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Facts About The Illinois League of Financial Institutions Trust

To view a Plan Savings Chart for Group Insurance Trust products,
click here.

The Illinois League of Financial Institutions Trust has sponsored a group insurance program for over 50 years as a service to members and their employees. A formal Trust Agreement was adopted in 1967 and has since been amended to meet all the requirements of the Employee Retirement Income Security Act of 1974 (ERISA). The Trust is a separate legal entity and the policyholder for the various group insurance policies offered to all League members. The Trust enjoys a tax-exempt status under Section 501 (c)(9) of the Internal Revenue Code. Some important facts about the group insurance programs available through the Trust include:

bulletThe Trust is a not-for-profit entity, existing solely for the purpose of affording League members a source for purchasing quality and competitive group insurance products and services. 
bulletThe Trust offers all members, large and small, the buying power of a multi-million dollar program. This means lower overhead expenses, more plan flexibility, expanded administrative services and personal assistance from our consultants and actuaries at no extra cost to members. 
bulletThe Trust's policies and products are all fully insured by one of the nation's top carriers, Principal Life Insurance Company
bulletPrincipal Life also provides consulting and administrative services to all participants with excellent and timely claim administration and handles all COBRA and HIPAA administration for participating member institutions.
bulletThe Trust offers a complete portfolio of products and services. Programs are continuously reviewed to provide the most up-to-date products, cost management techniques, funding alternatives and administrative efficiencies.
bulletPrincipal representatives are available to answer questions and/or visit your institution to provide personal assistance at any time. (Representatives are available to assist with plan design, price alternative plans, help with employee meetings, meet with your Board of Directors, etc.)  If you have questions or need assistance, please contact Bob Penwell at penwell.bob@principal.com.
bulletPrincipal's claim administration services are timely and accurate. Over 90% of all claims will be handled within ten working days and processed with 99% accuracy.

The Plan Administrator of the Trust is:
              Jay R. Stevenson
              133 South 4th Street, Suite 206
              Springfield, IL 62701

The Trustees of the Plan are:            

             Dane H. Cleven, Chairman
             Community Savings Bank
             4801 West Belmont Avenue
             Chicago, IL 60641

             Ralph C. Carstensen, Vice Chairman
             Hoyne Savings Bank
             4786 Milwaukee Avenue
             Chicago, IL 60630

             Kenneth B. Elmore
             The First National Bank of Litchfield
             324 North State Street
             Litchfield, IL 62056

             Robert Farmer
             The First National Bank of Beardstown
             300 Washington Street
             Beardstown, IL 62618

             Stanley Jenks
             Security Savings Bank
             220 East Broadway, P.O. Box 800
             Monmouth, IL 61462
            
             Kathleen E. Marinangel
             McHenry Savings Bank
             353 Bank Drive, P.O. Box 566
             McHenry, IL 60051

             Alan D. Martin
             Iroquois Federal Savings & Loan Association
             201 East Cherry Street, P.O. Box 190
             Watseka, IL 60970

             C. Steven Sjogren
             Ben Franklin Bank of Illinois
             14 North Dryden Place
             Arlington Heights, IL 60004

For more information regarding the group insurance program, call 800-237-1936 or e-mail jstevenson@ilfi.org.

 

 

   

Mark your calendar for the League's 129th annual convention

September 10-14, 2008 

Pointe Hilton
Tapatio Cliffs Resort 

Phoenix, AZ

 

Copyright 2008 Illinois League of Financial Institutions
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