September 18, 2000
TO: MEMBERS OF THE GEORGIA SELF-INSURERS GUARANTY TRUST FUND:
RE: TENTH YEAR ANNIVERSARY REPORT
A decade ago, in July of 1990, the Georgia Self-Insurers Guaranty Trust Fund was established by the Georgia Legislature. The purpose behind its enactment was the need for funding a source of payment of workers= compensation benefits, including indemnity, medical, death, and rehabilitation services, to injured workers employed by self-insured employers that became insolvent.
The AFund@ began operation with no assets, equipped only with a statutory procedure for assessing membership. This was legislation with a noble public purpose and was to be funded solely by the private sector of business and industry in the State of Georgia.
Management of the Fund has been selflessly and generously provided by a Board of Trustees initially appointed by Governor Joe Frank Harris, consisting of Stan Carter, Chairman (General Motors), Bob Taylor (Shaw Industries), Tommy Williams (Bibb Company), Doug Tingle (Dundee Mills), Tim Holt (Queen Carpet), Gil Camp (Proctor & Gamble) and Charles Hipps (Southwire Company).
Since the appointment of the initial Trustees, the Board has been elected by the membership and has included new Trustees such as Steve Yount, Chairman (Georgia Pacific), Lauren Brockman (Blue Cross), and Lendon Gibbs (Southern Company).
The current Board of Trustees consists of Stan Carter, Chairman (General Motors), Charles Hipps (Southwire Company), Jim Young (BellSouth Corporation), Steve Johnson (Wellstar), Sheldon Fram (Bankhead Enterprises), and John Ross (C.W. Matthews Contracting Company).
Today, we are proud to report that the Georgia Self-Insurers Guaranty Trust Fund, with your help, has provided workers' compensation benefits to nearly two hundred (200) injured workers and their dependents. Approximately eight million dollars ($8,000,000.00) of benefits have been paid to them or on their behalf. Total claims recovered from excess insurance claims, Bankrupty Court proceedings, and the Georgia Subsequent Injury Trust Fund exceed three million dollars ($3,000,000.00). Finally, current assets of the Georgia Self-Insurers Guaranty Trust Fund are approximately seven and a half million dollars ($7,500,000.00) and these assets are treated as tax exempt under ' 501(3) of the Internal Revenue Code as a result of successful litigation initiated by the Fund against the Internal Revenue Service in the United States District Court for the Northern District of Georgia.
Throughout the first decade of the Fund=s operation, we have enjoyed a close working relationship with the State Board of Workers' Compensation, Chairmen Oxendine, Dawkins, Hall and their staffs. Their constant support and input have been invaluable to the operation and success of the Georgia Self-Insurers Guaranty Trust Fund and the purpose for which it was established.
The Board of Trustees take this opportunity to thank you for your cooperation and support and look forward to serving you in the future.
Chairman For The Board of Trustees