Gap Federal Credit Union

111 Franklin St Rm 224
Johnstown, PA 15901

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 94% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • In the last year, LCM Increased by 17%. While peers Increased an average of 2%.
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.

  • 5% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 99th percentile at 73.6% of the market.
Good

Business Stats

Policy History

Term Exp. Mod Carrier LCM
2022

3.186
2021

2.728
2020

2.346
2017

2.069
2016

1.631
2015

1.504
2014
11-23-2014

-
2013

-
2012

-
2011

-
2010

-
2009

-

Contacts

Dgjyy Bxdz
VP
(275) 797-2412
hlxxj.zldb@htlzkukwora.rpu

WGBOA Z. FOOWV
Benefits Admin
(472) 968-2692
fca0

Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 384,518 $ 250,152 $ 198,963 $ 989,676 $ 704,981 $ 572,469 $ 326,304 $ 794,318 $ 632,553 $ 20,951 $ 52,763 $ 96,281
Liabilities: $ 0 $ 8 $ 8 $ 72 $ 94 $ 3 $ 30 $ 75 $ 7 $ 8 $ 8
EE Contrib: $ 32,287 $ 90,737 $ 37,173 $ 46,114 $ 211 $ 5,352 $ 9,906 $ 3,598 $ 6,481 $ 3,291 $ 3,003 $ 9,195
Emp Contrib: $ 19,706 $ 48,382 $ 3,578 $ 7,952 $ 325 $ 894 $ 332 $ 125 $ 4 $ 72 $ 5
Income/Loss: $ 50,712 $ 89,289 $ 85,379($ 68,641) $ 84,505 $ 96,649($ 8,644) $ 9,197 $ 76,197 $ 6,835 $ 2,805 $ 2,604
Total Income: $ 102,705 $ 895,863 $ 90,355($ 972) $ 4,827 $ 41,286 $ 8,873 $ 40,535 $ 4,924 $ 89,687 $ 756 $ 61,441
Paid Benefits: $ 16,171 $ 47,193 $ 82 $ 7 $ 38 $ 7 $ 26,685 $ 1,472
Expenses: $ 0 $ 7,665 $ 848 $ 37 $ 4 $ 1 $ 4 $ 49 $ 3 $ 7
  Commission: $ 2,996 $ 509 $ 595 $ 522 $ 588 $ 2
Net Income: $ 83,538 $ 512,373 $ 71,337($ 372) $ 36,830 $ 85,056 $ 5,681 $ 50,928($ 682) $ 30,267 $ 2,036 $ 6,622
Net Assets: $ 468,056 $ 412,042 $ 96,845 $ 618,882 $ 394,363 $ 267,546 $ 102,671 $ 96,310 $ 667,495 $ 624,444 $ 62,239 $ 58,508

Participants

202120202019201820172016201520142013201220112010
Total Participants:20647951033669918561198
Active Part.:1900176604432973553213
Retired Part.:15005 5b5afd86f0fb98
Deceased Part.:9c2c901bebcb2699e0ce2

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).

    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.

    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.

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

    2E - Profit-sharing

    2S - Plan provides for automatic enrollment in plan that has employee contributions deducted from payroll.