(a)The Workers’ Compensation Administration Fund is created pursuant to 32 V.S.A. chapter 7, subchapter 5 to be expended by the Commissioner for the administration of the workers’ compensation and occupational disease programs. The Fund shall consist of contributions from employers made at a rate of 1.4 percent of the direct calendar year premium for workers’ compensation insurance, one percent of self-insured workers’ compensation losses, and one percent of workers’ compensation losses of corporations approved under this chapter. Disbursements from the Fund shall be on warrants drawn by the Commissioner of Finance and Management in anticipation of receipts authorized by this section.
(b)(1) Annually, the General Assembly shall establish the rate of contribution for the direct calendar ye
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(a) The Workers’ Compensation Administration Fund is created pursuant to 32 V.S.A. chapter 7, subchapter 5 to be expended by the Commissioner for the administration of the workers’ compensation and occupational disease programs. The Fund shall consist of contributions from employers made at a rate of 1.4 percent of the direct calendar year premium for workers’ compensation insurance, one percent of self-insured workers’ compensation losses, and one percent of workers’ compensation losses of corporations approved under this chapter. Disbursements from the Fund shall be on warrants drawn by the Commissioner of Finance and Management in anticipation of receipts authorized by this section.
(b)(1) Annually, the General Assembly shall establish the rate of contribution for the direct calendar year premium for workers’ compensation insurance. The rate shall equal the amount approved in the appropriations process for the program and the Department’s projection of salary and benefit increases for that fiscal year, less the amount collected in the prior calendar year under subsection (a) of this section from self-insured workers’ compensation losses and from corporations approved under this chapter, adjusted by any balance in the Fund from the prior fiscal year, divided by the total direct calendar year premium for workers’ compensation insurance for the prior year.
(2) In the event that the General Assembly does not establish the rate of contribution for the direct calendar year premium for workers’ compensation insurance for a given fiscal year, the rate shall remain unchanged from the prior fiscal year. (Added 1993, No. 225 (Adj. Sess.), § 22; amended 1995, No. 186 (Adj. Sess.), § 3, eff. May 22, 1996; 1997, No. 59, § 34, eff. June 30, 1997; 1997, No. 155 (Adj. Sess.), § 5; 2001, No. 143 (Adj. Sess.), § 3; 2003, No. 70 (Adj. Sess.), § 1, eff. April 1, 2004; 2007, No. 76, § 22; 2007, No. 153 (Adj. Sess.), § 6; 2009, No. 47, § 10; 2009, No. 134 (Adj. Sess.), § 28; 2011, No. 33, § 5; 2017, No. 69, § D.2, eff. June 8, 2017; 2017, No. 76, § 4; 2023, No. 72, § 41, eff. June 19, 2023; 2023, No. 76, § 27, eff. July 1, 2023.)