December 18, 2001
Retailers Fund cuts 2002 rates
for workers' compensation insurance
Retailers Fund, the workers' compensation insurance program of the Michigan Retailers Association (MRA), announced it will cut overall rates by 3.51 percent for 2002.
The Retailers Fund Board of Trustees approved the decrease based on the fund's excellent claims record. The decision marks the fifth time in nine years that Retailers Fund has reduced rates.
"In contrast to the national trend of rising workers' compensation rates, Retailers Fund is able to reduce costs for participants," said Fund Administrator James P. Hallan, MRA's president and chief operating officer. "That's a testament to retailers' commitment to safe workplaces and effective management by the retailers who make up the Board of Trustees."
The actual rate change for each classification within the fund is based on the classification's claims experience. Many participants will see reductions of 5 percent. In addition, all participants will receive an up-front, 8.75-percent premium credit in 2002.
Retailers Fund was founded in 1981 and has paid significant dividends to members every year since 1982, returning more than $1.1 million last year.
Retailers Fund coverage is available through your local independent insurance agent or by calling MRA at 800.366.3699.
The Michigan Retailers Association is the unified voice of retailing in Michigan and the nation's largest state trade association of general merchandise retailers. MRA's more than 5,500 retail business members operate more than 12,000 stores across the state.
