April 25, 2018

Other Insurance & Financial Services

MABE has developed several programs that assist local school systems in providing beneficial services to their staff and the students they serve. The local school districts understand that by working together with MABE and expert service providers, they can efficiently and economically implement these programs and services.

For more information about any of these programs, contact Deputy Executive Director Steve James, sjames@mabe.org

OPEB Pooled Investment Trust

School districts offering employees post-retirement health and welfare benefits now need to account for the cost of those benefits, as required by the Government Accounting Standards Board Statement 45.

MABE surveyed school systems and found several interested in meeting this requirement by working together to create a Pooled OPEB Investment Trust.  MABE staff, working with Trust Counsel and the prospective members, created the new program in May of 2008.

The member owned Trust provides participating school districts a structure to pool assets to reduce investment costs and to share administrative expenses. 

Flexible Spending Program

TASC provides participating school districts the ability to offer a state of the art flexible spending benefit for their employees. Employees can set aside funds tax free, to pay for uncovered medical and child care expenses. MABE has partnered with HFS to provide the administration services. There are currently 13 school districts that participate in this group purchase.

Group Term Life

Prudential provides group life insurance benefits, including Basic Life Insurance, Supplemental Life Insurance and Accidental Death and Dismemberment for employees of the participating 11 school districts. Participating school systems determine the level of benefits offered to their employees in the group purchase program. Prudential has dedicated experienced staff that provides the service for the MABE account.

Student Accident Coverage

MABE has partnered with K&K Insurance Group to offer parents of students the ability to purchase student accident insurance.  For very reasonable rates, parents have the option of purchasing different levels of coverage for medical expenses should  their child be injured in an accident.  Participating school districts are also able to secure  a variety of other coverages for student activities including Interscholastic Sports, Field Trips, Before and After School Care and Work Based Learning programs.  In all, 21 school  districts partcipate in the student accident program. Coverage is underwritten through Nationwide Insurance Company. 

Catastrophic Coverage

McCloskey Insurance – School Districts can help students cover the cost of catastrophic injuries occurring in interscholastic sports and other activities, if chosen, by purchasing catastrophic coverage. MABE has partnered with McCloskey Insurance to provide the 19 participating school systems with this coverage which provides for medical and other expenses incurred from catastrophic paralyzing injuries