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Insurance & Financial Services
In addition to the regular member services and for-fee services provided by MASB staff, the Association supplies a number of extended services to member boards in cooperation with outside organizations. Members contract directly with the supporting organization.
For more information on MASB extended services, please contact the person listed with each service.
To download a printable flyer explaining MASB's extended services, click here.
School Employers Trust (SET) was created by MASB in the early 1970s to provide a competitive marketplace for school districts fringe benefit program. SET now provides school districts with a diverse selection of health insurance programs, including Health Savings Account plans, to help rein in the skyrocketing cost of health insurance for school employees. In addition to a diverse selection of health insurance plans, SET provides self-funded and fully insured dental and vision plans, long- and short-term disability programs and life insurance. SET also is affiliated with a pharmacy benefits manager and can help school districts establish flexible spending account plans or health reimbursement accounts for their employees. 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 Sales and Marketing Director Chuck Miller at (800) 292-5421, ext. 645.
Membership in the MASB-SEG Property/Casualty Pool is available only to districts that belong to MASB. This is the nations largest property/casualty pool serving school districts exclusively, based upon its total insured value. There are 470 member districts in the Pool for the fiscal year ending June 30, 2006. In addition to very competitive rates, the Pool provides policies that are broad and encompassing. They are developed specifically for school districts, to meet the educational communitys 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 $74 million has been returned to member districts in the form of surplus or dividends. MASBs executive director represents the association on the Pools Board of Directors. For more information, contact Sales and Marketing Director Chuck Miller at (800)-292-5421, ext. 645.
In the mid-1980s, school districts could not 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 is the oldest fund for school districts exclusively. It now has 472 member districts. Districts must belong to MASB in order to participate in the Fund. Members benefit from the Funds stable rates, and its practice of returning accumulated assets in the form of premium reductions. Some districts of long-standing have paid only 10 percent to 15 percent of their billable premium, due to the premium reductions. From its inception through June 30, 2005, the Fund returned $126 million to members in the form of surplus, dividends or premium reduction. The executive director of MASB also serves on the Funds Board of Trustees. For more information about the SEG Self-Insurer Workers Compensation Fund, contact Sales and Marketing Director Chuck Miller at (800) 292-5421, ext. 645.
In 1987, MASB, MASA and MSBO collaborated to form the Michigan Liquid Asset Fund Plus program. Districts that utilize 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. Currently, 439 MASB member districts participate in this program. 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 Mark Guastella or Lorraine Jackman at 734.994.9700.
School Leaders Risk Management Association (SLRMA) is a not-for-profit organization governed by a board of directors consisting of executive directors of state school board associations, including Michigan. SLRMA provides timely information to assist K-12 public school districts, cooperatives, public school district self-insured pools and state school board associations in preventing unwanted and unwarranted school board legal liability claims. For more information, visit www.slrma.org.
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