AGC/SAIF program returns $11.7 million to member businesses
FOR IMMEDIATE RELEASE
Contact: Rick Hanson | 503.373.8727 | richan@saif.com
Christy Witzke | 503.373.8377 | chrwit@saif.com
Salem OR – Construction industry businesses participating in the innovative workers' compensation program operated by Associated General Contractors (AGC) and SAIF Corporation have received an $11.7 million return on their annual insurance premiums.
Companies enrolled in the AGC/SAIF Workers' Compensation Program for the 2005-06 plan year earned an estimated total cost savings of 49 percent. The figure includes all of the elements of the AGC/SAIF program, including up-front discounts, individual account electives, and the retrospective rating returns.
In total, over $13.2 million – more than one-third of the total premium paid – is being returned to participating members. The total includes an $11.7 million retrospective rating return, medical reimbursements, and the credit resulting from Department of Consumer and Business Services assessments.
"AGC and its members are extremely proud of this achievement. Many of our members will reinvest these returns into their safety and employee programs, ensuring future success. The long-term benefit is having contractors committed to creating safe workplaces and implementing safe work practices," says Colette Evers, AGC's Group Program Manager.
"The real success story here is that these savings reflect the thousands of Oregon construction workers who went home injury-free day after day as a result of the hard work of all those involved," says Christy Witzke, SAIF's Group Insurance and State Agency Operations Manager.
"The strong collaboration between workers, employers, insurance agents, AGC, and SAIF account for the continued success of this program," Witzke says.
The return distribution was sent out in early August to 750 participating members. Members have received over $94 million in retrospective rating plan returns and an estimated $237 million in total net cost savings since the program's inception in 1991.
The Workers' Compensation Program provides competitive rates, construction industry expertise, and consistent performance. The program, a composite of a retrospective rating plan combined with an up-front discount, has a single evaluation nine months after the close of the plan year.
For more information about the program, contact your independent insurance agent or SAIF at 800.285.8525.