WCC Reduces Second Injury Fund Assessment Rate to 6.29%

The Oklahoma Workers’ Compensation Commission announced that the assessment for the Multiple Injury Trust Fund will drop to 6.29% from 7%, effective July 1. The commission said this is the first assessment reduction in five years and follows a law enacted in 2019 to help the fund wrestle with solvency issues. Lawmakers in 2019 passed a bill that restricted access to the program and limited the duration of benefit payments while also increasing the statutory cap on assessments to 7% of direct written premium. The fund had about $500 million in unfunded liabilities at the time....