Salem, OR SAIF Corporation's board of directors today declared a $100 million dividend for more than 44,000 current and former customers. SAIF last declared a dividend in December 2007, when the amount paid was $60 million.
"This infusion of millions of dollars into our local economies is the result of smart investments and a nationally-recognized workers' compensation system that is both affordable for employers and meets the needs of injured workers," said Governor Ted Kulongoski. "At a time when businesses are still struggling, this dividend will help small and large employers continue to invest in Oregon and their workers."
Customers with policies that ended in 2008 are eligible for the dividend. Individual dividend information will be available to employers through SAIF's website, saif.com, beginning March 24, 2010.
Checks will be mailed to eligible SAIF policyholders during April. Dividend amounts will range from 20.79 percent to 24.61 percent of premium.
"SAIF is able to pay a dividend this year because of solid recovery in the value of our investments during 2009 and improvements in workplace safety and loss experience," said President and Chief Executive Officer Brenda Rocklin.
"The SAIF board's number one priority is to maintain the solvency of the fund that pays benefits to injured workers," said John Anhorn, chair of SAIF's board. "The strong investment performance in 2009 has enabled us to return $100 million to the Oregon economy and still be confident that our reserves are secure."
SAIF Corporation is Oregon's not-for-profit, state-chartered workers' compensation insurance company. SAIF has been doing business for 95 years and is the leading workers' compensation insurance provider in Oregon. Oregon Business magazine recently named SAIF the sixth-best large nonprofit to work for in Oregon.