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Teachers Health Trust reports unqualified audit, debt repaid and new member benefits
Summary
Teachers Health Trust (THT) told the Board of School Trustees that it is debt free after repaying a $35 million prepayment from CCSD, reported an unqualified audit opinion for FY2024 and described benefit enhancements and oversight steps while trustees pressed for continued reporting and reserve targets.
Teachers Health Trust leadership told the Clark County School District board on March 27 that the health plan established for CCSD employees has regained financial stability after several difficult years.
Andrew Holmes, chief financial officer for Teachers Health Trust, presented the fiscal‑year‑ending June 30, 2024 audit results. He said the independent auditor, Holdsworth Russo and Company, issued an unqualified opinion for FY2024 and that, following actions taken since 2021, THT is debt free. Holmes told trustees the $35 million prepayment from the district had been repaid and THT held $22.5 million in reserves as of June 30, 2024; management also noted an incurred‑but‑not‑reported (IBNR) claims estimate near $30 million that, as of December 31, had been addressed in the plan’s updated reserve position.
Holmes said the trust’s administrative expense ratio for FY2024 was 5.9%—below industry norms—and that no premium increase for educators had been required for two years. He described new benefit enhancements in a “health investment” program that gives plan members priority appointments, $0 co‑pays with certain local providers and expedited access to in‑home urgent care providers and behavioral health services. Holmes said the plan’s provider network includes the Sierra Healthcare Options (SHO) network with roughly 8,800 medical providers and about 1,100 behavioral‑health providers in the January count presented.
Tom Zumptebel, identified as THT chief executive officer, joined Holmes at the board table. Trustees asked detailed questions about governance, monthly reporting to the district (which Holmes said is required), the independent audit firm (Holdsworth Russo), remaining litigation from prior administration, the trustees’ composition, and the trust’s reserve targets. Holmes and Zumptebel said the THT board meets monthly, THT performs monthly financial reporting to CCSD as part of existing agreements, and management tracks a target range for reserves tied to the IBNR estimate. Zumptebel said the plan is working toward roughly $30–40 million in reserves so the trust can meet claims obligations without additional district assistance, but that the precise target and timing will be driven by ongoing claims experience and board policy.
Trustees also raised concerns about provider access despite the large provider counts; THT said provider availability is a community‑wide issue and described the health investment program as a targeted way to create priority appointment slots and incentives for providers to add capacity for THT members.
No formal board action was required on the update; trustees asked for ongoing reporting and offered to visit THT facilities. Trustees also asked THT to share further detail about network composition by specialty (behavioral health, pediatrics, etc.) and to return with regular updates to oversight committees.
Sources: Teachers Health Trust presentation to the Board of School Trustees, March 27, 2025; audit report referenced from Holdsworth Russo and Company.
