A $2.2 million dividend will be distributed to eligible plan participants by the Louisiana Restaurant Association Self Insurer’s Fund for Workers’ Compensation.
The fund provides workers’ compensation coverage to Louisiana’s hospitality industry and related businesses.
The dividend marks the 27th consecutive year the LRA SIF has declared a surplus in unused premium and interest income that will be returned to members. The surplus will include eligible participants from the fund years 2009, 2010, 2011 and 2012 to be paid in April 2015.
Including the dividend, the LRA SIF will have returned nearly $104 million in surplus and safety dividends to eligible members since 1988.
The premium rate reductions are on full-service and fast-food restaurant classes, made possible by LRA SIF members’ commitment to improving workplace safety, which results in lower claims expense and reduced loss time accidents, said Stan Harris, president and CEO of the Louisiana Restaurant Association.