HELENA — Montana State Fund (MSF) announced a record-tying $40 million dividend for policyholders on Tuesday, Oct. 12.
While not guaranteed, MSF has paid a dividend every year since 1999. The $40 million brings the total dividends paid to policyholders to $366 million.
“As a public board, made up of private citizens, we were eager to do what we could to help small business owners, nonprofits, and other employers during this difficult time,” said Richard Miltenberger, Chairman of the MSF Board of Directors.
MSF is the state's largest workers' compensation insurance company. State Fund is structured to operate as a domestic mutual insurance company, and as such, function independently of state agency requirements. The decision came at the recent Fall meeting of the MSF Board of Directors.
Governor Greg Gianforte had the following to say about the announcement: "This is wonderful news for Montana employers who remain committed to improving our workplace safety culture. Without their efforts, this dividend would not be possible."
Dividends are issued to employers as a direct result of better-than-expected investment market performance and positive workplace safety results.
MSF President and CEO, Laurence Hubbard, had the following to say about the announcement: "Dividends are the result of our collective commitment to workplace safety and investment performance. While investment income is not always predictable, one thing we can say for certain is that operating a safe and healthy workplace is good for everyone.”
Dividend distribution will begin Friday, October 15 and is scheduled to conclude by mid-November.