During Fiscal Year 2018, the Second Injury
Announced assessment rate decrease for
insured and self-insured employers, effective July 1, 2018. The rate for insured
employers would be reduced from 2.75% to 2.25%; and, the rate
for self-insured employers declined from 3.25% to 2.75%. This marks the twentieth consecutive year in
which the Second Injury Fund either reduced or maintained
assessment rates - the longest period without an assessment rate
increase in the more than 70-year history of the Second Injury
Fund. The cumulative
savings to Connecticut businesses since 1999 is estimated at
$1.3 billion including $102 million in projected savings for
Fiscal Year 2019.
Provided $26.2 million in indemnity,
medical and settlement payments to injured workers. The number
of injured workers receiving bi-weekly benefits (indemnity
payments) was reduced from 248 a year ago to 225.
Achieved a total of 205 settlements at a
cost of $3.9 million through June 30, 2018.
Realized a total savings of $2.5 million in
medical costs, using a Preferred Provider Organization Network
offered by contracted medical vendors.
Reserves (estimated unfunded liability) for
all open claims were $307 million, a decrease of $33 million
(10%) from a year ago.
As of June 30, 2018 the Fund's open claim
inventory was 2,762. Since 1999, the caseload has dropped from
Worked with the Second Injury Fund Advisory
Board to help the Fund carry out its mission.