Painters and Allied Trades
District Council Benefits Office - Office Manager Testimonial
“The major function of IUPAT District Council Customer Service Team is to be responsive to the needs of our retirees. Concerns arise when making a change from one carrier to another as transitions can prove difficult. We were impressed by KTP Advisors’ approach to managing any and all of our questions or concerns. KTP delivered a seamless implementation process with little disruption to our retirees. KTP Advisors continues to be approachable, responsive and timely with any requests from our team. I am confident this level of client service is the standard at KTP Advisors and would recommend their services.”
IUPAT District Council - Fund Administrator Testimonial
“KTP Advisors assisted IUPAT District Council in moving our Medicare eligible retirees from self-funded medical and prescription drug plans to fully insured medical and drug plans. The new Medicare supplement plan is saving the trust fund $319,150 or 24.4% and the drug plan is savings an additional $1,072,046 or 41.9% for a total of $1,391,196 or 36.0%.
KTP Advisors personnel were very knowledgeable and worked together with our current advisor during the evaluation process. They were able to implement the new plan on a very tight time table and were very responsive. I feel very comfortable recommending them to help other plans achieve significant savings.”
Union Overview
Recognized as one of the most active District Councils in its trade, this KTP client’s member’s donate time and financial resources to charities in the Delaware Valley, Northeast, Central Pennsylvania and Southern New Jersey. This group represents over 4,500 members in the finishing trades. The union is headquartered in Philadelphia, PA.
Plan Design Summary
Prior to the new plan design and structure, the union maintained a Self Funded Retiree Drug Subsidy plan. KTP created solutions that met the union’s goals of:
Reducing the union’s liability and lowering cash expenses
Curtailing the risks of the existing self-funded retiree medical program
Maintaining the same, if not better benefits for the union’s retiree population
Minimizing the impact on the retiree population
KTP’s Results
2014 Results
KTP was able to move the union to a fully-insured EGWP model that eliminated all the financial exposures of the self-funded plan (healthcare cost trends, catastrophic losses, etc.) and greatly reduced the financial burden on the union, while improving retiree benefits.
KTP created a detailed financial analysis illustrating the likely impacts of various plan changes on the client’s retiree finances. Under the new medical plan, the union saved over $300k or 24.4% and the drug plan saved an additional $1.1 million or 41.9% for a total savings of $1.4 million or 36%.
2019 Results
KTP ran a competitive Rx RFP in 2018 resulting in a 26% ($500,000) decrease in prescription drug costs for the Fund. The incumbent PBM retained the business so there was zero member disruption. In addition to significantly reducing the monthly premium, KTP was able to negotiate a 5% rate cap for the 2020 AND 2021 plan years!