Oregon businesses that participate in the Associated General Contractors/SAIF Workers’ Compensation program will receive a $2.5 million retrospective return on their 2014-15 plan year premium, SAIF announced on Wednesday.
Six hundred and sixty-five AGC employers in construction and related industries participate in the joint program with SAIF. The program emphasizes safety awareness and injury prevention.
At 8.3 percent, this year’s retro return is smaller than in previous years due to several serious injuries. In the program’s 24 years of evaluation, returns have totaled more than $169 million.
More than $3.4 million will be returned to members participating in the AGC/SAIF program. This includes the retro return, medical reimbursements, and credits resulting from adjustments to Oregon Department of Consumer and Business Services premium assessments.
“This year’s results may not be as strong as in the past, but because of the outstanding collaboration between workers, employers, agents, AGC, and SAIF, we’re still able to return $2.5 million to these Oregon companies,” SAIF Marketing and Groups Director Christy Witzke said in a statement.
The return will be distributed in August 2016.
SAIF is Oregon’s not-for-profit workers’ comp insurance company.
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