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Financial and Insurance Services

Insurance and Financial Incentives for School Districts

In addition to the regular member services and for-fee services provided by MASB, your association offers a number of extended services in cooperation with outside organizations. Members contract directly with the supporting organization.

SET Insurance Programs

SET was created by MASB in the early '70s to provide a competitive marketplace for school district's employee benefit program. SET provides school districts with a diverse selection of health insurance programs, including Health Savings Account and Health Reimbursement Arrangement plans and pharmacy benefit managers, to help rein in the cost of health insurance. SET also provides self-funded and fully insured dental and vision plans and has access to several dental and vision networks to reduce costs. Long- and short-term disability programs and life insurance programs are available.

SET’s licensed insurance consultants assist educational organizations in complying with PA 106 by preparing and issuing Requests for Proposals and analyzing the resulting quotations. SET Employee Benefits provides this service free of charge. The executive director of MASB serves on the SET Board of Directors and helps guide the organization.

For more information about SET fringe benefit programs, contact Scott Fritz, 800.292.5421.  

MASB SEG Property/Casualty Pool

Membership in the MASB-SEG Property/Casualty Pool is available only to districts that belong to MASB. This is the nation's largest property/casualty pool serving school districts exclusively, based upon its total insured value. In addition to very competitive rates, the Pool provides coverages that are broad and encompassing, developed specifically for school districts to meet the educational community's insurance needs.

The philosophy of this pool is to provide budgetary stability for its members. Accordingly, rates fluctuate very little from year to year. Surplus dollars are returned to members annually. Since its inception, more than $100 million has been returned to member districts in the form of surplus or dividends. MASB's executive director represents the association on the Pool's Board of Directors.

For more information, contact Alan Fergin, 800.292.5421.

SEG Self-Insurer Workers' Compensation Fund

In the mid '80s, school districts couldn't find commercial carriers to underwrite their workers' compensation insurance. MASB authorized SET SEG to create the SEG Self-Insurer Workers' Compensation Fund to provide this vital protection. Since then, the Fund has grown to be the second largest self-insured workers' compensation fund in Michigan, as defined by insured payroll. It's the oldest fund for school districts exclusively.

Members benefit from the Fund's stable rates and its practice of returning accumulated assets in the form of premium reductions. Some districts of long-standing have paid only 15 percent of their billable premium, due to the premium reductions. The executive director of MASB also serves on the Fund's Board of Trustees.

For more information about the SEG Self-Insurer Workers' Compensation Fund, contact Alan Fergin, 800.292.5421.

Michigan Liquid Asset Fund Plus (MILAF+)

In 1987, MASB, MASA and MSBO collaborated to form the Michigan Liquid Asset Fund Plus program. Districts that use the many banking related services such as check writing, bond reinvesting, the online Internet services and fixed investing also take advantage of the Funds AAA rating, security and liquidity. The assets of the Fund exceed $1 billion, making it one of the largest school investment funds in the country. The program is locally governed by members of MASB, MASA and MSBO.

For more information, please contact Brian Quinn, 734.994.9700.