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Georgia Electric Membership Corporation Workers’ Compensation Fund November 5, 2013 GEMC Workers’ Compensation Fund Trustee Meeting.

Published byPercival Copeland Modified over 9 years ago

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Presentation on theme: "Georgia Electric Membership Corporation Workers’ Compensation Fund November 5, 2013 GEMC Workers’ Compensation Fund Trustee Meeting."— Presentation transcript:

1 Georgia Electric Membership Corporation Workers’ Compensation Fund November 5, 2013 GEMC Workers’ Compensation Fund Trustee Meeting

2 Georgia Electric Membership Corporation Workers’ Compensation Fund Georgia EMC Workers’ Compensation Fund Trustee Meeting Conference Call Gary Miller ­Call Meeting to Order Tonya Washington ­Roll Call ­Determination of Quorum Gary Miller ­Motion on April 17, 2013 Trustee Meeting Minutes »All in Favor

3 Georgia Electric Membership Corporation Workers’ Compensation Fund Investment Committee Report The Investment Committee met via conference call on October 7, 2013 The following items were reviewed, discussed and approved: ­Reviewed the Fund’s Portfolio ­Current Economic Conditions and Outlook ­Reviewed the Fund’s Investment Guidelines ­Reviewed and Approved the Fund’s Purchases and Sales from March 20, 2013 through September 30, 2013

4 Georgia Electric Membership Corporation Workers’ Compensation Fund Reviewed Fund’s Portfolio and Performance Fund’s Portfolio as of Sept. 30, 2013 ­Current Market Value $11,575,148 ­Current Cost Value $11,152,312 ­Unrealized Gain $ 422,836 ­Estimated Income $ 382,485

5 Georgia Electric Membership Corporation Workers’ Compensation Fund Reviewed Fund’s Portfolio and Performance

6 Georgia Electric Membership Corporation Workers’ Compensation Fund Investment Committee Report  You were furnished an electronic copy of all purchases and sales for the Fund from March 20, 2013 thru September 30, 2013  The total purchases and sales were as follows:  Bonds Matured$ 575,000  Bonds/Stocks Sold$ 634,663  Total Matured/Sold$ 1,209,663  Total Purchases $ (805,593)

7 Georgia Electric Membership Corporation Workers’ Compensation Fund Investment Committee Report These maturities, purchases and sales and were reviewed and approved by the Investment Committee ­Any further discussion »All in favor

8 Georgia Electric Membership Corporation Workers’ Compensation Fund Executive Committee Report Executive Committee Meetings: ­Met October 8, 2014 to review and approve the Georgia EMC Workers’ Compensation Fund 2014 Budget ­Met July 22, 2013 to approve North Georgia Network’s Membership in the Fund

9 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

10 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

11 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

12 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

13 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

14 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

15 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

16 Georgia Electric Membership Corporation Workers’ Compensation Fund 2014 Georgia EMC Workers’ Compensation Fund Budget

17 Georgia Electric Membership Corporation Workers’ Compensation Fund Executive Committee Report The 2014 Georgia EMC Workers’ Compensation Fund Budget was approved by the Executive Committee ­Any further discussion »All in favor

18 Georgia Electric Membership Corporation Workers’ Compensation Fund Executive Committee Report New Member We are pleased to announce North Georgia Network has requested membership in the Fund The Executive Committee approved North Georgia Network’s application for Membership effective August 1, 2013 ­Any further discussion on the matter »All in favor

19 Georgia Electric Membership Corporation Workers’ Compensation Fund Fund Transition Effective February 28, 2014 I will be retiring Tony Watkins will be taking the lead role for the Fund’s activities ­Effective January 1, 2014, Tony Watkins’ title will be changed to Chief Operating Officer ­Mary Wellman will assume the duties for the Fund’s financial reporting and report to the Chief Operating Officer

20 Georgia Electric Membership Corporation Workers’ Compensation Fund Fund Transition Additional items to be addressed ­The Georgia EMC Workers’ Compensation Fund Bylaws need to amended reflecting title changes for Fund operations. A copy of the amended marked-up bylaws have been furnished for your information ­Need a motion to amend the bylaws changing the management of the Fund from the Chief Financial Officer to the Chief Operating Officer effective January 31, 2013 Second All in favor

21 Georgia Electric Membership Corporation Workers’ Compensation Fund Fund Transition Additional items to be addressed ­Check signing authority needs to be provided for the Chief Operating Officer »Need motion providing check signing authority for Chief Operating Officer effective January 31, 2013 Second All in favor

22 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013 Total Assets Total Assets $13,426,040 $12,702,809 Reserves & Liabilities $10,565,424 $10,233,882 Surplus Surplus $2,860,619 $2,468,928 September 30, 2013 December 31, 2012

23 Georgia Electric Membership Corporation Workers’ Compensation Fund Surplus By Year As Of September 30, 2013

24 Georgia Electric Membership Corporation Workers’ Compensation Fund Surplus/IBNR By Year As Of September 30, 2013

25 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

26 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

27 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

28 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

29 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

30 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

31 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

32 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

33 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

34 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

35 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

36 Georgia Electric Membership Corporation Workers’ Compensation Fund Financial Highlights September 30, 2013

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