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The Oregon Educational Employers Workers'
Compensation Trust is chartered as a self-insured
workers' compensation trust, administered
by Empire
Pacific Risk Management, Inc.
A formally elected Board of Directors
sets policy and governs the affairs of
OEEWCT. The Trust's Bylaws stipulate the
Rules of Conduct and empower six individual
committees in the execution of major Trust
responsibilities. Directors and officers
must be active Trust members to be elected
and to retain their seat. The Board of
Directors meets three to four times annually
and the Trust holds annual meetings open
to all members every November. By statute
the Trust must contract with licensed
and qualified service companies to manage
its day-to-day activities.
Each candidate Trust member must qualify
according to OEEWCT's underwriting guidelines
and selection criteria and be approved
for membership by the State of Oregon.
Continued membership incorporates an annual
review and qualification process. All
members are jointly and severally liable.
The Trust files audited financial statements
with the State of Oregon each year. Actuarial
reviews are conducted each year, the results
of which are used to establish funding
levels for future liabilities. The State
establishes security amounts needed to
protect the interest of both the members
and the State. The State also monitors
the activities of the Trust every quarter
and adjusts the amount to ensure adequacy.
The Trust employs the use of various financial
instruments to equal this amount on an
ongoing basis.
Since 1996, OEEWCT has grown to serve
the needs of all but a few of the institutions
in Oregon's private college community.
Today, the Trust provides protection for
hundreds of millions in member payroll
exposures and has paid millions in timely
claim payments. Throughout its history,
OEEWCT has always set aside reserves at
our above levels determined by its actuary
while at the same time maintaining the
State's security requirements. Much like
with an insurance company, individual
losses are reinsured on a statutory basis
through specific excess insurance. For
additional protection, it purchases aggregate
excess insurance to cap its annual claims
liability.
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