LRA SIF Trustees declare $2.2 million dividend & rate reduction for members in 2015

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 27^th 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 27^th 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. 

Holiday Greetings from Stan Harris, LRA President/CEO

It's hard to believe we are approaching the end of another year, with the holiday season approaching quickly. This time of year brings many end-of-the-year business deadlines and also provides the time for giving thanks for our families, friends, employees and customers. As a business owner, what's on your holiday to-do list? You may be shopping for competitive workers' compensation, health care options for you and your employees, or just feel like you could be doing more to support positive changes in our industry.

If you are not taking advantage of the LRA Self Insurer's Fund for your workers' compensation needs, you are missing our competitive rates, in-house claims handling, complimentary safety services and potential safety dividends. The LRA SIF is governed by a Board of Trustees, your fellow LRA members, who along with our management team, are focused on efficiency and timely handling of claims.Members of the LRA SIF should be on the lookout for renewal packets and safety dividends for eligible members in the coming weeks. We thank you for allowing us to be your solution provider for your workers' compensation needs.

The Trustees have declared a dividend to be distributed in 2015 of $2.2 million, which is the 27th consecutive year our fund has returned this to its members. Since 1988, the LRA SIF has returned $103.9 million in unused premium and safety dividends to its eligible members. In addition to lowering our rates three times in past four years, your SIF fund continues to grow topline revenue while using best practices for efficiently processing member claims. 

We know that navigating the Affordable Care Act appears daunting and effective January 1, 2015, penalties for some large employers will take effect. The LRA, along with the National Restaurant Association, have partnered with United Healthcare to offer special pricing for association members. If you have questions about the Affordable Care Act, or its implementation, please give us a call.

As you make your resolutions for the New Year, I hope that you would consider staying connected with the LRA and your fellow members. If your schedule doesn't allow you to attend every Chapter meeting in your area, please consider joining us in the first quarter of 2015 for your LRA Chapter's Legislative Night. At the LRA. we are dedicated to protecting and enhancing this industry every day of the year. It's at the holiday time especially that we are grateful for the opportunity to serve our diverse membership across Louisiana. 

Our industry has been barraged with an attack on its reputation. Our message must be strong and consistent when countering these attacks. No industry offers opportunity to those with limited skills or experience like ours. And for those willing to put forth the effort, there are pathways to prosperity and financial opportunities that are immeasurable. The restaurant and foodservice industry is a job creator and it is critical that we remind customers, our elected officials and our team members of its value to the state and national economy. Don't be afraid to share why you chose this industry or career path. We should be proud of the entrepreneurial spirit that drives our industry's growth and success.

It is our privilege to serve you as a member of the Louisiana Restaurant Association. We hope that you have a wonderful holiday season.