On the heels of last year’s $2.3 million refund and this spring’s announcement of a 6% rate decrease, the Trustees of the program are pleased to announce another surplus refund going back to member companies – this time in the amount of $1,330,000!
For context, members of the Trust have received:
- More than $3.6 million in just the past year;
- Refunds in 30 of the 34-years the program has been in existence; and
- Refunds now totaling over $36 million!
This remarkable trend of surplus is a positive reflection of our group self-insurance program’s ability to confidently weather the changing dynamics of the Maine workers’ compensation system. But we anticipate more change is coming and we all need to be ready for it.
As members of our Trust know, refunds are only part of the program’s equation when it comes to identifying the correct balance between rate levels that are predictable/stable and that also provide sufficient premiums to cover projected losses. If your company has been in business for more than three years with workers’ compensation coverage, please give us a call (623-1807 and ask for Brian) to find out if group self-insurance is right for you.
Congratulations to each of the WC Trust’s members on earning yet another financial stimulus created by their own hard work and safety efforts!