ProgressNow Calls On Pinnacol To Stop Stonewalling Colorado
State's largest progressive organization calls on public entity Pinnacol to stop grandstanding on the backs of Colorado students, public employees

FOR IMMEDIATE RELEASE
Monday, April 13, 2009
CONTACT: Michael Huttner, Founder at 303-931-4547

DENVER--ProgressNow Colorado, the state's largest progressive advocacy organization, released the following statement today on continued attempts by state-chartered entity Pinnacol Assurance to defy lawmakers seeking to balance next year's budget:

"It is plain wrong that Pinnacol Assurance, an entity chartered by the state, refuses to act in good faith to help lawmakers solve Colorado's budget crisis," said ProgressNow Colorado founder Michael Huttner. "Pinnacol, aided by high-powered lobbyists, is misrepresenting itself in order to hoard hundreds of millions of dollars in excess revenue it is essentially sitting on for no justifiable purpose."

"How can they possibly claim to be a 'private company' while enjoying all the benefits and tax exemptions of being a government agency? It's ridiculous," noted Huttner. "For example, Pinnacol does not pay the standard 7% taxes required of all insurance companies operating in the state, and is exempt from paying federal and state taxes."

"Pinnacol and its CEO Ken Ross seem determined to either force even more pay and service reductions on public employees, or force devastating cuts on Colorado college students," noted Huttner. "If Pinnacol will not join with other state government entities in good faith in this time of need, the public needs to hold Pinnacol and Ken Ross accountable."

Ken Ross, Pinnacol's CEO, is paid an annual salary of $500,000. (BDC, 4/19/2009)

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