Safety Group 554 Dividend Announced for 2022-2023 Policy Year

The Empire State Restaurant & Tavern Association (ESRTA) Safety Group 554 and the New York State Insurance Fund announced a 37.5 percent dividend for the policy year September 30, 2022 to September 30, 2023. This marks the 30th consecutive year that Safety Group 554 has paid a dividend to its members. This dividend of 37.5 percent represents $603,232 in premium dollars returned to members for the September 30, 2022 to September 30, 2023 policy term. With this payment, the 5-year dividend average is now 39.5%.

In addition, the maximum upfront policy discount available to Safety Group 554 members for the upcoming September 30, 2024 to September 30, 2025 period has been increased to 32.5 percent. The policy discount for each individual policyholder is determined by the policyholder’s overall 5-year loss experience. The combination of up-front discount and year-end dividend equals as much as a 60% savings on workers’ compensation insurance. This member benefit has more than delivered for our members!

In addition to the up-front discount and year-end dividend the State Insurance Fund’s PayGo is available for the majority of NYSIF policyholders regardless of premium size. PayGo is an automated electronic payment option that relies on real-time payroll to calculate your workers’ compensation premium payments.

You can save even more by taking advantage of our New Member Referral Program. Current Association members can receive a $50 credit on their dues invoice for each new member they refer to the association. And current members of Safety Group 554 who refer a new member to the group will receive a 10% credit on their Group Manager’s Fee for the next billing cycle for every new safety group member they refer, in addition to the $50 new member referral credit.