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03-13-2013 Council Agenda
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03-13-2013 Council Agenda
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3/11/2013 7:43:41 AM
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Remember — the change in automatic closure of retro years after 16 years will take effect in 2010. <br />New close -out charges take effect in 2011. <br />What you need to do next <br />At each of your city's upcoming annual retro year adjustments, you'll be informed of the policy <br />maturity and the charge to close any open retro years. These charges will be updated in 2011. At <br />the adjustment period, you'll need to decide whether to continue with the existing retro and <br />maintain the risk of future claim adjustments, or close the retro year. Absent a specific indication <br />from your city, the retro year will be continued for 16 years. <br />15 years after the first adjustment ever made on a retro year, you'll be informed of the automatic <br />closure of that retro year at no charge. If you want to hold the retro year open and continue to be <br />responsible for or receive benefit of future retro adjustments, you'll need to let LMCIT know. <br />In the meantime, if this policy change or the new charges create any concerns for you, or if you <br />have questions about your retro year, please contact Liam Biever at 651- 281 -1212 or <br />Ibieverth)Ime.orgg; or Barb Meyer at 651- 215 -4173 or hmeyealme.org. <br />3 <br />5 <br />
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