The Illinois Bankers Group Insurance Trust (“Trust”) is a not-for-profit entity, existing solely for the purpose of affording IBA members a source for purchasing quality and competitive group insurance products and services. The Trust, which holds a tax-exempt status under Section 501 (c)(9) of the Internal Revenue Code, is a separate legal entity and the policyholder for the various group insurance policies offered to all members, which includes a complete portfolio of health, life, dental, vision, and disability insurance products. Eight different health plans are available to Trust members and to their employees, directors, and retirees.
Formerly, the Illinois League of Financial Institutions Trust has been providing these group health insurance products since the Trust’s inception in 1967. It has since been amended to meet all of the requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and will remain as a separate tax-exempt entity under the Illinois Bankers Trust.
NEW DEVELOPMENTS FOR VALUED TRUST MEMBERS
To comply with Federal guidelines, we are providing the following information: In 2020, the Centers for Medicare & Medicaid Services (CMS) released the Transparency in Coverage Final Rules (TiC Final Rules) which, among other things, require certain group health plans to post on a public website plan pricing information in machine-readable files (MRFs) by July 1, 2022. While your employees will likely not find this information useful, we are choosing to send this to our Trust members so you in turn can send to covered employees. Please review the basic rules to this Act and feel free to let us know if you have any questions.
Illinois Bankers Trust Insurance Trustees
The Trust is managed by the Illinois Bankers Group Insurance Trustees—the same Trustees who managed the Illinois League’s Trust. The Trustees determine all plan designs, administrative decisions, and premium rates for The Trust.
Dane H. Cleven, Community Savings Bank, Chicago
Justin Fentress, DeWitt Savings Bank, Clinton
T.J. Burge, Community Partner Savings Bank, Salem
Kenneth B. Elmore, The First National Bank of Litchfield
Walter Hasselbring III, Iroquois Federal Savings & Loan Association, Watseka
Craig M. Hepner, Ottawa Savings Bank
Erich J. Bloxdorf, Plan Administrator
Mike Mahorney, Senior Trust Advisor
Hillary Meyers, Trust Manager
Programs are continuously reviewed to provide the most up-to-date products, cost management techniques, funding alternatives and administrative efficiencies. By offering all members of the IBA the buying power of a multi-million dollar program, this translates to lower overhead expenses, plan flexibility, expanded administrative services, and personal assistance from our consultants and actuaries at no extra cost to members.