2024-11-08T08:25:26-06:00 2023-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 790 N WATER ST SUITE 2000 MILWAUKEE WI 53202 990 2023-01-01 391519322 WEA INSURANCE CORPORATION WEAI 8002794000 33 NOB HILL ROAD MADISON WI 53713 VAUGHN VANCE PRESIDENT & CEO 8002794000 2024-11-05 1 1 SHELBY NETZ CPA P01405265 4147775500 2024-11-05 2023 2024-10-15 13:58:12Z X VAUGHN VANCE 33 NOB HILL ROAD MADISON WI 53713 700492144 0 X WEATRUST.ORG X 1985 WI ENSURING PEACE OF MIND ALONG THE HEALTHCARE JOURNEY THROUGH COMPASSIONATE EMPLOYEES WHO PROUDLY DELIVER EXCEPTIONAL SERVICES. 10 10 0 0 115 0 0 0 557954613 2200063 21890726 28474925 25850 164958 579871189 30839946 0 0 564982903 61040373 60 3261507 0 0 0 51666130 9119126 616649093 73421006 -36777904 -42581060 600975134 557431694 564318799 467389741 36656335 90041953 X ENSURING PEACE OF MIND ALONG THE HEALTHCARE JOURNEY THROUGH COMPASSIONATE EMPLOYEES WHO PROUDLY DELIVER EXCEPTIONAL SERVICES. 1 1 INSURANCE PROGRAMS PROVIDE BENEFITS TO APPROXIMATELY 6,300 LIFE PARTICIPANTS, 1,600 VISION PARTICIPANTS, AND 8,000 LONG TERM CARE PARTICIPANTS. PERFORMANCE OF SERVICES NECESSARY FOR THE OPERATION OF THE WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST (WEA TRUST), INCLUDING THE PAYMENT OF CLAIMS AND RELATED ADMINISTRATIVE COSTS ASSOCIATION WITH TRUST BENEFIT PLANS USING TRUST FUNDS. 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 2098 0 1 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X SUE MORAN 8002794000 33 NOB HILL ROAD MADISON WI 53713 X VAUGHN VANCE PRESIDENT & CEO 20.00 20.00 X 199191 199191 63388 DAWN WITEK VP OF FINANCE & ACCOUNTING 20.00 20.00 X 149020 114728 17628 BARB RUEGSEGGER VP & CORPORATE SECRETARY 20.00 20.00 X 88323 88323 46086 MARY THEISEN BOARD MEMBER, CHAIR 2.25 2.25 X X 2489 3514 0 MARGARET GUERTLER BOARD MEMBER, VICE CHAIR 2.25 2.25 X X 1789 2864 0 HEATHER MIELKE BOARD MEMBER, SECRETARY/TREASURER 2.25 2.25 X X 1600 2189 0 AMY JOHNSON BOARD MEMBER 1.25 1.25 X 1550 1800 0 MIKE HALLORAN BOARD MEMBER 1.25 1.25 X 1575 1800 0 ANDREW STAAB BOARD MEMBER 1.25 1.25 X 1450 1700 0 CAROL KETTNER BOARD MEMBER 1.25 1.25 X 1150 1650 0 SARAH KRUGER BOARD MEMBER 1.25 1.25 X 1250 1500 0 SHELLY KRAJACIC BOARD MEMBER 1.25 1.25 X 1050 1450 0 PEGGY WIRTZ-OLSEN BOARD MEMBER 1.25 1.25 X 950 1250 0 451387 421959 127102 3 0 1 0 NOB HILL INVESTMENTS LLC 10 E DOTY STREET SUITE 300 MADISON WI 53714 BUILDING RENTAL 2071035 MILLIMAN 15800 BLUEMOUND RD STE 100 BROOKFIELD WI 53005 ACTUARIAL SERVICES 566406 OPTUMHEALTH CARE SOLUTIONS PO BOX 860214 MINNEAPOLIS MN 554860214 BILL AUDIT SERVICES 516099 MEDIMPACT HEALTHCARE SYSTEM INC PO BOX 509098 5TH FLOOR SAN DIEGO CA 921509098 PHARMACY ADMINISTRATION 495340 BENAFICA 6701 UPPER AFTON RD STE 200 SAINT PAUL MN 55125 INDIVIDUAL CHOICE HEALTH REIMBURSEMENT A 454484 17 CONTRIBUTIONS EARNED 524114 1511445 1511445 ADMINISTRATIVE SERVICE FEE 561000 688618 688618 2200063 18305637 115 18305522 676894735 2926751 667565247 2086951 9329488 839800 10169288 10169288 SETTLEMENT PROCEEDS 900099 101776 101776 OTHER INCOME 900099 63182 63182 164958 30839946 2365021 115 28474810 61040373 1000448 1314630 246497 508811 191121 179062 117015 236350 561626 2034648 237109 2312576 2667313 2441 58441 72561 190571 EQUIPMENT 284269 INSURANCE DEPT LICENSES 139259 MISCELLANEOUS 25885 73421006 11070591 755686 66412305 28557644 9936280 1210 321182 475503 567296 