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November 21, 2016

Pinnacol decreases rates and announces intent to pay a general dividend in 2017

Pinnacol Assurance - IECRM Industry Partner

Pinnacol decreases rates and announces intent to pay a general dividend in 2017

Pinnacol Assurance’s Board of Directors has approved a decrease in workers’ compensation rates that will average -3.2 percent for the insurer’s 55,000-plus Colorado policyholders. This decrease surpasses the Colorado Division of Insurance’s recommendation of a -2.4 percent change, and will become effective Jan. 1, 2017. The board also announced its intent to issue a general divided of approximately $50 million to policyholders in 2017.

“Being a good steward of our policyholders’ premiums includes giving back when we’ve been successful,” said Phil Kalin, Pinnacol’s President and CEO. “Putting money back in Colorado employers’ pockets through a rate decrease and general dividend is one way for us to help them succeed and to keep the state’s economy strong.”

We calculate our rates to be competitive for our customers, as well as sufficient to ensure our ability to pay claims that may last for decades. The 2017 decrease is a result of steady improvement in our financial performance, favorable claims trends and a strong Colorado economy.

The general dividend is a portion of Pinnacol’s capital paid to policyholders who earn it through their commitment to workplace safety and controlling claims costs, and as a result of favorable market conditions. We’re happy to report that, barring a significant and unexpected financial loss in the fourth quarter of 2016, the dividend will amount to approximately $50 million, significantly more than the $30 million distributed last year. The dividend will be distributed by the end of April 2017, with the exact amount to be set in February 2017.

For more information about the general dividend, visit the Dividend Information section of Pinnacol.com or contact your Pinnacol underwriter or agency relationship manager.

IECRM Self-Pay Tuition Policy

 

Self-pay students who are employed with a member company must register and pay through the member company using the IECRM Flashpoint Enrollment Portal/Process in order to qualify for member rates.

Self-pay students that are employed with a member company but that do not register and pay through the member will be charged the non-member rate for tuition, books and applicable fees.


Self-pay students who are employed with a member company and require a payment plan will not qualify for the member rate and will be charged the non-member rate for tuition, books and applicable fees.


Self-pay students who do not work for a member company will continue to be charged the non-member rate for tuition, books and applicable fees.


To maximize association/membership benefits, ALL member companies are encouraged to register and pay for all enrolled apprentices utilizing internal payment arrangements and processes between employer and employee.


We value our IECRM members and apprentice community. We encourage all apprentices to be enrolled in the four-year apprenticeship program, earning, and learning their way toward Journeyworker licensure. We encourage all members to utilize the member discount for tuition, books and applicable fees to ensure the long-term support and success of the next-generation electrician.


(Payment Plans are available, please reference the Self Pay Payment Plan Policy.)


Self-Pay Payment Plan Policy


We offer the following arrangements for students that are unable to pay in full at the time of registration.


● Self-pay students will be charged the non-member rate.
● A 50% down payment of total semester tuition, books and applicable fees are due at registration.
● Remaining balance can be divided up to 3 additional monthly payments ($10.00 processing fee applies on each installment)
● All payments that are declined will incur a $20.00 NSF fee.

 

We encourage all students who are employed with a member company to work with their employer to register and pay through the IECRM Flashpoint Enrollment Portal/Process. This will ensure the student is paying the lowest possible rate for tuition, books and applicable fees.