State Senate approves taking surplus from Pinnacol

By: KKCO - Email
By: KKCO - Email

Despite protests at the state capitol this morning the state Senate gives approval to take money from a workers compensation insurance company to help balance the state's budget.

Business owners protested the move, worrying taking money from Pinnacol Assurance, the state's workers compensation insurance company, would raise their rates.

But the Senate gave the OK, which takes power away from Pinnacol's board and tells the company to turn over $500 million from its surplus.

Supporters say the money will keep the state from having to make cuts to higher education.

The measure now goes to the House.

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