Salem OR – Oregon businesses that participate in the Associated General Contractors (AGC)/SAIF Workers’ Compensation Program are receiving a $5.9 million retrospective return on their 2011-2012 plan year premium.
This year’s return percentage is identical to last year’s (20.5 percent for each year) and is an indicator of consistently strong performance from the group. In the program’s 21 years of evaluation, returns have exceeded $150 million.
In total, approximately $6.8 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.
“We look forward to this announcement every year, because the return is confirmation that safety programs work,” said SAIF Marketing and Groups Director Christy Witzke. “The return—and the continued focus on safety for workers—wouldn’t be possible without the efforts of the employers, the agents, the workers, AGC, and SAIF.”
Companies enrolled in the program earned an estimated total cost savings of more than 50 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 661 participating members.