Members of the Michigan Counties Workers’ Compensation Fund (MCWCF) will receive $3.1 million in premium dividends this fall, the largest single-year dividend in the fund’s nearly 40-year history.
These dividends result from “surplus” funds from policy premiums paid by members, but not utilized due to the fund’s excellent claims management and innovative loss prevention strategies, explained Timothy K. McGuire, the fund’s administrator.
“We send out so much material on how to protect employees – webinars, email blasts, newsletters, on-site consultant visits – that I’m sure members get a little annoyed,” McGuire said. “Of course, all that work pays off at the end of the year when we get return so many dollars to them in dividends. As we did last year, we are issuing a record dividend – and maintaining our strong financial history that goes back four decades.
The fund, a nonprofit, member-owned pool, was started in 1979. Its 83 members stretch from Gogebic County in the western Upper Peninsula to Monroe County in Southeast Michigan. In addition to county governments, the fund insures medical care facilities, housing commissions, road commissions, transport authorities, community mental health agencies and two villages.
The dividend announcement comes on the heels of another milestone for the fund: passing the $100,000 in total grants issued under its Loss Prevention Grants Program.
Since its adoption in 2014, the program has issued about $125,000 in grants to nearly 50 member entities to pay for ergonomic office equipment, officer protective gear and other items to boost employee safety.