Failed Group Trust Liabilities at $146M and Counting

A spokesman for the New York State Workers Compensation Board (SWCB) said Wednesday that total liabilities from the failure of three group-self insured trusts run by Compensation Risk Managers (CRM) were estimated at more than $146 million when the board seized control of the trusts in 2005 and 2006.But SWCB Public Information Officer Brian Keegan said the estimates do not include the takeover of another six trusts ordered beginning this summer and culminating on Sept. 8. The estimates also exclude the remaining assets in the failed trusts, meaning the total potential unfunded liability is not...