The KASB Workers Compensation Fund, Inc., Board of Trustees is pleased to announced its decision to provide refunds to the 2004-2005 school year members of the Fund. The amount of the refund is based on a portion of each member’s supplemental contribution collected in 2004-2005.
"This is an unprecedented action,” said Liz Maisberger-Clark, administrator of the KASB Workers Compensation Fund, Inc. “It is a great thing to be able to do for those who were members during that fund year and who paid supplemental contributions into the fund.”
The Board of Trustees took this good faith action during its regular meeting on April 27, 2013, in Topeka. Board members credit a conservative approach that includes quarterly actuarial studies and aggressive claims management for the strong condition of fund reserves. Over the past eight years the Board and staff have worked diligently to resolve open claims and bring down the open reserves.
“Our success in claims management has produced a significant surplus for the 04-05 plan year,” Maisberger-Clark said. “This gives us the opportunity to make this distribution to the 04-05 members.”
The KASB Workers Compensation Fund, Inc. serves KASB members and specializes in public education workers compensation insurance. The Fund was established in 1987 to make sure KASB members have continued access to workers compensation insurance they can count on. The Fund is administered by KASB with an in house claims department, and is governed by a separate Board of Trustees comprised of locally-elected board of education members.
“We offer competitive rates, personalized service and are specialists in school business,” Maisberger-Clark said. “The Fund is in a very healthy position to continue to serve current and future members.”
The first-of-its kind refund will be distributed according to Kansas Insurance Department guidelines. Members of the Fund during the 04-05 school year will receive a letter explaining the refund and a check in the near future.