Revenue and Cost Trends Indicate Deficit in Volunteer Safety Workers’ Compensation Fund in FY 2020–21 (February 2014)
The Volunteer Safety Workers’ Compensation Fund provides workers’ compensation benefits to emergency first responders for compensable injuries or deaths. Without an increase in the revenue base, annual Fund expenditures will exceed total assets beginning in Fiscal Year 2020–21. To help maintain the long-term health of the Fund, the General Assembly should direct the State Fire and Rescue Commission to increase annual member premium income, modify the Department of Insurance’s actuarial responsibilities with regard to the Fund, require the commission to enhance the Fund’s cost-containment efforts by using a more data-driven approach, and amend statute to clarify Fund eligibility conditions.
Relevant Legislation:
- S.L. 2014-64: Amended laws related to (1) local firefighters’ relief funds, the statewide Firefighters’ Relief Fund, and the Rescue Squad Workers’ Relief Fund, (2) Workers’ Compensation for firefighters and rescue squad workers, (3) supplemental pensions for firefighters and rescue squad workers, and (4) the Volunteer Fire Department Fund and Volunteer Rescue/EMS Fund.
Related Reports:
- Improved Oversight of Volunteer Fire Department Fund and Volunteer Rescue/EMS Fund Needed; $8 Million Surplus Found (April 2014)
- Department of State Treasurer Should Strengthen Its Oversight of the Firefighters’ and Rescue Squad Workers’ Pension Fund (March 2014)
- Local Boards and Associations Administer Firefighters’ and Rescue Squad Workers’ Relief Funds with Limited State Oversight (November 2013)