§ 11-9-301 — Funds established

(a) There are established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State, three (3) separate funds: (1) The "Workers' Compensation Fund"; (2) The "Second Injury Trust Fund"; and (3) The "Death and Permanent Total Disability Trust Fund". (b) Except for funds transferred into the General Revenue Fund Account specified in § 11-9-303(c) or other sections of this subchapter, no money shall be appropriated from these funds for any purpose except for the use and benefit, or at the direction of, the Workers' Compensation Commission. (c) All funds established pursuant to this section shall be administered, disbursed, and invested under the direction of the commission. (d) All incomes derived through investment of the Workers' Compensation Fund, the Second Injury Trust Fund, and the Death and Permanent Total Disability Trust Fund shall be credited, as investment income, to the fund that participated in the investment. For the purpose of investment, Workers' Compensation Fund moneys shall be invested in accordance with the State Treasury Management Law, § 19-3-501 et seq. (e) Except for moneys transferred into the General Revenue Fund Account specified in § 11-9-303(c) or other sections of this subchapter, all moneys deposited to the aforementioned funds shall not be subject to any deduction, tax, levy, or any other type of assessment. (f) If, on or after July 1, 1983, the balance in the Second Injury Trust Fund becomes insufficient to fully compensate those employees to whom it is obligated, payment shall be suspended until such time as the Second Injury Trust Fund is capable of meeting its obligations, paying all arrearages, and restoring normal benefit payments. In no event shall there be any reverter of responsibility to the employer or carrier on or after July 1, 1983. (g) (1) Upon the effective maturity dates of each investment, the investment shall be transferred to the Treasurer of State for deposit into the Death and Permanent Total Disability Trust Fund created in this section. (2) The free balances of the Death and Permanent Total Disability Bank Fund shall be transferred to the Death and Permanent Total Disability Trust Fund.

Legislative History

Init. Meas. 1948, No. 4, § 47, Acts 1949, p. 1420; Acts 1979, No. 253, § 10; 1981, No. 290, § 13; 1983, No. 393, § 1; A.S.A. 1947, § 81-1348; Acts 1989 (3rd Ex. Sess.), No. 22, §§ 1, 2; 1997, No. 1179, § 8.