SAIF Propaganda

Author Subject: SAIF Propaganda
Kay Posted At 00:38:01 02/26/2000
Check out the new propaganda on SAIF's web site.
Marty Re: SAIF Propaganda (Currently 0 replies)
Posted At 12:37:03 02/27/2000

This was found on the site above

Since employees pay work comp premiums too has anyone figured out why they don't directly get refunds also. Could there be a class-action lawsuit in here by employees considering that SAIF repeatedly and regularly has given back money.

Settlement money returned

SAIF Corporation has returned more than $80 million, its share of the $225 million settlement of a lawsuit stemming from a 1982 raid on SAIF funds, to more than 57,000 eligible Oregon employers to benefit them and their employees.

This essentially ends SAIF’s involvement in a protracted dispute that dates back 17 years to when the Oregon Legislature took $81 million from SAIF to balance the state’s budget. In 1996, a settlement was reached in a class action suit that became known as the Alsea Veneer case. The suit was filed on behalf of SAIF policyholders damaged by the 1982 raid on SAIF’s funds. (see news releases)

The settlement provided that $145 million of the $225 million in damages would be paid directly to the plaintiffs and their lawyers and for litigation costs. The remaining $80 million was appropriated to SAIF by the 1999 Legislature. SAIF received the money in mid-July and has returned it to eligible businesses that were insured with SAIF between July 1, 1981 and December 31, 1994. An additional $1.7 million in interest earned by SAIF since the $80 million was paid by the Legislature was added to the money sent out.
Tommy Re: SAIF Propaganda (Currently 0 replies)
Posted At 00:43:58 04/14/2000

Employees don't pay worker's comp premiums, but they pay a couple of dollars
a month as part of an assessment collected by the State to help pay for the
Employer at Injury Program, (EAIP), a program that subsidizes injured worker's
wages while they are recovering from their injury and released to light duty
work, and to help pay for inflationary increases in benefits to widows and
children. In essence, it is another State tax and is unrelated to the
premiums paid by employers for workers' compensation benefits.

You appear to be confusing dividends returned to employers from SAIF Corp.
based upon the individual employers losses with settlement money that
stemmed from a lawsuit brought by employers against the State of Oregon.
This law suit was based upon the State's unlawfully taking of reserves from
SAIF Corporation which is composed of premium paid by employers and
investment income derived from this premium. As part of the settlement,
the litigants (employers) agreed to take two payments from the State of
Oregon for a total of $145 million and SAIF Corporation was given the
remaining $80 million. However, SAIF's Board of Directors decided to
return the remaining $80 million and any interest earned on this money to
the employers that were affected by this unlawful seizure by the State.

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