The Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation (LRA SIF) Board of Trustees recently declared a dividend of $1.1 million to eligible plan participants. The LRA SIF specializes in workers’ compensation for Louisiana’s hospitality industry and related businesses.
Celebrating its 38th year in 2020, and inclusive of this dividend, the LRA SIF has returned nearly $116 million to eligible members. This marks the 32nd 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 2002, 2003, 2008, 2009, 2010, 2013 and 2014 and will be payable in April 2020.
“The LRA SIF continues to be one of the most valuable benefits to our members, many of whom have been with us since the Fund’s inception,” said Stan Harris, LRA SIF President and CEO. “While we work diligently to reduce claims loss costs, our members’ commitment to improving safety in the workplace reduces injuries.”
The LRA SIF was created in 1982 and has grown to become one of the largest providers of hospitality and retail-focused worker’s compensation in the state. To be eligible for a dividend, members must be in good standing with the LRA and the LRA SIF, and have a loss ration that is equal to or less than 70 percent as of March 2, 2020.
To obtain a comparison quote or to learn more about how the LRA SIF can help to reduce your workers’ compensation costs, contact your independent insurance agent or the LRA SIF directly at 504-454-2277 or www.LRASIF.org.