Oregon Educators - The Trust
The Oregon Educational Employers Workers Compensation Trust received its certificate of authority from the State of Oregon and began operations November 1, 1996. The Trust is chartered as a self-insured workers' compensation trust.
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 five 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 maintains a surety bond to meet this obligation.
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.