March 20-21, 2003
ITEM 118-104-R0303 Self-Funded Workers’ Compensation Program
THAT: The Board of Regents of Higher Education authorizes the Montana University System to proceed with the establishment of a self-funded workers’ compensation program for units of the Montana University System and agencies. The Board of Regents also adopts the attached BOR policies on Workplace Safety and Early Return to Work/Modified Duty. The Montana University System is also provided preliminary authorization to proceed with the revenue bond financing to establish initial reserves for the self-funded program.
EXPLANATION: The Montana University System is authorized by statute to secure workers’ compensation insurance through the State Fund, private insurance, or self-insurance. The attached documents include a mission statement for the program, a functional organization chart for the program, BOR policies relative to workplace safety and early return to work/modified duty, a financial analysis, revenue bond financing to fund initial reserves for the program, a financing schedule, by-laws, and an RFP to select administrative services for the program. The effective date for conversion to self-insurance is anticipated to be July 1, 2003.