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WORKERS’ COMPENSATION FUND DECLARES $8.4 MILLION DIVIDEND

SHARE WORKERS’ COMPENSATION FUND DECLARES $8.4 MILLION DIVIDEND

An $8.4 million dividend from 1993 operations has been declared by the board of directors of the Workers' Compensation Fund of Utah for its policyholders.

Lane A. Summerhays, president and chief executive officer, said the fund had its best year ever in 1993 from a financial standpoint with net income after taxes and dividends increasing more than 500 percent.He attributed the fund's financial success to more companies implementing substantial safety programs in an effort to reduce the number of work-related accidents and to continue medical cost-control programs implemented because of 1992 legislative action.

Summerhays said the dividend will be calculated and distributed to more than 7,000 policyholders by the middle of June. The dividends will average $1,150, and the largest will be $107,000.

"We appreciate the efforts of our customers to reduce workers' compensation injuries. These efforts are critical to reducing premium costs and the human costs of workplace injuries. Our dividend program recognizes those companies that have contributed the most to reducing accidents and their costs," said Summerhays.

The WCF of Utah insures 27,000 Utah employers and employees.