ACCG WORKERS’ COMPENSATION BOARD ANNOUNCES RATE DECREASE AND $10 MILLION IN TOTAL DIVIDENDS

On November 13, 2021, the Board of Trustees of the ACCG - Group Self-Insurance Workers’ Compensation Fund (ACCG-GSIWCF) voted to return a $4 million dividend to eligible members that renew their membership effective January 1, 2022. In addition to the dividend returned in the form of a premium credit every year for the past 26 years, the Board approved a $6 million cash return for distribution early in 2022 to eligible members who maintain their membership in the program. 

 

The Board also voted to decrease the 2022 overall rate structure by 7.8% for the 2022 ACCG-GSIWCF renewal, while adjusting the individual job class rates based upon the historical claims and payroll of the job class. Each member is individually rated, taking into account a number of factors. While many members will receive premium decreases, others may see increases due to extraordinary growth in payroll or poor loss experience, for example. Members are encouraged to be actively engaged in safety efforts for the benefit of their employees, utilizing the assistance of Local Government Risk Management Services (https://www.lgrms.com), which is included in the program. This, along with professional claims handling by ACCG Claims Administration Services, helps keep premiums down. Rates have continued to decrease over the last eight years due to the members’ improved loss experience.

 

As for dividends, the first $4 million dividend is designed to reward long-term membership in the Fund and will apply to those members that have been in the program since 2012 or earlier. The dividend will be returned to the membership in the form of a premium credit, reducing the average member’s 2022 premium by 13.5%. This is one of the many benefits of belonging to a non-profit, group self-insurance program. 

 

A second $6 million cash dividend was authorized by the Board due to the larger than expected investment income on the premiums collected to pay claims and expenses for the program. Eligible members that participated in the Fund in years 2013 - 2015 and have maintained continuous membership will receive their portion of the cash dividend in the first quarter of 2022. 

  

The total amount of dividends returned to the membership since 1985 is over $108 million, including special cash returns of $18 million to eligible members in 2016, 2019, 2020, and 2021. Annual premiums are set to cover expected losses and expenses, so these dividends are the result of better-than-expected claims experience and investment income.

 

ACCG-GSIWCF is a member-owned insurance fund that was started in 1982. The Fund currently provides workers’ compensation coverage for 170 members, consisting of 134 Georgia counties and 36 county-related authorities. McDuffie County Commissioner Fred Favors serves as Chairman of the ACCG-GSIWCF Board of Trustees. 

 

For information on the ACCG Insurance Programs, please contact Joe Dan Thompson at 404-522-5022.