FIRST NRV FEDERAL CREDIT UNION

PO BOX 2963
RADFORD, VA 24143

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 Very Good, in the 25th percentile compared to peers.
  • In the last year, LCM Increased by 10%. While peers Increased an average of 5%.
Average

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.
  • Of those who changed carriers, 1.5% decreased their LCM vs those who stayed with their current provider who saw a 5.6% increase.
  • Current Carrier's market share is in the 99th percentile at 42.9% of the market.
Good

Business Stats

Policy History

Term Carrier LCM
2022

1.099
(Current: 1.184)
2021

1.001
2020

1.001
2019

1.050
2018

1.050
2017

1.050
2016

1.150
2015

-

Contacts

QOLM G LLOSZLHM
Benefits Admin
(359) 147-2445
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OMTDY XOGVBQN
Benefits Admin
(493) 253-9114
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UPGM HZSSBXQL
Benefits Admin
(471) 980-5826
9392e

Industry Classification

Retirement Benefits

Financials

202220212020201920182017201620152014201320122011
BOY Assets: $ 218,418 $ 594,645 $ 22,171 $ 93,045 $ 38,383 $ 91,904 $ 37,764 $ 851,300 $ 122,543 $ 459,160 $ 899,820 $ 141,316
Liabilities: $ 0 $ 9 $ 4 $ 99 $ 4 $ 94 $ 4 $ 3 $ 941 $ 4
EE Contrib: $ 42,525 $ 24,761 $ 15,251 $ 99,958 $ 27,841 $ 99,440 $ 58,456 $ 69,841 $ 28,803 $ 17,118 $ 90,875 $ 87,383
Emp Contrib: $ 40,913 $ 71,908 $ 26,964 $ 68,238 $ 98,676 $ 92,690 $ 43,232 $ 62,667 $ 94,283 $ 67,857 $ 94,972 $ 65,657
Income/Loss:($ 21,615) $ 27,274 $ 8,488 $ 63 $ 9,240 $ 86 $ 8,728 $ 7,033 $ 32,871 $ 52,154 $ 32 $ 53,824
Total Income: $ 61,823 $ 1,921 $ 85,052 $ 360 $ 74,373 $ 27,352 $ 4,465 $ 37,913 $ 34,587 $ 64,524 $ 60,134 $ 44,566
Paid Benefits: $ 29,334 $ 76 $ 62,636 $ 1,361 $ 6 $ 312 $ 192,991 $ 82,485 $ 87 $ 44,919 $ 79
Expenses: $ 100 $ 336 $ 11 $ 59 $ 59 $ 724 $ 51 $ 857 $ 65 $ 4 $ 411
  Commission: $ 0 $ 6 $ 2 $ 3 $ 660 $ 0 $ 5
Net Income: $ 32,389 $ 66,462 $ 675 $ 11,909 $ 59,508 $ 51,614($ 506,274)($ 25,594) $ 72,580($ 54,376) $ 86,795 $ 52,868
Net Assets: $ 250,807 $ 561,755 $ 594,696 $ 297,066 $ 90,389 $ 99,138 $ 4,927 $ 899,166 $ 774,313 $ 918,902 $ 927,330 $ 45,820

Participants

202220212020201920182017201620152014201320122011
Total Participants:931121614792
Active Part.:89080246dacdc75d
Retired Part.:45a42000fbf655f2f3303
Deceased Part.:68a6daddd92d204ea0 38d

Insurance

No Insurance Coverage

Providers

No Providers

Features

    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.

    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.

    2E - Profit-sharing

    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.

    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.