Impressive Return: MFPD Fund Distributes Over $1.3 Million Back to Members.

Impressive Return: MFPD Fund Distributes Over $1.3 Million Back to Members.
 
 
It’s been another exceptional year for members participating in the Michigan Food Processor & Distribution Fund (MFPD Fund). This year over 45 food processing, food wholesale and food distribution employers will receive another significant return. The MFPD Fund has been authorized by the State of Michigan Workers’ Compensation Agency to return $1,350,000 of profit back to its members. The return brings the total profits distributed to over $3,708,000 million, since the Fund’s inception in 2007.
 
Returns like these are no accident. The Fund Board of Trustees work hard on your behalf to ensure the members have a long-term cost effective program. The MFPD Fund’s unique structure combined with its solid performance has helped reduce the members’ overall insurance cost. “Ordinarily an insurance company keeps the underwriting profits and investment income,” according to Troy Terwilliger, Fund Chair. “But in the case of the MFPD Fund, the members earn it and receive it - not an insurance company.”
 
While the Fund’s structure is important, its great performance can be attributed to consistent underwriting guidelines to insure proper selection of new members, a strong focus on workplace safety, and aggressive claims management. The Fund also has numerous safety resources and loss control programs that are specific to the food processing & distribution industry. Some of the Fund’s educational training focuses on creating a safety culture in the workplace by working with owners/supervisors on proper claims handling, accident investigations, return-to-work programs and making every employee accountable for safety on the job.
 
In addition to safety, workers’ compensation claims are managed aggressively with an emphasis on getting the injured employee back to work as soon as possible. While most claims are legitimate, Fund adjusters are on the lookout for fraudulent claims and typically conduct a thorough investigation. Another method for controlling claim costs is the review conducted by the Fund Board of Trustees prior to any settlement offer. This claim settlement authority serves as another check and balance toward controlling workers’ compensation costs. With a track record of returning an average of 34% of premium, the MFPD Fund continues to outperform the competition, saving members substantial money on their workers’ compensation costs and working with members to improve upon their existing safety program.
 
The Michigan Food Processor & Distribution Fund covers a wide variety of classifications such as food processing, food wholesale and food distribution; specifically those employers that convert raw food products into consumable items such as bottlers, canners, brewers, bakers, homogenizers and pet food processors. Also eligible are businesses engaged in food warehousing, food wholesale distribution and the packaging of food products.
 
Congratulations on an outstanding year! If you’re not currently a member, you’re missing out on the many benefits that the MFPD Fund has to offer. Please contact RPS Regency for more information or mfpdfund.org.

 Click here to read the  MFPD Fund Newsletter.