Year in Review
During Fiscal Year 2020, the Second Injury Fund:
- Assessment rates for insured employers will remain at 2.25%; and, the rate for self-insured employers will be 2.75%. The savings to Connecticut businesses is projected to be $16.5 million including estimated savings of $4.3 million for Fiscal Year 2021.
- Provided $20.6 million in indemnity, medical and settlement payments to injured workers. The number of injured workers receiving bi-weekly benefits (indemnity payments) increased slightly from 202 a year ago to 204.
- Achieved a total of 150 settlements at a cost of $4.1 million through June 30, 2020.
- Realized a total savings of $2.6 million in medical costs, using a Preferred Provider Organization Network offered by contracted medical vendors.
- Reserves (estimated unfunded liability) for all open claims was $254 million, a decrease of $29 million (10%) from a year ago. As of June 30, 2020 the Fund's open claim inventory was 2,402.
- Worked with the Second Injury Fund Advisory Board to help the Fund carry out its mission.