360215 0 207081 487684951 511054889 14587668 403627 10962157 15976054 600975134 557431694 17818176 17048729 149912 145689 546350711 450195323 564318799 467389741 X 2000000 2000000 0 0 34656335 88041953 36656335 90041953 600975134 557431694 X -42581060 17783026 78183652 X 0 1 X 1 0 383234 179102 204132 184062 181113 2949 207081 BENEFITS PAYABLE 439336335 LEASE LIABILITY 10858988 450195323 X PART X, LINE 2: THE CORPORATION ACCOUNTS FOR UNCERTAIN TAX POSITIONS IN ACCORDANCE WITH FASB ASC 740, WHICH PROVIDES A FRAMEWORK FOR HOW COMPANIES SHOULD RECOGNIZE, MEASURE, PRESENT AND DISCLOSE UNCERTAIN TAX POSITIONS IN THEIR FINANCIAL STATEMENTS. THE CORPORATION MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. THE TAX BENEFITS RECOGNIZED IN THE FINANCIAL STATEMENTS FROM SUCH POSITION ARE MEASURED BASED ON THE LARGEST BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT. THE CORPORATION DID NOT RECORD ANY UNRECOGNIZED TAX BENEFITS AS OF DECEMBER 31, 2023 AND 2022. THE CORPORATION DOES NOT BELIEVE THAT IT IS REASONABLY POSSIBLE THAT ITS UNRECOGNIZED TAX BENEFITS WOULD MATERIALLY CHANGE IN THE NEXT TWELVE MONTHS. THE CORPORATIONS POLICY IS TO INCLUDE INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS AS A COMPONENT OF OTHER EXPENSES. AS OF DECEMBER 31, 2023 AND 2022, THE CORPORATION DID NOT RECORD ANY PENALTIES OR INTEREST ASSOCIATED WITH UNRECOGNIZED TAX BENEFITS. X X X 1 0 0 VAUGHN VANCE PRESIDENT & CEO 196526 196526 2665 2665 0 0 16500 16500 15194 15194 230885 230885 0 0 DAWN WITEK VP OF FINANCE & ACCOUNTING 99790 65498 0 0 49230 49230 7870 7870 944 944 157834 123542 0 0 BARB RUEGSEGGER VP & CORPORATE SECRETARY 83437 83437 4811 4811 75 75 7849 7849 15194 15194 111366 111366 0 0 PART I, LINE 3 THE PRESIDENT & CEO SIGNED A BOARD-APPROVED CONTRACT IN 2021 THAT CONFIRMED SALARY ADJUSTMENTS FOR 2022, 2023, AND 2024. IN 2023, THE ORGANIZATION STARTED WORKING WITH AN OUTSIDE COMPENSATION CONSULTANT TO DETERMINE APPROPRIATE SALARY ADJUSTMENTS FOR THE PRESIDENT & CEO MOVING FORWARD. PART I, LINE 4A DAWN WITEK RECEIVED A SEVERANCE PAYMENT IN THE AMOUNT OF $68,309. FORM 990, PART III, LINE 2 EFFECTIVE 1/1/23, NEW PROGRAM SERVICES INCLUDE THE PERFORMANCE OF SERVICES NECESSARY FOR THE OPERATION OF THE WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST (WEA TRUST). FORM 990, PART III, LINE 3 WEA INSURANCE CORPORATION EXITED THE HEALTH INSURANCE MARKET EFFECTIVE DECEMBER 31, 2022, AND DID NOT OFFER HEALTH INSURANCE IN 2023. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF THREE (3) OR MORE DIRECTORS. THE EXECUTIVE COMMITTEE SHALL HAVE AND EXERCISE ALL OF THE AUTHORITY OF THE BOARD OF DIRECTORS IN THE MANAGEMENT OF THE CORPORATION, BUT ONLY TO THE EXTENT WHICH SUCH POWER AND AUTHORITY SHALL BE DELEGATED TO SUCH EXECUTIVE COMMITTEE IN THE RESOLUTION APPOINTING THE EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION A, LINE 6 WEA INSURANCE CORPORATION IS A WHOLLY OWNED SUBSIDIARY OF WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST. WISCONSIN EDUCATION ASSOCIATION TRUST IS THE SOLE SHAREHOLDER. FORM 990, PART VI, SECTION A, LINE 7A WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST ELECTS ALL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN EXTERNAL ACCOUNTING FIRM. ANY AREAS OF CONCERN ARE DISCUSSED AND REVIEWED PRIOR TO FILING. A COMPLETE COPY OF THE FORM 990 IS PROVIDED TO THE ENTIRE BOARD OF DIRECTORS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C UPON APPOINTMENT, EACH MEMBER OF THE GOVERNING BODY AND THE OFFICERS OF THE ORGANIZATION ARE REQUIRED TO COMPLETE A WRITTEN CONFLICT OF INTEREST POLICY FORM VERIFYING THAT THEY HAVE NO CONFLICT OF INTEREST. EACH YEAR THEREAFTER, THIS FORM IS AGAIN COMPLETED TO CONFIRM THERE HAVE BEEN NO CHANGES IN STATUS. