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BWC Board of Directors - Bios, duties and terms of service

Biographies | Duties | Terms of service | Annual report | Investment policy statement


Biographies

Chan Cochran
Chair of the Board, Member of the Audit and Governance committees
Represents the public
Term expires June 11, 2020

Chan Cochran, of New Albany, is founder and CEO of the Cochran Group Inc., a Capital City communications and government affairs consulting firm, managing communications in connection with legislative and ballot issues, as well as communications for corporate clients. He has been involved in workers' compensation ballot and reform issues since 1981. Cochran is a former member of the Franklin County Children Services, Experience Columbus and Veterans Memorial Boards of Trustees. He served as communications director for former Ohio Governor James A. Rhodes. A Navy veteran, he served two years in Vietnam and later as Navy media coordinator on the Apollo 11 and 13 recovery missions. 

 

Mark J. Palmer
Vice Chair of the Board, Chair of the Investment Committee, Member of the Governance and Medical Services & Safety committees
Investment and securities expert
Term expires June 11, 2022

Mark J. Palmer, of Bexley, is co-founder and chairman of The Joseph Group Capital Management, an investment advisory firm he founded with his brother in 1999. As of June 30, 2019, The Joseph Group directly managed or advised more than $510 million in investment assets. Advisor HQ recently listed The Joseph Group as one of 12 "Best Financial Advisors to Work with in Ohio," receiving the highest marks possible in all graded categories. From 2008 through 2012, The Joseph Group was included in Columbus Business First newspaper's "Fast 50" ranking of privately held companies based on revenue growth. And in 2011 and 2018, the company was named one of the "Best Places to Work" by Business First. Palmer is a registered investment advisor representative with the U.S. Securities and Exchange Commission. He serves as board chair of the Wesley Communities (Wesley Glen, Wesley Ridge and Wesley Woods) and is a 30-year board member of Ohio Northern University. He holds a bachelor's degree in economics from Ohio Northern University, a juris doctorate from Rutgers University, and he has completed graduate coursework in economics at the University of Pennsylvania's Wharton School of Business.  

 

Peggy Griffith
Vice Chair of Medical Services & Safety Committee, Vice Chair of Governance Committee, Member of Actuarial Committee
Represents employees
Term expires June 11, 2020

Peggy Griffith, of Deerfield, is a member of the Communications Workers of America (CWA) Local 4302. She is first vice-president of the Ohio AFL-CIO Hall of Fame Labor Council. She chaired the CWA's safety and health committee and the joint AT&T safety committee. She has more than 35 years of workers' compensation experience as a member and committee chair for CWA. 

 

Kenneth Haffey
Chair of the Audit Committee
Certified public accountant
Term expires June 12, 2021

Kenneth Haffey, of Chesterland, has been a licensed CPA in Ohio since 1986. He is currently a partner in CPA firm of Skoda, Minotti & Co. in Mayfield Village. Haffey served as a managing partner and vice president for Century Business Services, Inc., a Cleveland CPA firm. Haffey also worked as a vice president for banks in Cleveland and Chicago and has served as an adjunct accounting professor at Case Western Reserve University since 1990. Haffey received a bachelor's degree from the University of Notre Dame in 1978 and an MBA from DePaul University in 1982. 

 

Terry S. Jacobs
Chair of the Actuarial Committee, Member of the Audit Committee
Actuary
Term expires June 12, 2022
Terry S. Jacobs, of Cincinnati, is CEO/Managing Partner of JFP Holdings, Ltd., an investment and real estate company. He founded and served as CEO of Regent Communications in 1993 and Jacor Communications in 1979 and took both companies public. He was senior vice president and board member of American Financial Group before he pursued his entrepreneurial ventures. He also worked in various senior actuarial and operations executive positions for 15 years with multiple insurance companies. He is a member of the board of directors of American Financial Group and the Voice of America Museum, and was inducted into the Georgia State University Risk Management and Insurance Hall of Fame in 2017. Jacobs served in the U.S. Marine Corps reserve service and earned bachelor's and master's degrees in actuarial science from Georgia State University.

 

David W. Johnson
Chairman of the Medical Services & Safety Committee, Vice Chair of the Audit Committee
Represents employers with more than 100 employees
Term expires June 11, 2020

David W. Johnson, of Salem, is the CEO of Summitville Tiles, Inc. and is president of the Spread Eagle Tavern & Inn in Hanoverton. He is a board member and past chair of the Ohio Manufacturers’ Association. He also is a board member of Consumers National Bank, Minerva, Ohio; Vice Chairman, Radio America & American Studies Center, in Washington, D.C.  

