December 2017
Trust Tips is a resource for members of the Trusts administered by the Florida League of Cities. Here you’ll find tips and other information from the Florida Municipal Insurance Trust, Florida Municipal Investment Trust, Florida Municipal Loan Council and Florida Municipal Pension Trust Fund

Click the hyperlinks above to contact an insurance or financial services representative directly.
  In This Issue: 
  • FMIT Members Receive Return of Premium
  • Reserving a Workers’ Compensation Claim
  • Using SMART Goals for Your Workplace Wellness Program
  • Risk Management for Public Entities 352 Certification Study Group Forming
  • Federal Tax Reform Bills Could Affect Local Governments
  • Retirement Plan Fees
  • Required Minimum Distributions
  • Generation Z – Meet the newest members of the workforce
  • Links for Further Reading
FMIT Members Receive Return of Premium
FMIT representatives Andy Hanson and Lindsey Larson (far right) present a $38,127 return of premium check to DeSoto County.
Time after time, the Florida Municipal Insurance Trust returns property premium dollars to its members. This year, members renewing their property insurance will share in a combined $4.5 million refund approved by the Trust’s Board of Trustees. The FMIT can do this because it doesn’t have shareholders – the members are the owners of the Trust.

The FMIT has returned a total of $74 million in property premiums to members since 2007.

With assets totaling more than $475 million and approximately 600 members, Florida’s local governments can be confident the FMIT is stable and prudently managed.

To learn more about the FMIT and return of premium, contact Melissa Solis.
Reserving a Workers’ Compensation Claim

Every quarter, and sometimes monthly, your municipality receives a loss run from its insurer, which typically shows open and closed claims with payments and case reserves. Some governments have professional risk managers who typically know how to read and interpret the loss information, while others push that aspect off to a broker or someone else within the organization.

Regardless of who looks at the information, there’s always a lingering question in the back of their minds: “How did they come up with the case reserve?” For many, it’s a mystery, and very few question the accuracy of the data. However, it’s extremely important to be sure, because those reserves are a huge factor in determining your premiums or, if you are self-insured, your liabilities.

The linked article below, published by LexisNexis, provides some insight into the art of reserving and the crystal ball skills an adjuster requires to get it correct.

Using SMART Goals for Your Workplace Wellness Program

By Gwen Knight

Setting goals for your municipality’s workplace wellness program not only provides a sense of direction for your efforts, but also helps you determine whether they have been successful.

Goals need to be SMART – Specific, Measurable, Attainable, Relevant and Time-Bound. Let’s check out what that means.

  • Specific – Goals that are too broad can easily become overwhelming, and don’t always provide direction enough for healthy change. Specific goals, however, address one single action or problem. These goals are clear and easy to understand.
  • Specific goals can contribute to your overall desire for a healthy workforce, but they don’t leave any room for misunderstanding.
  • Measurable – Your goal needs to include some yardstick for measuring progress, so you know exactly when you’ve reached the goal. This will help you to track your progress and take tangible steps toward healthy change.
  • Attainable – It’s important to challenge yourself, but it’s also important to be realistic. Don’t set a goal that’s too easy, but don’t set a goal that’s too hard. You know your limits. Your goals should be specific to your program. It’s better to start small and build on your progress, to avoid burnout and stay motivated.
  • Relevant – Your goals are your call. It’s as simple as that. You can’t set a goal for yourself or your program because someone else told you to. You can’t set a goal that you really don’t care about. Your goals need to be important to you and your municipality right now.
  • Time-Bound – It’s best to include a timeline for your goal. Setting a deadline motivates you to get started and to stay consistent in the journey.

If you don’t define goals for your employee wellness program, SMART goals would be a wonderful place to start to keep your program on track.

The Hometown Health wellness program is a turnkey-ready program available to all local governements providing employee health Insurance through FMIT. For more information, contact program manager Gwen Knight at
Risk Management for Public Entities (RMPE) 352 Certification Study Group Forming

The Florida Municipal Insurance Trust is holding a free Risk Management for Public Entities (RMPE) 352 Study Group to help FMIT members prepare for the RMPE Certification examination, which is offered by The Institutes.

During the study group sessions, attendees will learn about the various facets of public entity risk management. The sessions will focus on the 10 chapters in The Institutes’ RMPE study guide. Topics range from the steps in the risk management process and financial administration to distinctive exposures within the public sector and disaster planning/emergency response.

The study group will be held in a go-to-meeting format, from 5:30 p.m. to 6:30 p.m. The meetings begin on January 8, with an introduction, general information and a Q&A session, and conclude on February 26. Read more

If you have any questions or comments, contact: Anita Wick , RMPE, or Ronald E. Peters , RMPE. 
Federal Tax Reform Bills Could Affect Local Governments

Since the Tax Cuts & Jobs Act was released on November 2, federal tax reform bills have been passed in both the House and the Senate. Although the House and Senate bills have notable differences, both proposals include elements that would affect local governments. Learn more in the article from the National League of Cities, “ Tax Reform: What It Means For Cities .”
Retirement Plan Fees

Have you read the fine print of your retirement plan to understand the investment fees it charges? Comprehensive fee information is not always available on quarterly account statements, which most employees look at only once a year, let alone every three months. If you don’t know the fees you are paying, ask questions until you get the answers and the understanding you need.

Required Minimum Distributions

If you are a Baby Boomer and have never heard the term “required minimum distributions” (or RMDs), you will. In less than 20 years, all Baby Boomers will have turned 70.5 years old, when RMDs generally start. It is important that you know the rules, and that your retirement plan (or terminated retirement plans of past employers) is keeping track of them on your behalf. The IRS can penalize you if you qualify for RMDs and are not participating. 

Generation Z – Meet the newest members of the workforce

For the past several years, Baby Boomers have been learning how to best communicate and work with millennials. Now comes another generation with even a larger population. Since the older Gen Zs are out of college and now entering the workforce, it may be a good idea to learn some of their traits. Read More