In their final meeting of 2014, the Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation (LRA SIF) Board of Trustees declared a dividend of $2.2 million to eligible plan participants. The LRA SIF is a homogeneous fund providing workers’ compensation to Louisiana’s hospitality industry and related businesses.
Since 1988, and inclusive of this dividend, the LRA SIF will have returned nearly $104 million in surplus and safety dividends to eligible members. This marks the 27th consecutive year the LRA SIF has declared a surplus in unused premium and interest income that will be returned to members. This surplus will include eligible participants from the fund years 2009, 2010, 2011 and 2012 to be paid in April 2015.
“In these challenging economic times, we are sensitive to our members’ needs regarding cost management, so we focus on providing competitive rates for their workers’ comp coverage,” said Stan Harris, President and CEO of the Louisiana Restaurant Association. “We are pleased to announce this surplus dividend for the 27th consecutive year.”
The premium rate reductions are on full service and fast food restaurant classes. This is made possible by LRA SIF members’ commitment to improving workplace safety, which results in lower claims expense and reduced loss time accidents.
The LRA Self Insurer’s Fund was created in 1982 to address the workers’ compensation needs of Louisiana’s hospitality industry and is one of the most respected providers of workers’ compensation in the state. To be eligible for a dividend, the member must be in good standing with the LRA and the LRA SIF, and have a loss ratio that is equal to or less than 70 percent of premium for the years declared as of March 2, 2015.
“Our members’ commitment to workplace safety paired with management’s consistent focus on efficient and timely claims handling has resulted in this year’s dividend declaration,” added Harris.
To learn more about how the LRA SIF can help you reduce your workers’ compensation costs and to obtain a quote, contact Babs Schultz at (504) 454-2277, or your independent insurance agent today.