 

Suzanne R. Kiggin
Chair of the Governance Committee, Member of the Investment Committee
Represents self-insured employers

Term expires June 11, 2022
Suzanne R. Kiggin, of Powell, is vice president of operations and customer care for American Signature, Inc., where she oversees store operations, customer care and home delivery operations for 120 stores. She previously served in several vice president roles for Victoria’s Secret and has more than 30 years of experience in retail leadership positions. As a Senn Delaney culture-shaping facilitator, she has lectured internationally to the next generation of leaders. She is a board member of Ruling Our eXperiences, a nonprofit organization focused on empowering girls.

 

Tracie J. Sanchez
Vice Chair of the Actuarial Committee, Member of the Medical Services & Safety Committee, Member of the Governance Committee
Represents employers with 100 or fewer employees
Term expires June 12, 2021

Tracie J. Sanchez, of Lima, is the corporate president of the Lima Pallet Company, Inc. In 37 years of service to Lima Pallet, she learned to do most of the tasks the company offers, from forklift operator to sales manager to becoming president of Lima Pallet in 2001. She has a strong knowledge of cost savings programs BWC offers to Ohio's employers. She also is involved in the community by serving on the National Federation of Independent Business' Ohio Leadership Council. Mrs. Sanchez is a native of Lima, where she lives with her husband, Jeffery, and their three children.

 

Dewey R. Stokes
Member of the Audit and Medical Services & Safety committees
Represents employees

Term expires June 11, 2022
Dewey R. Stokes, of Columbus, has a long history of public service to the community, state and nation. He served more than 27 years as a Columbus police officer and was elected Franklin County Commissioner, a position he held for 12 years. He also has a wide range of experience in law enforcement and labor issues, including serving as president of the National Fraternal Order of Police, co-chairman of former Gov. George V. Voinovich's Labor Advisory Committee and member of the Columbus Area Labor Management Board.  

 

Michael P. Taylor
Member of the Actuarial and Investment committees
Represents Executive Board of the Ohio AFL-CIO
Term expires June 11, 2021

Michael P. Taylor, of Steubenville, spent three decades in the fire service, retiring from the Steubenville Fire Department as assistant chief in April 2018. Over his career, he served on several executive committees and associations related to public safety. He is current president of the Ohio Association of Professional Fire Fighters, which represents the interests of 12,000 professional firefighters in Ohio and coordinates with more than 250 local affiliates. He also serves on the executive board of the American Federation of Labor and Congress of Industrial Organizations' Ohio branch, as well as Jefferson County’s 911 executive committee. Taylor attended the George Meany Center for Labor Studies.

 

Frederick J. Treuhaft
Vice chair of the Investment Committee and Member of the Governance and Actuarial committees
Investment and securities expert
Term expires June 11, 2021

Frederick J. Treuhaft, of Toledo, is a profit-focused consultant who focuses on transforming complex challenges into business strategies. His background includes more than 38 years’ experience in all phases of business, tax, estate, strategic and family wealth planning. Director Treuhaft also specializes in working with entrepreneurs, helping start-up businesses grow by teaching owners to understand the potential of their enterprises based on local markets and communities. In addition to consulting activities at his company, Treu Advisors, he is very involved in his community including the Toledo Chamber of Commerce, the Toledo Jewish Community Foundation and several other organizations. He is a graduate of the University of Toledo with a BBA specializing in accounting.


Duties

The Board of Directors is an independent body of fiduciaries entrusted with setting overall administrative policy for BWC.

Summary of duties

  • Advising BWC's administrator on all policy and operational matters
  • Safeguarding the assets of Ohio's workers' compensation system, including maintaining the solvency of the State Insurance Fund
  • Providing independent verification of BWC's financial and operational performance

Highlights of specific duties
Please see ORC 4121.12 for a comprehensive listing of all board duties.

