July 15, 2010
FOR IMMEDIATE RELEASE
Contact: Christy Witzke | 503.373.8377 |
chrwit@saif.comDave Miller | 503.373.8031 |
davmil@saif.com Salem OR - Oregon businesses that participate in the Associated General Contractors (AGC)/SAIF Workers' Compensation Program are receiving a $3.3 million retrospective return on their 2008-2009 plan year premium.
Primarily due to the slow economy, the 2008-2009 return is smaller than average, and significantly smaller than the record return in 2007-2008. In the program's 18 years of evaluation, returns have been more than $134 million.
In total, approximately $4.1 million will be returned to members participating in the AGC/SAIF program. This includes the retrospective rating return, medical reimbursements, and the credit resulting from Oregon Department of Consumer and Business assessments.
"SAIF is exceptionally pleased with our longstanding partnership with AGC. This retro return is a result of the hard work of all of the participating AGC members, SAIF staff, and AGC staff who work on a daily basis to ensure the safety of Oregon construction workers," said SAIF Marketing and Groups Director Christy Witzke.
The program, which is about to begin its 20th year, appears to be making Oregon workplaces safer. The actual number of claims dropped again last year, and although that is partly due to the economy, Witzke believes it's also a result of safety efforts and awareness.
Companies enrolled in the program earned an estimated total cost savings of more than 28 percent. That figure includes all of the elements of the AGC/SAIF program, including up-front discounts, individual account electives, and the retrospective rating returns. The figure does not include the $100 million dividend SAIF policyholders received in April 2010.
The return will be distributed in mid-August to more than 700 participating members.
About SAIF Corporation
SAIF Corporation is Oregon's not-for-profit, state-chartered workers' compensation insurance company. Learn more about SAIF.