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City staff outline strategy to shore up workers’ comp and risk reserves; propose ongoing $1.5M transfer
Summary
Risk and safety staff told Boise City Council they plan to pursue proactive mitigation work and recommended an ongoing $1.5 million annual transfer to workers' compensation and risk funds to restore actuarial reserve ratios after legislative changes increased city liabilities.
City risk and safety staff told the Boise City Council on Tuesday that a mix of legislative changes, large claims and national insurance-market trends have reduced the city's reserves relative to actuarial targets and that the city should both mitigate risk and increase ongoing funding to the risk and workers' compensation funds.
"If our insurance policy had a $1,000,000 self insured retention, then our actuaries...would want us to have somewhere between 5,000,000 and 10,000,000 for us to have what would be considered a healthy fund surplus," Christine Miller, the city's risk…
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