News Release - City Receives WCB Surplus Distribution
City Receives WCB Surplus Distribution
MOOSE JAW - The City of Moose Jaw received $146,989.75 from the Workers’ Compensation Board (WCB) as their share of a surplus distribution.
The Saskatchewan Workers Compensation Board was again in an excess surplus position due to investment performance resulting in positive investment earnings which placed their funded position in excess of their funding policy.
Employers were eligible for distribution of this surplus if their net premiums were greater than their claims costs over a 3 year period 2012, 2013, 2014 with the amount of distribution determined based on 2014 premiums.
“We have worked our way out of the surcharge position that the City had been in for several years. This can be attributed mainly to the implementation of an effective and aggressive claims management system and return to work program,” stated Al Bromley, Director of Human Resources.
In 2007, the City was in a surcharge position of 99%. According to available records, the City has never been in a merit position with WCB prior to 2014.
“In an effort to achieve additional savings, I am convinced a concentrated effort in hazard assessment and control will further improve our premium discount position with the Workers Compensation Board,” commented Bromley. “This will be included in HR’s 2017 business plan and operating budget submission.”
Savings in WCB premiums at the current discount of 20% equates to annual savings at the City of Moose Jaw of $55,284.27. Maximum savings at a 30% discount could potentially reach over $80,000.00 in annual savings.
P: 306-694-4406 C: 306-513-8980