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Finance Committee Minutes -- Sep. 24, 2001 -- Board of Trustees -- University of Louisville

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Minutes of the Finance Committee of the Board of Trustees
Of the University of Louisville

In Open Session
The Finance Committee of the Board of Trustees of the University of Louisville met on Monday, September 24, 2001, in Ballroom B of the University Club with the members present and absent as follows:

Present:
Mr. William P. Mulloy, Sr., Vice Chair, Presiding
Mr. Ulysses L. Bridgeman, Jr.
Mr. Kevin Cogan
Mr. Owsley B. Frazier
Dr. Rick Feldhoff
Absent: Mr. Darryl Owens
Mrs. Joyce Hagan Schifano
Other Trustees Attending:
Mrs. Marie Abrams
Mr. Carlton Brown
Mr. Nathaniel Green
Mr. Grant Helman
Mr. Milton M. Livingston
Ms. Jessica Loving
Mrs. Linda Wallbaum Cauble
Mr. J. Chester Porter
Mrs. Annette Schnatter
Mrs. Melissa Long Shuter
Mrs. Sandra Metts Snowden
Mrs. Beth Worland
Mrs. Mary Yarmuth
Trustees Absent: Mr. Milton Livingston
From the University:
Mr. Larry Owsley, Vice President for Finance & Administration
Mr. Mike Curtin, Director, Planning & Budget
Dr. Denise Gifford, Vice President for Student Affairs
Dr. Carol Garrison, Provost
Ms. Carolyn Cochran, Office of the Provost
Ms. Terri Rutledge, Assistant Vice President for Finance &     Administration
Ms. Trisha Wolf, Board Liaison
Mrs. Debbie Dougherty, Board Liaison

I. Call to Order:

Having determined a quorum present, Chair Mulloy called the meeting to order at 11:30 a.m.

II. Approval of Employee Health Insurance Option

Vice President Owsley reported that after the State Health Purchasing Alliance was discontinued in December 1998, the University purchased insurance coverage for its employees for calendar years 1999, 2000, and 2001. The University currently offers health insurance options through three carriers: Anthem BCBS, Humana, and United Healthcare. The initial 2002 carrier proposals included composite rate increases from 25% to 39%. Because the University's originally budgeted its contribution at $237 per employee per month, or a 5% increase, the net effect would be an 89% increase in cost per employee if he or she selected the same coverage as in 2001.

Responding to Vice Chairman Mulloy's request for an explanation about stop loss coverage, Vice President Owsley explained that the recommendation before the Trustees is for self-insured employee health insurance coverage for 2002; the stop loss coverage is provided as an added protection should any given employee's health insurance costs exceed the set amount as listed in the recommendation. Vice President Owsley further reported the University will conduct a mid-year review, with an opportunity to reassess for future years. Vice President Owsley noted that the recommendation to increase the University's contribution from $237 to $245 is in line with Jefferson County contributions to its employees' health insurance plans.

Mr. Frazier made a motion, which Mr. Bridgeman seconded to approve the President's recommendation that:

1) the University's monthly contribution per employee for health insurance coverage be increased from $237 to $245;
2) the benefit design changes indicated in Attachment A, pp. 8-13, be approved; and
3) the University self-insure the 2002 health insurance program with stop-loss coverage as follows:
a. $100,000 per insured participant; and
b. aggregate stop loss
4) By July 1, 2004, the University establish a claims fluctuation reserve equal to 10% of estimated annual claims; and
5) The Administration conduct a comprehensive program review and present its conclusions and recommendations to the Board at the June 2002 meeting.

The motion passed.

III. Adjournment

There being no further business to discuss, Dr. Feldhoff made a motion, which Mr. Bridgeman seconded, and the meeting adjourned at 11:45 a.m.

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