACIF audit was unanimously accepted by the membership.

Vice President Johnson introduced other board members present. Mr. Johnson also thanked VLCT staff for their service. Mr. Johnson noted board member Walker James had to step down earlier this year and thanked him for his 14 years of service to the board. Board member Mel Adams also retired recently after two years on the board. Mr. Johnson noted the new Human Resources Program through VLCT is now finding its legs and is a great resource to members. Mr. Johnson also provided a brief overview of PACIF and its membership participation.

Mr. Damiata provided the staff report and read the PACIF Trust’s Mission Statement. Mr. Damiata noted PACIF recently received the AGRIP (Association of Government Risk Insurance Pools) Recognition Award for best practices, which is very prestigious.  Mr. Damiata also updated the membership on the recent underwriting system upgrade and Cloud migration efforts, which will improve cybersecurity.  He also highlighted the various programs available through PACIF such as EPL (Employer Practice Liability), WorkStrong and also the grant and scholarship programs.

Director Rogers explained a proposed PACIF bylaw amendment. The bylaws have been amended to allow for two alternates instead of one.  This required a revision to paragraph 4.20.

Upon motion (Rogers/Hurd), duly adopted, the membership voted unanimously to accept the proposed changes to the PACIF bylaws as presented.

Stuart Hurd presented the report of the nominating committee and slate of officers.

Upon motion (Hurd/Rogers), duly adopted, the members voted unanimously to accept the Report of the Nominating Committee and the slate of officers as presented with renewed three-year terms for Joshua Powers, Aaron Frank and Brendan Whittaker.

Upon motion, duly moved and seconded, the members voted unanimously to adjourn the PACIF Trust annual meeting at 11:25 a.m.

Respectfully submitted,

David Sichel
Assistant Secretary

Board or Committee: 
PACIF Board of Directors

Resource Category: