{"id":972,"date":"2026-05-29T15:10:31","date_gmt":"2026-05-29T15:10:31","guid":{"rendered":"https:\/\/coloradospringsmoverss.com\/?p=972"},"modified":"2026-05-29T15:10:31","modified_gmt":"2026-05-29T15:10:31","slug":"state-workers-comp-insurer-pinnacol-lays-off-43-workers-but-claims-extremely-strong-finances","status":"publish","type":"post","link":"https:\/\/coloradospringsmoverss.com\/?p=972","title":{"rendered":"State workers\u2019 comp insurer Pinnacol lays off 43 workers but claims \u2018extremely strong\u2019 finances"},"content":{"rendered":"
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Pinnacol Assurance, the state\u2019s workers\u2019 compensation insurer of last resort, laid off 43 workers earlier this month as \u201ca proactive measure,\u201d the agency confirmed Thursday.<\/p>\n

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The recent layoffs come amid continuing calls to spin off or reform the insurer. On Thursday, supporters of a proposed ballot measure that would convert the quasi-state agency into a fully independent firm announced that they would yank the proposal and instead continue to work through the state legislature for reforms.<\/p>\n

The layoffs were announced internally May 14 and happened across the organization. The job cuts accounted for about 7.5% of the company\u2019s 578 employees. <\/p>\n

\u201cWe are deeply grateful to our talented colleagues for their contributions and are committed to supporting them through this transition,\u201d Pinnacol spokesperson Liz Johnson said in a statement. \u201cThis reduction in force is a necessary step to refine our operations over time and ensure we are built for the future.\u201d<\/p>\n

Elsewhere in state government, the Governor\u2019s Office of Information Technology this week laid off more than 170 employees as part of what it called a \u201clarge-scale realignment.\u201d<\/p>\n

The Pinnacol layoffs happened against the backdrop of the yearslong effort to spin off the agency from state affiliation to a fully private insurance company. Supporters of that effort, who have included Gov. Jared Polis, have cited changing working habits that make it harder for the company to compete.<\/p>\n

Pinnacol provides workers\u2019 comp insurance to high-risk industries, but as a state affiliate, it can work only with Colorado businesses. As more companies work across state lines, Pinnacol has fewer possible clients. As a result, Pinnacol\u2019s share of the workers\u2019 comp market has dropped from about 60% in 2015 to 49% in 2024.<\/p>\n

An internal memo sent to Pinnacol employees acknowledged the declining premium collections but maintained that the company was on solid financial footing. A copy of the memo was provided to The Denver Post.<\/p>\n

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\u201cPinnacol\u2019s financial foundation is extremely strong,\u201d the memo states. \u201cThe reduction in force is a proactive measure to drive efficiency and reinforce our strong financial position.\u201d<\/p>\n

The memo also states: \u201cWe don\u2019t have any more plans for layoffs. We\u2019ve made the hard decisions necessary with this action to achieve our short-term business objectives while balancing our long-term efficiency goals.\u201d<\/p>\n

Supporters of privatizing Pinnacol have often said the move would put the firm on a better financial footing in a changing market. Ryan Grange, a spokesperson for Pinnacol, said the layoffs were unrelated to ongoing efforts to privatize Pinnacol or the ballot measure being pulled.<\/p>\n

Legislative proposals have fallen short<\/h4>\n

Officials have tried for years to privatize the agency. Polis included the idea in his last two budget proposals.<\/p>\n

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But as lawmakers have grappled with consecutive billion-dollar budget deficits, even an assumed payout of hundreds of millions dollars couldn\u2019t overcome resistance to the proposal.<\/p>\n

Labor interests, in particular, worried that a private Pinnacol would end up raising rates and leaving high-risk industries, such as construction, unable to afford workers\u2019 comp insurance.<\/p>\n

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After the latest Hail Mary attempt to privatize Pinnacol through legislative means fell short at the tail end of the session earlier this month, a group backing privatization put all its chips on Initiative 317. That measure would have asked voters in November to spin off Pinnacol from state affiliation and to use the proceeds \u2014 $150 million \u2014 to pay for workforce development.<\/p>\n

But that attempt also will go nowhere, according to a joint statement issued Thursday by Pinnacol, the Colorado Building and Construction Trades Council, the local chapter of the International Brotherhood of Electrical Workers and the business nonprofit backing the measure, Colorado Succeeds.<\/p>\n

Scott Laband, the CEO of Colorado Succeeds, said in a statement that his group understood Pinnacol was \u201ca cornerstone\u201d of Colorado\u2019s workforce and economy. He pledged to work toward a \u201csmarter, more unified solution.\u201d<\/p>\n

Eric Maruyama, a Polis spokesman, said in a statement that it was \u201cimportant for workers and the state to ensure that Pinnacol is sustainable for the future.\u201d He added that Polis \u201chopes that we can find a path forward that strengthens Pinnacol for state workers, while not losing sight of the state\u2019s financial interest in the state-created workers\u2019 compensation entity.\u201d<\/p>\n

Colorado Succeeds, a nonprofit that self-identifies on tax forms as a \u201cnon-partisan coalition of business leaders committed to improving the state\u2019s education,\u201d had spent nearly $250,000 on the ballot initiative so far, according to state campaign finance records.<\/p>\n

The coalition has \u201caligned on a framework for collaboratively pursuing Pinnacol\u2019s modernization as a pressing policy matter,\u201d and its members hope to push it through during the next legislative session, according to the joint statement.<\/p>\n

\u201cThe recent tension around fully privatizing Pinnacol has created an unsustainable risk for workers. Ignoring it is no longer an option,\u201d Jeremy Ross, the political coordinator for the local IBEW, said in a statement. \u201cIBEW is committed to pursuing action to ensure that Pinnacol\u2019s statute keeps up with modern times, while ensuring that men and women who are putting their lives on the line each day to support our community do not lose access to our state\u2019s strongest safety net for injured workers.\u201d<\/p>\n

Some saw initiative as \u2018pressure tactic\u2019<\/h4>\n

Stephanie Tucker, the president of the Workers\u2019 Compensation Education Association, likewise said in a separate statement that it intends to keep reforms focused on workers and their families.<\/p>\n

Her organization had also raised legal concerns, arguing that the state wouldn\u2019t be able to keep any money from spinning off Pinnacol because it belonged to workers and companies that paid into the insurance pool \u2014 setting up potentially years of legal fights.<\/p>\n

\u201cThis initiative was always a pressure tactic, so it comes as no surprise that it\u2019s being dropped now that the legislative session has ended,\u201d Tucker said. \u201cThe money at issue was never the state\u2019s to take, and we\u2019re pleased to see that reality acknowledged. Moving forward, we intend to keep our attention on the reforms that truly matter to injured workers and their families.\u201d<\/p>\n

House Speaker Julie McCluskie, a Dillon Democrat who supported the final legislative push, said she was pleased the coalition formed, and she hoped work during the session would give a framework to any reforms. She is term-limited in the House, so she won\u2019t be in the legislature to usher any bill through next year.<\/p>\n

\u201cWhat\u2019s most important is finding a solution that serves workers and meets the needs of Colorado\u2019s economy and evolving workforce,\u201d McCluskie said in a statement.<\/p>\n

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Read more Denver shifts some sheriff discipline away from independent investigation, oversight<\/a><\/p>\n<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Pinnacol Assurance, the state\u2019s workers’ compensation insurer of last resort, laid off 43 workers earlier this month as \u201ca proactive measure,\u201d the agency confirmed Thursday.<\/p>\n","protected":false},"author":1,"featured_media":971,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,4],"tags":[],"class_list":["post-972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-news"],"yoast_head":"\nState workers\u2019 comp insurer Pinnacol lays off 43 workers but claims \u2018extremely strong\u2019 finances - Colorado Springs Moverss<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coloradospringsmoverss.com\/?p=972\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State workers\u2019 comp insurer Pinnacol lays off 43 workers but claims \u2018extremely strong\u2019 finances - 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