PORAC’s Insurance & Benefits Trust
PORAC membership includes some benefits free of charge!
PORAC’s Insurance and Benefits Program is administered and overseen by a Board of Trustees /Committee Members representing: each of PORAC’s four regions, the Board of Directors the PORAC President or designee, and Retiree Appointee. This dedicated group of elected/appointed volunteers are committed to the continued efforts of offering members the best benefits possible at the most affordable rates.
A unique aspect of PORAC’s Insurance and Benefits plans and products is that they are specifically designed for safety employees. In addition to outstanding coverage, participating members are provided with Insurance and Benefits Board intervention, as required. In the event that a member must dispute a decision made by a contracted insurance company, the Trustees/Committee Members will act as a valuable advocate on their behalf.
In 1963 the concept of offering group insurance plans to members was first presented at the Annual Conference. Upon approval by the Conference body, staff and Myers-Stevens (brokers of PORAC’s first group insurance plan) began to market PORAC’s newest benefit. This was the beginning of a vital component of PORAC.
Going forward almost 30 years, a major change occurred. On June 21, 1991 the governing Committee established the Insurance and Benefits Trust. The Trust was formed to administer PORAC’s various disability, health, and life insurance programs. Set up as a VEBA (Voluntary Employee Benefits Association) IRS code 501(a), the purpose of the Trust is to provide for death, sickness, accident or other benefits to PORAC members or their beneficiaries. Benefits are guaranteed through the Trust’s responsibility to hold plan assets for the exclusive purpose of providing such benefits. Today, the combination of both entities make up the Insurance and Benefits Trust and the Insurance and Benefits Committee of PORAC (the “I&B”).
PORAC’s Insurance and Benefits Program provides a wide variety of group and individual insurance plans for PORAC members to purchase. PORAC serves as the administrator of the Insurance and Benefits Trust. The Insurance and Benefits office is staffed by a full time Manager, an Administrative Assistant and two disability Claims Analysts.