CONCORD — The struggling Property-Liability Trust, which recently hired a Boston bankruptcy attorney as it faces potential financial insolvency, has hired longtime New Hampshire Local Government Center executive Wendy L. Parker as its executive director, the organization announced Tuesday.
In a release, PLT board Chairman Dennis Pavlicek said the move increases the public property and liability coverage administrator’s independence from its sister organization, HealthTrust, another former LGC subsidiary that administers health insurance to public employees.
“I’m very pleased to have my appointment approved by the board,” Parker said Tuesday.
Parker, who has been with LGC for 24 years and is the chief operating officer for HealthTrust, was given a three-year contract with an annual salary of $175,500. She starts her new job Monday.
“We look forward to her doing a great job for Property-Liability Trust in the future,” said Dennis Pavlicek, chairman of the PLT board.
However, the organization’s state regulator, Bureau of Securities Regulation Director Barry Glennon, said the move reflects an on-paper-only separation of the entities because Parker will continue in her role as chief operating officer of HealthTrust on a contracted, interim basis.
The former LGC subsidiaries split apart during a Sept. 1 corporate reorganization that eliminated the LGC moniker and, technically at least, created separate not-for-profit corporations to govern HealthTrust, PLT and the New Hampshire Municipal Association, which provides municipal training and lobbying services. Despite the corporate separation, HealthTrust, PLT and NHMA continue to share the same building in Concord and share numerous services, including human resources, information technology and a chief financial officer.
“I find it interesting that Property Liability Trust has gone to great lengths in its press release to portray itself as a separate and independent organization,” Glennon said.
Parker inherits an organization that is still wrestling with how to make a $17.1 million payment that was required under an order issued last year by hearing officer Donald Mitchell. The money was deemed to be improperly taken from HealthTrust over a decade and used to subsidize a money-losing workers’ compensation program.
Thirteen months after the order was issued, PLT, which does not have the cash on hand to make the payment, still has no plan.
“We’re working on that now,” Pavlicek said.
Parker, whose contract has provisions for severance pay should PLT become insolvent, said she will work with the PLT board to come up with a solution.
“Property-Liability Trust is important,” she said. “It needs to continue. There needs to be options for cities and towns. Competition is good.”