Memorandums of Understanding (MOUs) have long been used by Law enforcement associations to negotiate terms between employers and associations, and are a useful tool to develop a trusting business relationship.
MOUs record the terms and establish a basic intention between the parties in creating a business relationship and providing a common intention, reducing the risk of uncertainty, memorializing prior agreements and providing a framework for future negotiations. 1
It’s important for associations to know the various terms and benefits each employer offers its employees to determine what potential benefits and protections may be lacking to employees.
The Insurance and Benefits Trust provides exceptional insurance products at a reasonable price, and in the process offers services and support to members in understanding how our products can best protect them and their family members. The Trust also advocates for members in cases when they need assistance and provides assistance to association leadership in negotiating our products into their MOUs.
The IBT’s disability plan was designed to protect one of the most important assets for law enforcement officers: future earning ability. If a member becomes disabled due to an injury or illness and can’t work, this disability plan provides the member and their family with a continuing monthly income up to a maximum of $10,000 per month. This plan far exceeds other plans offered to law enforcement officers in providing unparalleled financial security.
In reviewing your MOUs, make sure to know what, if any, disability plan the employer provides its employees. Make sure to identify if there is a lack of coverage, and if so, consider the IBT’s disability plan to help ensure your members’ continued receipt of a monthly income.
In addition to protecting future earning ability, the IBT also provides members with group life insurance with a simplified life insurance offering and accidental death and dismemberment coverage.
For more information on the IBT’s disability plan, life insurance and accidental death and dismemberment coverage, please contact our trusted partner, Myers-Stevens & Toohey & Co., Inc., at (800) 827-4695.
The IBT is committed to serving its participants and we look forward to serving you and your family’s insurance needs now and into the future.
As always, the IBT thanks PORAC members and its participants for supporting the IBT’s benefits.
Featured in the July 2022 issue of PORAC Law Enforcement News.
1. Worrad, Laura (2019, December 3) “5 Benefits of Using a Memorandum of Understanding (MOU). Retrieved from Lawpath.com ↩