Business Group Warns Against Tapping Into SAIF Surplus

An Oregon business group warned against a proposal to tap into SAIF’s $1.6 billion surplus to help pay for unfunded public pension liability in a column published by the Oregon Business Report Thursday. Mark Hester, communications director for Oregon Business & Industry, said SAIF’s surplus is actually “working capital” that the carrier needs in case of an economic slump or unexpected events. Although SAIF has stowed away more money than risk based capital statutes regulations require, a state raid would lead to increased risk and higher rates for employer poli...