This bill amends the provision of law governing the Workers' Compensation Board Administrative Fund to ensure the board will be able to fund expenditures allocated by the Legislature and maintain its reserve. The bill removes current statutory language that places a specific dollar amount on the maximum value of assessments that may be levied from insured employers and replaces it with language providing that assessments levied may not be designed to produce more revenue than is sufficient for the Workers' Compensation Board to fund the expenditures allocated by the Legislature and to maintain a reserve of up to 1/4 of the board's annual budget. The bill retains language from current law that requires that any funds collected above the maximum assessment that exceed a margin of 10% be used to reduce the assessments paid by insured employers.

Statutes affected:
Bill Text LD 2176, SP 927: 39-A.154