Garrett Andrews//July 14, 2017//
Members of Associated General Contractors’ Oregon-Columbia chapter got back a record amount in retrospective returns for workers’ compensation payments – $9.87 million for 642 companies.
The figure represents a 30 percent return of paid premiums during the 2015-16 policy year, the AGC stated Thursday.
SAIF, Oregon’s nonprofit workers’ compensation insurance company, will mail individual results and retro checks to policyholders in mid-August.
Firms are expected to get additional savings this year due to a reduction in Oregon pure premium rates. The contracting industry decreased 7.3 percent overall, with the AGC group slightly below the average rate of decrease, with 7.15 percent.
The retro return is based on the safety performance of all group members.
“Employers make investments and commitments to safety and training,” the AGC said in a news release. “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.”