TWCC Announces Discount and Interest Rate

The Texas Workers’ Compensation Commission reported it has determined, pursuant to the authority and direction given under the Texas Workers’ Compensation Act (Texas Labor Code, Section 401.023), that beginning Jan. 1, 2005, any interest or discount provided for in the Act shall be at the rate of 6.17 percent.

This rate is computed by using the treasury constant maturity rate for one-year treasury bills issued by the U. S. government, as published by the Federal Reserve Board on Dec. 17, 2004 (2.67 percent) plus 3.5 percent as required by Section 401.023. The rate will be effective Jan. 1, 2005 through March 31, 2005.