It\’s no surprise, to those in the know, that some of the trusts operating in New York are in very tenuous financial condition. Let\’s hope that the WCB continues to tighten standards before more of these trusts wreck financial havoc on New York State businesses. I hope that the Board announces a plan for the runoff of the trust\’s liabilities in the very near future and that the plan won\’t put undue financial hardship on the former trust members who still must cover the past injuries to member employees for a long time to come.
Yes, there is a list that the WCB makes available on their web site. It\’s also important to understand that the WCB only monitors private sector trusts. The WCB regulations are not applicable to public entity trusts.
The dirty little secret is that these employer trusts, among many others, have been woefully underfunded for years. Its not unlike under funded employee pension plans accross the country. The NY Workers\’ Compensation Board is finally waking up to the problem. Such employers should really be forced into the State Insurance Fund.
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It\’s no surprise, to those in the know, that some of the trusts operating in New York are in very tenuous financial condition. Let\’s hope that the WCB continues to tighten standards before more of these trusts wreck financial havoc on New York State businesses. I hope that the Board announces a plan for the runoff of the trust\’s liabilities in the very near future and that the plan won\’t put undue financial hardship on the former trust members who still must cover the past injuries to member employees for a long time to come.
Is there a listing of All NY trusts Including the WCB\’s latest assessmant of each…
Yes, there is a list that the WCB makes available on their web site. It\’s also important to understand that the WCB only monitors private sector trusts. The WCB regulations are not applicable to public entity trusts.
The dirty little secret is that these employer trusts, among many others, have been woefully underfunded for years. Its not unlike under funded employee pension plans accross the country. The NY Workers\’ Compensation Board is finally waking up to the problem. Such employers should really be forced into the State Insurance Fund.