FIRST STATE BANK

PO BOX 725
RANDOLPH, NE 68771

Talking Points

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 83% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
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.

  • 0% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 75th percentile at 87% of the market.
Good

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.800
2023

1.250
2023

1.688
2022

1.407
2022

1.250
2022

1.800
2022

1.250
2021

1.407
2021

1.350
2021

1.250
2021
06-01-2021

1.800
2020

1.126
2020

1.350
2020

1.697
2020

1.350
2019

1.000
2019
03-16-2019

1.548
2019
07-08-2019

1.697
2019
10-01-2019

1.800
2019
12-01-2019

1.829
2018

1.000
2018

1.829
2012
08-01-2011

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Contacts

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(309) 799-5295
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(127) 718-1778
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(370) 037-8220
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Benefits Admin
(587) 433-9671
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Benefits Admin
(709) 768-0289
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President
(242) 779-0341
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(927) 324-8359
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Industry Classification

Retirement Benefits

Financials

2021
BOY Assets: $ 0
Liabilities: $ 0
EE Contrib: $ 174,300
Emp Contrib: $ 76,517
Income/Loss: $ 238,741
Total Income: $ 489,558
Paid Benefits: $ 192,137
Expenses: $ 0
  Commission: $ 0
Net Income: $ 297,421
Net Assets: $ 1,922,959

Participants

2021
Total Participants:49
Active Part.:32
Retired Part.:
Deceased Part.:

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.

    3H - Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).