Financial administration of the Trust ensures that the fund assets are soundly invested and expenditures are closely monitored. At HBT, the financial administration of the Trust is managed by the Financial Services and Actuarial/Investments departments with each department being responsible for different aspects of the Trust’s management:
Financial Services Department:
- Collecting contributions
- Managing cash flow
- Data coordination
- Budgeting and forecasting
- Financial reporting
Actuarial/Investment Department:
- Contribution rate setting
- Disclosure statement preparation
- Investments
- Actuarial valuations
The Trust is self-insured with funding provided by contributions from participating employers, employees and investment income.
The fund is used to:
- Pay eligible claims
- Pay for approved rehabilitation
- Pay administration expenses
Trust investments are made in accordance with a Statement of Investment policy determined by the Trustees. The Investment portfolio is diversified and outsourced to several external investment management firms, with investment results closely monitored by the Financial Administration department at HBT.