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT & CEO SIGNED A BOARD-APPROVED CONTRACT IN 2021 THAT CONFIRMED SALARY ADJUSTMENTS FOR 2022, 2023, AND 2024. IN 2023, THE ORGANIZATION STARTED WORKING WITH AN OUTSIDE COMPENSATION CONSULTANT TO DETERMINE APPROPRIATE SALARY ADJUSTMENTS FOR THE PRESIDENT & CEO MOVING FORWARD. FORM 990, PART VI, SECTION C, LINE 19 WEA INSURANCE CORPORATION IS REGULATED BY THE OFFICE OF THE COMMISSIONER OF INSURANCE (OCI) OF THE STATE OF WISCONSIN. WEA IS REQUIRED TO SUBMIT ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST STATEMENTS, AND FINANCIAL STATEMENTS TO THE OCI. THESE DOCUMENTS THEN BECOME A MATTER OF PUBLIC RECORD. THESE DOCUMENTS ARE ALSO AVAILABLE UPON REQUEST. FORM 990, PART V, LINE 2A, PART VII, SECTION A, AND PART IX, LINE 5: EFFECTIVE IN 2023, A RELATED ORGANIZATION, WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST (THE TRUST) ENTERED INTO AN AGREEMENT WITH A PROFESSIONAL EMPLOYER ORGANIZATION (PEO) TO PERFORM ITS PAYROLL FUNCTIONS AND THEREFORE, DOES NOT DIRECTLY ISSUE FORMS W-2. OFFICERS AND BOARD MEMBERS OF THE TRUST ALSO SERVED DURING 2023 AS OFFICERS AND BOARD MEMBERS OF WEA INSURANCE CORPORATION (THE CORPORATION). IT IS ESTIMATED THE OFFICERS AND BOARD MEMBERS AVERAGED 50 PERCENT OF THEIR TIME TO THE TRUST ON A WEEKLY BASIS AND THE REMAINING 50 PERCENT OF THEIR TIME TO THE CORPORATION. AN INTERCOMPANY AGREEMENT BETWEEN THE TRUST AND THE CORPORATION WAS ENTERED INTO IN 2023 AS WELL, STATING 50 PERCENT OF COMPENSATION IS ULTIMATELY PAID BY THE TRUST AND THE REMAINING 50 PERCENT IS PAID BY THE CORPORATION. THE TRUST REIMBURSES THE CORPORATION ON A MONTHLY BASIS BASED ON THE INTERCOMPANY AGREEMENT AND A RECONCILIATION IS PERFORMED AT YEAR-END TO IDENTIFY ANY FURTHER PAYMENTS BETWEEN THE ENTITIES. FORM 990, PART VII, SECTION A: DAWN WITEK, LISTED ON PART VII AS THE VP OF FINANCE AND ACCOUNTING, ENDED HER ROLE EFFECTIVE 07/31/2023. AS OF 08/01/2023, DAWN TOOK UP A CONSULTING POSITION FOR WEA INSURANCE CORPORATION, AND AS SUCH, WAS ISSUED A FORM 1099 FOR HER SERVICES IN THIS ROLE IN THE VALUE OF $34,292. THIS AMOUNT IS INCLUDED IN PART VII, SECTION A, COLUMN D. FORM 990, PART XI, LINE 9: UNREALIZED GAIN IN NEUGEN HEALTH 345,260. CHANGE IN RESERVES 77,838,392. WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST 33 NOB HILL RD MADISON WI 53713 391142212 VEBA TRUST WI 501(C)(9) N/A 0 HEALTH TRADITION HEALTH PLAN 33 NOB HILL ROAD MADISON WI 53713 391545987 HEALTH MAINTENANCE ORGANIZATION WI WEA INSURANCE CORPORATION C 865684 1.00000 1 NEUGEN LLC 33 NOB HILL ROAD MADISON WI 53713 830949021 SHARED SERVICE ORGANIZATION WI WEA INSURANCE CORPORATION C 55007 403623 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 1 WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST O 492679 ACTUAL WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST N 250000 ACTUAL HEALTH TRADITION HEALTH PLAN INC S 8525404 BOOK VALUE WISCONSIN EDUCATION ASSOCIATION INSURANCE TRUST L 688618 AMOUNT PAID