AGC/SAIF Workers’ Compensation Program Participants to Receive $8.5 Million Retro Return – Another Successful Year!
The Associated General Contractors Oregon-Columbia Chapter (AGC) and SAIF Corporation announced today an $8,522,347 million retrospective return for the 655 companies that participated in the 2012–2013 AGC/SAIF group workers’ compensation program. This represents a 30.5% return of paid premiums during the policy year. This marks the 21st time in 22 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 10.9% upfront discount savings provided at plan inception, total combined savings exceeds 41%. The actual retro return payout to participants will surpass $9.6 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 2014. Total retro returns spanning the 22 year history for the AGC/SAIF program now surpass $158 million.
“During the review of the numbers this year, it was great to see the hours worked and premiums increase slightly, while the incurred losses decreased by a healthy $2 million. This means our AGC members are getting busier and remain the safest contractors in the state. It also means another substantial retro return due to the success of the program,” stated Steve Malany of P & C Construction, 2014 Oregon-Columbia Chapter president. “We can attribute the program’s success to the great partnership between our contractor members, their safety committees, SAIF Corporation, and AGC’s safety management consultants. This team of safety professionals creates an environment that allows more people to be safe and productive on the jobsite, and most importantly, go home to their families at night.”
Malany added, “P & C Construction plans to use our retro return to support our summer picnic at a Hillsboro Hops game as we have in the past. It is the perfect time to thank our employees and their families for all the hard work throughout the past year, and to remind everyone of the importance of safety on the jobsite. I hope all members plan to celebrate safety success with their employees in some similar fashion.”
Click here for more information on the AGC/SAIF workers’ compensation program.