One of the key benefits of being an MTM member is the owner dividend. Management is working hard at putting the 2016 financial numbers together. MTM is a state insurance regulated business. All of our numbers are required to be analyzed by an outside actuary and then submitted to the State of Michigan Insurance Department. As part of the state review, an outside actuary must look at each loss year and determine the adequacy of monies set aside to pay the losses for that year. A similar detailed review of company investments is done and included in the 2016 financials. These steps slow the process from a normal, generally accepted accounting principles process.
Once this process is completed about February 1st, a management dividend recommendation goes to the MTM Finance Committee. The MTM Finance Committee meets the first week of February and includes:
- Jack Accardo, Chairman, Haller International Technologies
- Jerry Decker, Precision Boring Company
- Gerd Walter, Creative Automation
- Gary Sievert, Wellington Industries
- Teena Kowolski, Loc Performance Products
The Finance Committee will review, debate, and amend management’s recommendation before sending their input to the full MTMIC Board. The MTMIC Board meets on February 16th, and will look at management’s recommendation and amendments made by the Finance Committee. The full Board is made up of:
- Kurt Heuser, Chairman, Bokum Tool Company
- Joe Keppler, Vice Chairman, HTI Cybernetics
- Jack Accardo, Haller International Technologies
- Bobby Cox, Acorn Stamping Company
- Jerry Decker, Precision Boring Company
- Bradley Lawton, Star Cutter Company
- John Moll, Gemini Group
- Doug Mack, retired shop owner
- Richard Smith, Wolverine Bronze Company
- Karen Schluckebier, Rogers Group
The full Board will make the final decisions regarding the MTM member dividend. Interestingly, please note that all voting members are active MTM insureds, with one exception. Our members’ best interest is achieved because members are making the decision. We will anxiously wait to give you updated information after the February Board meeting and then delivering checks in March.
At this time I like to thank these Board and Committee Members for their input and hard work. Management and staff are very capable insurance technicians, however, having the Board and Committee direction keeps us on track and focused.I will update you further on this important topic.
