AGC/SAIF Workers’ Compensation Program Participants to Receive $5.9 Million Retro Return – Another Successful Year!
The Associated General Contractors Oregon-Columbia Chapter (AGC) and SAIF Corporation announced today a $5,885,733 million retrospective return for the 660 companies that participated in the 2011–2012 AGC/SAIF group workers’ compensation program. This represents a 20.5% return of paid premiums during the policy year. This marks the 20th time in 21 years that a retro has been paid. The long-term stability and success of this program provides great value to AGC member participants.
When combined with the 7.88% upfront discount savings provided at plan inception, total combined savings exceeds 28.4%. The actual retro return payout to participants will surpass $6.7 million after the Department of Consumer and Business Services (DCBS) and non-disabling claim reimbursement adjustments are made. Individual results and retro checks will be mailed directly from SAIF to policyholders in mid-August 2013. Total retro returns spanning the 21 year history for the AGC/SAIF program now surpass $150 million.
“This retro return provides a robust, well-earned economic boost for our members, especially during these challenging economic times. This infusion of money will allow AGC members to reinvest in their firms, their employees, and their future safety programs,” said Colette Evers, AGC director of Safety and Education. “It is amazing to see AGC’s long term commitment to safety continue to provide our members meaningful advantages: safe jobsites, healthy workers, and significant cost savings. This fantastic result is driven once again by the strong collaboration between AGC members, their employees, AGC safety staff, agents, and SAIF Corporation in an ongoing effort to reduce workplace injuries and get injured workers back to work as soon as possible.”
Since 1922 the AGC Oregon-Columbia Chapter has served as the voice of the commercial construction industry. The association provides its members with a forum for the exchange of ideas and services designed to enhance the professionalism of the construction industry, including workers’ compensation and health insurance, legislative and governmental representation, safety and loss control consulting, professional education, and training and apprenticeship programs.