During Fiscal Year 2016, the Second Injury Fund:
- Announced that the assessment rate would remain at 2.75% for insured employers and 3.25% for self-insured employers for Fiscal Year 2017. This marks the
eighteenth consecutive year in which the Second Injury Fund either reduced or maintained assessment rates - representing the longest period of time without a rate increase. The cumulative savings to Connecticut businesses since 1999 is estimated at $1.2
billion including $102 million in projected savings for Fiscal Year 2017.
- Provided $26.5 million in indemnity, medical and settlement payments to injured workers. The number of injured workers receiving bi-weekly benefits
(indemnity payments) was reduced from
274 a year ago to 260.
- Achieved a total of 183 settlements at a cost of $4.9 million through June
- Realized a total savings of $1.5 million in medical costs, using a Preferred Provider Organization Network offered by contracted medical vendors.
- Reserves (estimated unfunded liability) for all open claims were $361 million, a decrease of $23 million (6%) from a year ago.
- As of June 30, 2016, the Fund’s open claim inventory was 2,847. Since 1999,
the caseload has dropped from 5,644.
- Worked with the Second Injury Fund Advisory Board to help the Fund carry out its mission.