Salem, OR – The Associated General Contractors Oregon-Columbia Chapter (AGC) and SAIF recently announced a $9,870,000 retrospective return for the 642 companies who participated in the AGC/SAIF group workers’ compensation program during 2015–2016. This represents a 30.2 percent return of paid premiums during the policy year.
The actual total payout to participants will surpass $11.3 million after the Department of Consumer and Business Services (DCBS) and nondisabling claim reimbursement adjustments are made. Individual results and retro checks will be mailed directly from SAIF to policyholders in mid-August 2017.
The retro return, combined with the impressive 11 percent upfront premium discount savings, creates a total combined savings this year of over 41 percent. A retro return has been paid out to AGC members 24 of the past 25 years. Total retro returns spanning the 25-year history for the AGC/SAIF program now surpass $180 million.
Employers will realize additional savings this year from a significant reduction in Oregon pure premium rates for 2017. The contracting industry decreased 7.3 percent overall, and the AGC group weighted average rate decrease is 7.15 percent.
“While these results would be remarkable for any industry, they are particularly exciting for the construction industry, where increasing activity and a continued worker shortage present unique challenges,” said Christy Witzke, vice president of marketing, sales, and communication at SAIF. “We look forward to continuing this trend next year, by working with AGC, employers, and employees to stay vigilant about safety efforts.”
The retro return is based on the safety performance of all group members, which is truly a team effort. Employers make investments and commitments to safety and training. Employees carry out the work, utilizing safe work practices and behaviors. Industry professionals from SAIF, AGC, and agent brokers work diligently to train and educate, manage claim costs, and get injured workers back to productive work.
The ultimate reward of programs like this is the success of creating and maintaining a safety-focused environment that encourages and rewards workers to be safe and productive on the jobsite. The goal is to have all workers return home to their families every day without a work-related injury or illness.
“I am proud to say that this program has been around now for 25 years, and we continue to produce amazing results,” said Colette Evers, AGC Safety and Education director. “Each year we fine-tune this program to provide optimum results: creating safer workplaces, saving lives, and saving money. And year after year, I see improvements in our members’ safety attitudes, culture, and commitment. The premise that “safety pays” is clearly understood.”