As of Wednesday, July 16, 2014
SALEM — Oregon businesses that participate in the Associated General Contractors (AGC)/SAIF Workers’ Compensation Program are receiving an $8.5 million retrospective return on their 2012-2013 plan year premium.
This year’s retro return, at 30.5 percent, is 10 percent higher than last year’s, and is an indicator of consistently strong performance from the group. In the program’s 22 years of evaluation, returns have totaled more than $158 million, an announcement said.
Six hundred fifty-five AGC employers in construction and related industries participate in the joint program with SAIF. The program emphasizes safety awareness and injury prevention to help to make Oregon construction workplaces safer.
The increase in this year’s retro return over last year’s is also partly due to a combination of more hours worked by the participating members, which increased premiums slightly, while incurred losses decreased by $2 million.
In total, more than $9.6 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.
“SAIF is exceptionally pleased with our longstanding partnership with AGC and the positive results of this program,” said SAIF Marketing and Groups Director Christy Witzke.
“The real success story continues to be that these savings reflect the thousands of Oregon construction workers who went home injury-free as a result of the efforts of the employers, the agents, AGC, and SAIF,” Witzke said.
The return will be distributed in August 2014.