Retail Council Returns $4.5 Million to Members

ALBANY, NY (11/06/2008)(readMedia)-- Merchants in the Retail Council of New York State's Workers' Compensation Safety Group will soon receive welcome news in the form of a check for nearly 40 percent of the insurance premium they paid last year. The New York State Insurance Fund (NYSIF) recently approved the 37.5 percent dividend requested by the Retail Council, representing a return of $4.5 million to some 1,300 merchants who get their workers' comp insurance through the Council.

"Retailers can use some good news in this challenging economy and I'm pleased to deliver it with another solid dividend return," 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, which they can put to other good use in their businesses."

The Retail Council has averaged a workers' comp dividend of nearly 40 percent to participating members for the past 30 years returning nearly $87 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.

"There's stability in the Retail Council's Safety Group. While the workers' comp insurance arena in New York radically changed this summer with the insolvency or voluntary dissolution of many self-insured trusts, we were able to declare our 30^th consecutive healthy dividend," said Mr. Sherin. "The Council is clearly managing its group well and our members are managing their safety risks well, too. The Retail Council's Safety Group continues to offer solid and dependable insurance coverage with no additional liability to retailers."

Members of the Retail Council's Safety Group 493 also enjoy a lower mandated New York state assessment than is paid by customers of all other insurance carriers. NYSIF imposes an assessment of only 5.5 percent on 2009 renewals while other carriers charge 15.5 percent. In addition, the Council's Safety Group offers an up-front policy discount of 20 percent.

Retailers or brokers interested in learning more about Workers' Compensation Safety Group 493 can call the Council toll free at (800) 442-3589 for a no-obligation quote. For more information about the Council, please visit www.retailcouncilnys.com.

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.

-30-