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Committee endorses $400,000 self‑insured retention for workers' comp
Summary
Alliant recommended a $400,000 self‑insured retention (SIR) option for workers' compensation; the Finance Committee voted to forward the $400,000 SIR proposal to the Village Board and was advised to plan toward a $600,000 SIR by 2030.
Leah Cozad, Alliant account executive, presented three workers' compensation retention options—$200,000, $300,000 and $400,000—and recommended the $400,000 level to reduce the village's exposure to catastrophic loss and to align forecasting with recent claim activity.
"It's the one that makes the most sense to reduce the self‑insurance retention," Cozad said, summarizing the carrier and audit analysis. Finance Director Rosa Cojulun noted the village has taken on additional risk in claims and suggested any change should be considered alongside the medical insurance outlook. The committee voted unanimously to forward the $400,000 SIR recommendation to the Village Board. Alliant also suggested planning toward a $600,000 target by 2030.
The vote was procedural at the committee level; the Village Board will receive the committee recommendation for final action and any associated budget adjustments.
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