Salem, OR – Oregon businesses that participate in the Associated General Contractors (AGC)/SAIF Workers’ Compensation Program are receiving a $5.6 million retrospective return on their 2010-2011 plan year premium.
This year’s return percentage is almost identical to last year’s (20.5 percent versus 19.5 percent) and is an indicator of consistently strong performance from the group. In the program’s 20 years of evaluation, returns have exceeded $144 million.
In total, approximately $6.2 million will be returned to members participating in the AGC/SAIF Program. This includes the retrospective rating return, medical reimbursements, and credits resulting from adjustments to Oregon Department of Consumer and Business Services premium assessments.
“The excellent results of this plan are an outcome of the strong collaboration between workers, employers, agents, AGC, and SAIF,” said SAIF Marketing and Groups Director Christy Witzke.
“These savings represent 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, and that is the real success story,” Witzke said.
The program, which is about to begin its 22nd year, is credited with helping to make Oregon construction workplaces safer. Due in part to the continued safety awareness and loss prevention programs of the participating members, the number of injury claims dropped last year.
Companies enrolled in the program earned an estimated total cost savings of more than 45 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 return will be distributed in August to 673 participating members.