BRI Board of Directors examines benefit and retirement plans outlook

 

BRIBoardMeeting201909At its fall meeting, the Board of Directors of EPC Benefit Resources, Inc. (BRI) examined a variety of topics, including the financial performance and growth of the Retirement Plan, enhancements to the Wellness and Care Management programs for 2020, claims and trends in the 2019 Medical Plan. The group also discussed several cost mitigation strategies.

The Board met September 12 at the Office of the General Assembly in Orlando.

Actions taken by the Board included a 33 percent reduction in the fees charged by Fidelity to participants in the EPC 403(b)(9) Retirement Plan, and holding an increase in the Medical/Prescription Drug Plan rate increase to an average of six percent for 2020.

“Over the past year, we have been aggressive about cutting costs while maintaining high-quality service levels to church administrators and plan participants,” said Bart Francescone, BRI Executive Director. “That effort is paying off through reductions in fees charged to retirement plan participants, and a medical plan rate increase for 2020 that will average only six percent. That is actually below national healthcare cost increases, and is our lowest increase in many years.”

Francescone also said that “aggressive negotiations” with providers for the EPC dental, vision, life, and disability insurances has resulted in premiums for 2020 remaining unchanged from 2019 rates.

The Board also received a report from Merrill Lynch—the EPC’s medical reserve fund investment advisor—on U.S. and international economic and investment performance outlooks, as well as recommendations for fund investment asset allocations. In addition, the independent actuarial firm Milliman presented a report with recommendations for premium rate actions and reserve fund asset levels.

Members of the BRI Board of Directors are Ron Horgan (Chairman), Teaching Elder from the Presbytery of the Mid-Atlantic; Michael Busch, Ruling Elder from the Presbytery of the Alleghenies; Robert Draughon, Ruling Elder from the Presbytery of the Central South; Jim Lewien from the Presbytery of the West; Michael Moore from Presbytery of the Central South; Erik Ohman, Teaching Elder from the Presbytery of the West; Bill Reisenweaver, Teaching Elder from the Presbytery of Florida and the Caribbean; Randy Shaneyfelt from the Presbytery of the Great Plains; and Sandy Siegfried from the Presbytery of the Great Plains.