What's New

Updated 3/12/2010

Sixty Members Share $277,296 in Profit Distributions from ABA Insurance Program

Sixty New Jersey Bank members that purchase D&O and fidelity bond insurance from the ABA Insurance Program will share $277,296 in profit distributions this year from the program's reinsurer, American Bankers Mutual Insurance LTD. Insured banks that are ABA members are automatically members of the company.

This year, American Bankers Mutual Insurance has declared a distribution of $4 million in underwriting profits to 1,012 banks nationwide that participate in the program. This is the program's 20th consecutive profit-sharing distribution - $71,500,000 has been declared since the first distribution in 1991 based on the mutual program's success and profitability. The total distributed to New Jersey banks is over $31,000,000. Participating banks nationwide will receive checks this year ranging up to $50,000 with $3,900 being the average amount.

The program offers directors & officers' liability, financial institution bond, internet banking liability, employment practices liability and other related insurance products to community banks.

Bankers Cooperative Group, Inc, the affiliated brokerage facility of the New Jersey Bankers Association, presently brokers these coverages for 28 of the aforementioned 60 New Jersey financial institutions receiving profit distributions. For additional information on how your institution can take advange of BCG's services and qualify for future distributions, please contact Rich Siderko at (908) 272-8500 ext. 616

NEW FOR 2010

Supplemental Medicare Coverage for Retirees and Directors

Full Medical and Rx Coverage

Effective January 1, 2010, Medicare-eligible retirees/directors and their eligible dependents of New Jersey Bankers Association member employers, are being converted to the UnitedHealthcare Senior Supplement group retiree plan and the UnitedHealthcare® MedicareRx for Groups (PDP) plan to replace their current coverage. These plans will provide comparable and, in some cases, a better level of benefits compared to current NJBA sponsored Medicare Plans.

UnitedHealthcare Senior Supplement Plan Highlights

	Allows you to see medical care from any physician and hospital that accepts Medicare
	Membership in a fitness program designed for seniors - at no additional cost to you
	OptimumHealth^SM Programs that include 24-Hor NurseLine^SM
	Evercare^TM Solutions for Caregivers

UnitedHealthcare MedicareRx for Groups (PDP) Highlights

	Includes 100% of the drugs covered by Medicare Part D
	More than 60,000 pharmacies in the network, including national, regional and local chains, as well as independent neighborhood pharmacies
	Customer Service available 24 hours a day, 7 days a week

The new program is priced significantly lower than existing NJBA sponsored Medicare plans. The new lower rates will help reduce FASB liabilities for employers presently contributing towards the cost of their Medicare eligible retirees and directors.

SINGLE MONTHLY RATE = $362.00

HUSBAND/WIFE (Both 65+) RATE = $724.00

The new program is available to all NJBA member employers (subject to minimum employer contribution levels) regardless of whether they are participants in the NJBA sponsored Oxford healthcare program.

All currently covered Medicare eligible retirees and directors are being sent information on Monday, October 19, 2009 to detail the new program and invite them to one of several informational meetings being held at four locations throughout the State during the month of November.

Human Resources representatives are also being sent invitations for training sessions.

Please contact Janice Besso-Tamecki at (908) 272-8500 ext. 608, for additional information on the new program that can reduce premiums for you and your Medicare eligible retirees and directors.

2009 Employee Contribution Survey

Bankers Cooperative Group, Inc. (BCG) is pleased to provide you the results of the 2009 Employee Contribution Survey. The results were tabulated from the responses received from fifty (50) New Jersey Bankers Association member institutions during the month of August 2009. You will find the results presented in both the aggregate for all institutions and further categorized according to six asset groupings. Comparisons are also made where appropriate to the 2008 Employee Contribution Survey. The number of respondents by asset category is as follows:

Less than $100M 8

$100M - $199M 8

$200M - $299M 9

$300M - $499M 7

$500M - $1B 7

Greater than $1B 11

The 2009 Employee Contribution Survey was expanded from the prior year to also include contribution levels for both retiree and director classifications. Additionally, the survey results also provide insight into base medical plan types offered by respondents, the minimum number of works hours required for medical plan eligibility, the offering of cash compensation for waiving medical coverage, and the popularity of flexible spending account (FSA) offerings.

Please contact us with any questions. We would appreciate any feedback so that we may build upon the current structure and improve next year’s survey.

BCG is the leading provider of employee benefit programs and administration for New Jersey’s financial institutions. Please see the enclosed brochure for a complete listing of BCG’s products and services.

Thank you to all institutions who participated in the survey.

We appreciate and look forward to servicing your future insurance needs.

Sincerely,

Richard Siderko

President/CEO

Click here to see the survey results.

Effective July 1, 2009: Memorial Sloan-Kettering Cancer Center (MSKCC) becomes participating provider for both UnitedHealthcare and Oxford platforms

We are pleased to announce that as of July 1, 2009, Memorial Sloan-Kettering Cancer Center (MSKCC) will become a participating provider for both UnitedHealthcare and Oxford platforms. This includes MSKCC’s facilities in New York City and its five outpatient facilities on Long Island, in Westchester County and in New Jersey and its physicians.

Memorial Sloan-Kettering Cancer Center

As one of the world's premier cancer centers, Memorial Sloan-Kettering Cancer Center (MSKCC) is committed to exceptional patient care, leading-edge research and superb educational programs. The close collaboration between their physicians and scientists is one of their unique strengths, enabling them to provide patients with a highly-regarded level of care as they work to discover more effective strategies to prevent, control and ultimately cure cancer in the future.

What does this mean for participants in the NJBA sponsored Oxford healthcare program?

Beginning July 1, 2009, members and their dependents in either the Oxford Freedom or Liberty networks will be able to seek care from MSKCC on an in-network basis. Copayments, coinsurance and/or deductibles will be applied as with any other medical service provided by a network provider.

What if members are currently receiving care, or are scheduled to receive care from MSKCC through another program?

Beginning July 1, 2009, if members are currently receiving care from MSKCC, or are scheduled to receive care in the future, they will be able to utilize MSKCC on an in-network basis.

United Healthcare Continues to Monitor H1N1 Flu (Swine Flu) Situation

Please see the most updated release (at press time) from United Healthcare about the swine flu situation. If you are a participant in the Association-sponsored healthcare program and have any questions about insurance coverage with respect to the swine flu, please contact Janice Besso-Tamecki at ext. 608.

United Healthcare would like to provide brokers, their clients and their employees with an update on the ongoing H1N1 Influenza (swine flu) situation.

Current Situation

Most regions of the US have now reported positive cases of the H1N1 Flu, including one death. The latest comments from the Center for Disease Control and Prevention (CDC) suggest that the situation still remains fluid, although recent news reports suggest the trend in new cases and deaths may have temporarily leveled off.

At the same time, there is speculation that the World Health Organization (WHO) is likely to raise the pandemic alert from the current level of 5 to a level 6, its highest rating. It is important to know that this potential change is defined as outbreaks in at least two regions of the world. It does not in any way refer to the severity of the virus.

Given the rapidly evolving nature of this situation, we strongly encourage individuals to visit the CDC Website for the latest information and clinical guidance.