(1)At any time after six months have
elapsed from the date of injury, the claimant may elect to take all or any part of the
compensation awarded in a lump sum by sending written notice of the election and
the amount of benefits requested to the carrier or the noninsured or self-insured
employer. The carrier or self-insured employer shall file the calculation of the lump
sum due and notice that the lump sum has been paid to the claimant within ten days
after the election. When the claimant is unrepresented, the director shall calculate
amounts to be paid based on the present worth of partial payments, considering
interest at four percent per annum, and less a deduction for the contingency of
death. The director shall make the method of calculation of lump sums available to
all pa
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(1) At any time after six months have
elapsed from the date of injury, the claimant may elect to take all or any part of the
compensation awarded in a lump sum by sending written notice of the election and
the amount of benefits requested to the carrier or the noninsured or self-insured
employer. The carrier or self-insured employer shall file the calculation of the lump
sum due and notice that the lump sum has been paid to the claimant within ten days
after the election. When the claimant is unrepresented, the director shall calculate
amounts to be paid based on the present worth of partial payments, considering
interest at four percent per annum, and less a deduction for the contingency of
death. The director shall make the method of calculation of lump sums available to
all parties at all times, including posting the information on the division's website.
Neither the director nor an administrative law judge shall in any way attempt to
condition the lump sum payment on the claimant waiving the right to pursue
permanent total disability benefits.
(2) If a claimant who has been awarded compensation is the injured worker
or the sole dependent of a deceased injured worker, the aggregate of all lump sums
granted to the claimant must not exceed eighty thousand eight hundred sixty-eight
dollars and ten cents.
(3) If a claimant who has been awarded compensation is one of multiple
dependents of a deceased injured worker, the aggregate of all lump sums granted
to the claimant must be a proportionate share, as determined by the director or
administrative law judge, of an amount not to exceed one hundred sixty-one
thousand seven hundred thirty-four dollars and fifteen cents.
(4) For injuries sustained on or after January 1, 2014, the director shall adjust
the lump-sum limits set forth in subsections (2) and (3) of this section on July 1,
2014, and each July 1 thereafter, by the percentage of the adjustment made by the
director to the state average weekly wage pursuant to section 8-47-106. A claimant
who has received compensation under this section is not entitled to any further
compensation under this section related to the claim as a result of an adjustment
by the director pursuant to this subsection (4).
Source: L. 90: Entire article R&RE, p. 515, � 1, effective July 1. L. 91: (1)
amended, p. 1352, � 6, effective May 29; (2) amended, p. 1326, � 41, effective July 1. L. 2007: Entire section amended, p. 1474, � 9, effective May 30. L. 2010: (1)
amended, (SB 10-187), ch. 310, p. 1459, � 8, effective July 1. L. 2014: (2) amended
and (3) and (4) added, (SB 14-191), ch. 316, p. 1375, � 9, effective July 1.