  • State Insurance Fund - The board has specific responsibility to safeguard and maintain the solvency of the State Insurance Fund and other funds.
  • Investment duties
    • Approve the investment policy developed by the investment committee ensuring that the policy satisfies the requirements in the law
    • Review and publish the investment policy statement annually, and prohibit any investment contrary to the policy
    • Vote to open each investment class and adopt rules establishing standards for investing in the class
    • Submit an annual report to the governor and the leaders of the four legislative caucuses on the value and performance of each investment class.
    • Vote to close any investment class
  • Actuarial duties
    • Prepare and submit (no later than 60-days following introduction) an actuarial analysis of any introduced legislation expected to have a measurable financial impact on BWC. This analysis must include the following:
      1. A summary of the statutory changes being evaluated;
      2. A description of or reference to the actuarial assumptions and actuarial cost method used in this report;
      3. A description of the participant groups used in the report;
      4. A statement of the financial impact of the legislation, including the resulting increase, if any, in employer premiums, in actuarial accrued liabilities and the relevant percent premium increase associated that would be required to amortize the increase in those liabilities as a level percent of employer premiums over a period not to exceed 30 years;
      5. A statement of whether the employer premiums paid to BWC after enactment of the proposed change should be sufficient to satisfy the funding objectives the board establishes.
    • Prepare an annual actuarial report that consists of valuation of the assets, liabilities and funding requirements of all BWC funds, which will include the following:
      1. A summary of compensation and benefits provided;
      2. A summary of the census data and financial information used;
      3. A description of the actuarial assumptions, cost method, and asset valuation method used;
      4. A summary of findings that includes actuarial accrued compensation and benefit liabilities and unfunded actuarial accrued compensation and benefit liabilities;
      5. A schedule showing the effect of any changes in compensation and benefits, actuarial assumptions, or cost methods since the previous report;
      6. This report must be submitted to the legislative committees that hear BWC legislation no later than Sept. 1 of the year following the year studied.
    • Conduct an investigation every five years to update BWC's actuarial assumptions. The investigation should analyze the experience of employers, the mortality, service and injury rates of employees, and the payment of temporary total disability, permanent partial disability, and permanent total disability. The board must submit this report to the standing legislative committees that hear BWC legislation by Nov. 1 following the fifth year studied and must include all of the following:
      1. A summary of relevant decrement and economic assumption experience;
      2. Recommended changes in actuarial assumptions to be used in actuarial variations;
      3. A measurement of the financial effect of the recommended changes.
  • General administrative duties
    • Review BWC's progress in meeting cost and quality objectives, and in complying with relevant statutes
    • Submit an annual report to the Governor, Ohio Senate President and House Speaker, including the following specific criteria:
      1. An evaluation of the cost and quality objectives of the bureau;
      2. A statement of the net assets available for the provision of compensation and benefits, as of the last day of the fiscal year;
      3. A statement of any changes that occurred in the net assets available, including employer premiums and net investment income, for the provision of compensation and benefits and payment of administrative expenses, between the first and last day of the fiscal year;
      4. The following information for each of the six consecutive fiscal years occurring previous to the report:
        • A schedule of the net assets available for compensation and benefits;
        • The annual cost of the payment of compensation and benefits;
        • Annual administrative expenses incurred;
        • Annual employer premiums allocated for the provision of compensation and benefits.
      5. A description of any significant changes that occurred during the six years for the portion of the report described above that affect the ability of the board to compare that information from year to year.
    • Review all independent financial audits
    • Study issues as requested by the Governor or Administrator
    • Contract with all of the following:
      1. Independent actuarial firm to assist administrator in setting premium rates;
      2. Independent investment counsel to assist the investment committee;
      3. Independent fiduciary counsel to assist the board in its duties.
    • Advise and consent on all of the following:
      1. Administrative rules for the classification of occupations or industries, for premium rates and contributions, for the amount to be credited to the surplus fund, for rules and systems of rating, rate revisions, and merit rating;
      2. Administrator duties and authority;
      3. Rules adopted for HPP and QHP;
      4. Rules regarding the Public Employment Risk Reduction Program and the protection of public health-care workers from exposure incidents.
    • Meet with the Governor to discuss administrator performance
    • Develop and participate in a board education program which must consist of the following:
      1. An orientation for newly appointed members;
      2. A continuing education program;
      3. A curriculum that includes member duties, compensation and benefits, ethics, governance processes and procedures, actuarial soundness, investments.
    • Appoint the members of the Audit, Investment and Actuarial committees
    • Create any committee in addition to the Audit, Actuarial, and Investment committees the board deems necessary to perform its duties

 


Terms of service

Terms

  • Initial board members will serve one-, two- or three-year terms.
    Please see member biographies for individual terms.
  • After the initial appointments, board members will serve three-year terms.
  • The Governor appoints board members, with the advice and consent of the Ohio Senate.
  • Members can be reappointed.

Compensation

  • $2,500 for attending one or more Committee meetings each month, and $2,500 for attending one or more board meetings each month
  • Not to exceed $60,000 per year when combined with compensation for committee assignments
  • Must attend at least one board meeting per month to receive compensation for that month