Retail Council Returns $4.2 Million to Members

• by Retail Council of New York State

ALBANY, NY (11/11/2009)(readMedia)-- Dividend checks totaling more than $4.2 million are on the way to merchants in the Retail Council of New York State's Workers' Compensation Insurance Safety Group. The money being returned represents nearly 40 percent of the insurance premium paid last year by the 1,300 members who get their workers' comp insurance through the Council.

"Every penny counts for business owners these days and we're happy to be able to give our members strong dividend checks," said Retail Council President and Chief Executive Officer James R. Sherin. "Many members of our group receive thousands, even tens of thousands, back from the dividend. This money will pay a lot of bills and make the holiday season more manageable for many group participants."

The New York State Insurance Fund (NYSIF), underwriter of the Council's Safety Group, recently approved the 37.5 percent dividend request made by the Retail Council. The Council has averaged a workers' comp dividend of nearly 40 percent to participating members for the past 31 years returning more than $90 million since 1978. The steady dividend history makes the Retail Council's Safety Group, one of the oldest in New York state, also one of the most successful and secure.

Members of the Retail Council's Safety Group 493 also pay a lower New York state assessment than do customers of all other private insurance carriers. NYSIF imposes an assessment of only 6.3 percent on 2010 renewals while other carriers charge 14.2 percent. In addition, the Council's Safety Group offers an up-front policy discount of 20 percent, which when combined with a year-end dividend, makes this mandatory insurance coverage a great deal for retailers in New York.

About the Retail Council:

The "Voice of Retailing" in New York state, the Retail Council represents thousands of member stores of all size and variety, and offers money-saving group benefit programs and government relations advocacy to its members. For more information about the Council, visit www.retailcouncilnys.com.

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