Audit: CRM Underestimated Trust Deficit More than 15-Fold

An independent audit commissioned by the New York group self-insured trust administrator tapped to take over the healthiest trust managed by Compensation Risk Managers (CRM) estimates a $62.2 million deficit – more than 15 times what CRM reported last September.FCS Administrators assumed control of the Elite Contractors Trust of New York (ECTNY) last September when Poughkeepsie, N.Y.-based CRM surrendered control of its trusts and its New York third-party administrator's license in a settlement over financial allegations filed by the New York State Board of Workers' Compensation....