TIER RACK CORPORATION

425 SOVEREIGN CT
BALLWIN, MO 63011

Talking Points

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • A break in policy terms may indicate inconsistent work load which can result in substandard employment.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Higher than 78% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 14%. While peers Increased an average of 4%.
Needs Attention

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 21% of peers have changed carriers since last year.
  • Of those who changed carriers, 2.8% increased their LCM vs those who stayed with their current provider who saw a 3.9% increase.
  • Current Carrier's market share is in the 99th percentile at 37.5% of the market.
Good

Business Stats

Policy History

Term Carrier LCM
2023

1.760
(Current: 1.762)
2023

1.393
2022
08-31-2022

1.550
2022
08-31-2022

1.392
2021

1.550
2021

1.392
2020

1.550
2020

1.392
2019

1.530
2019

1.392
2018

-
2018

1.392
2017

-
2017

1.392
2016

1.404
2015

-
2014

-
2013

-

Contacts

ZAFD LGHVNB
President
(099) 918-6201
HLefbap@bepi-khur.kai

GDBX VETHRS
Benefits Admin
(740) 692-2092
59b81

U Wekpl Kvjrval
President
(367) 007-1154
43ba

Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 3,320,974 $ 4,400,436 $ 2,449,375 $ 7,171,842 $ 8,035,308 $ 91,980 $ 679,786 $ 7,898,309 $ 8,957,153 $ 5,783,860 $ 599,859 $ 585,994
Liabilities: $ 0 $ 5 $ 2 $ 84 $ 4 $ 5 $ 6 $ 53
EE Contrib: $ 172,498 $ 445,749 $ 387,415 $ 330,962 $ 904,177 $ 758,868 $ 360,829 $ 22,983 $ 60,759 $ 73,769 $ 1,750 $ 85
Emp Contrib: $ 78,214 $ 38,463 $ 64,166 $ 86,383 $ 74,405 $ 87,001 $ 61,491 $ 91,392 $ 65,726 $ 86,437 $ 48,364 $ 96,319
Income/Loss: $ 380,615 $ 58,975 $ 147,483($ 28,644) $ 631,341 $ 69,920 $ 4,089 $ 56,156 $ 576,890 $ 515,713 $ 15,439 $ 19,773
Total Income: $ 631,327 $ 336,644 $ 341,421 $ 135,831 $ 465,580 $ 593,713 $ 688,925 $ 455,954 $ 604,671 $ 791,223 $ 8,886 $ 84,141
Paid Benefits: $ 23,360 $ 2,777 $ 68,889 $ 73,106 $ 7,115 $ 534,817 $ 2,649 $ 44,123 $ 8,356 $ 9,426 $ 900 $ 64,763
Expenses: $ 0 $ 295 $ 9 $ 0 $ 5 $ 57
  Commission: $ 19,092 $ 60,260 $ 33,216 $ 7,619 $ 97,982 $ 32,610 $ 98,803 $ 79,886 $ 386 $ 577 $ 3,069 $ 198
Net Income: $ 588,875 $ 225,289 $ 277,581 $ 89,562 $ 304,570($ 56,399) $ 640,577 $ 979,442 $ 77,117 $ 911,412 $ 91,865 $ 22,002
Net Assets: $ 3,909,849 $ 2,512,007 $ 3,174,570 $ 8,458,043 $ 9,030,358 $ 4,841,884 $ 6,982,939 $ 915,747 $ 189,308 $ 3,068,808 $ 4,015,182 $ 1,000,133

Participants

202120202019201820172016201520142013201220112010
Total Participants:470781594700183030657597
Active Part.:4579814119749269fc64d6b05
Retired Part.:12f7fef1b7fd5ef 3fd089
Deceased Part.:76cc39c99c3e4675e8

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2A - Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).

    2E - Profit-sharing

    2F - ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.

    2G - Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.

    2J - Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.

    2K - Stock bonusCode section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.

    2T - Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.

    3D - Pre-approved pension plan - A master, prototype, or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.


OSHA