The Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation (LRA SIF) Board of Trustees declared a dividend of $2.4 million to eligible plan participants. The LRA SIF is a group fund providing workers’ compensation to Louisiana’s hospitality and retail industries, as well as related supply businesses.
For the 28th consecutive year, the LRA SIF has declared a dividend to be returned to members totaling over $106 million in surplus and safety dividends to eligible members. This surplus will include eligible participants from the fund years 2002, 2005, 2007, 2010 and 2012 to be paid in April 2016.
“Our mission is to deliver the best possible workers’ compensation program for our members, while remaining focused on the need to manage costs effectively,” said Stan Harris, President and CEO of the LRA Self Insurer’s Fund. “During the past five years, we have lowered our rates significantly and aligned our services with operational demands of our members to better serve their needs.”
The LRA Self Insurer’s Fund was created in 1982 to provide a focused solution for 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.
“We are pleased to announce this dividend for the 28th consecutive year,” added Harris. “Our members’ commitment to workplace safety, paired with management’s consistent focus on responsive and timely claims handling, has resulted in this year’s dividend declaration.”
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.