Res 1986-124 - Laserfiche WebLink

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expense of this appearance will be paid by the Employer Member. With the advice and consent of the Fund, the TML Staff and Contractor will retain and supervise legal counsel on behalf of and at the expense of the Fund necessary for the prosecution of any litigation. All decisions in individual cases shall be made by the Fund through the TML Staff and the Contractor, which includes the decision to appeal or not to appeal an Industrial Accident Board's final ruling and decision. However, any Employer Member shall have the right in any case involving one of its employees, to consult with the Fund on any decision made by the TML Staff or the Contractor. The Board shall hear the objections of the Employer Member at its next regularly scheduled meeting and its decision will be final and binding on all parties. Any suit brought or defended by the Fund shall be in the name of the political subdivision. Notwithstanding any provisions of this paragraphs, all reports and filings required by the Workers' Compensation Law and the Industrial Accident Board of a~y employer will be the responsibility of the Employer Member. It is further understood that this Agreement does not cover discrimination suits under Article 8307c. There shall be supplied quarterly to each Employer Member a computer printout involving a statement of claims, claims status, and activity report cumulative for each Fund Year. 10. The Employer Member acknowledges that it has received a copy of the Bylaws of the Fund and agrees to abide by the Bylaws and any amendments thereto. 11. The Fund agrees that all Fund transactions will be annually audited by a nationally recognized certified public accounting firm. 12. The Fund is responsible for the filing of all necessary tax forms with the Internal Revenue Service. 13. As the administrators of the self-insurance Fund, the Board shall primarily and constantly keep foremost in its deliberations and decisions in operating the Fund that each of the participating Employer Members is a "self-insured." At least annually, the Board shall carefully review, study and consider the actual claims or loss experience (including reserves for future claims payments) of each of the Employer Members, the experience rating modification developed or earned by each of the Employer Members, the pro rata savings to the Fund resulting from overall loss experience attributed to each Employer Member, and the pro rata portion of the cost of all catastrophic loss protection reinsurance and aggregate stop loss reinsurance allocated to each Employer Member as well as the pro rata allocation, as determined by the Board of the other and necessary administrative expenses of the Fund, in order to reasonably determine the actual pro rata cost, expense and loss experience of each Employer Member in order to main- tain as nearly as possible an equitable and reasonable "self-insurance" administration of the Fund as applied to each Employer Member. The Fund shall maintain case reserves and supplemental reserves computed in accordance with the standard actuarial prin- ciples, taking into account historical and other data, designed to measure claims development and claims incurred but not yet reported, so the funds will be available to meet these claims as they become due. The Fund shall also establish and maintain a reserve for Return of Contributions to further ensure the fiscal integrity of the Fund in the event of potential, adverse loss development. The Reserve shall be calculated on a Fund Year basis, and shall be held for twelve (12) years period in decreasing amounts computed as a percent of standard contributions, as follows: 10% First Fund Year Past 10% Second Fund Year Past 10% Third Fund Year Past 8% Fourth Fund Year Past 6% Fifth Fund Year Past 4% Sixth Fund Year Past 2% Seventh Fund Year Past 2 % Eighth Fund Year Past 2% Ninth Fund Year Past 2 % Tenth Fund Year Past 2 % Eleventh Fund Year Past 2 % Twelfth Fund Year Past 0% Thirteenth Fund Year Past The Fund shall determine its net income for federal income tax purposes at the close of each Fund Year. The Fund's income so determined shall be distributed to Employer Members, as soon as practical, following the close of the Current Fund Year, pur- suant to the following distribution formula: The Fund shall distribute to Employer Members the sum of the Current Fund Year Savings and the Additional Fund Year Savings. Current Fund Year Savings shall equal the excess of contributions and other Fund income, over (a) incurred losses (less reinsurance losses), including the amount of any Actuarial Reserves, expense and other amounts which are allowable as deductions for federal income tax purposes, (b) the amount, if any, of any Actuarial Reserves for the current Fund Year in ex- cess of the addition to those Reserves allowable as deductions for federal income tax purposes for the Current Fund Year, and (c) The Reserve for Return of Contribution for the Current Fund Year; Additional Fund Savings shall equal (a) amounts, if any, included within Actuarial Reserves for any prior Fund Year, the retention of which on an actuarial basis is no longer necessary, and (b) the sum of the net decreases, if any, in the Reserve for Return of Contribution for each Fund Year prior to the Current Fund Year afrer adjustment for loss development attributable to such prior Fund Year. If excess and/or aggregate reinsurance is not available, the Fund reserves the right to retain a portion of the excess contribu- tions for self-funding such excess and/or aggregate protection. 14. The Employer Member executing this Agreement shall designate in the following space the seating capacity of any aircraft presently owned or leased by the Employer Member. Further, the Employer Member agrees to notify the Fund within fifteen