California regulators have issued assessment rates that employers will pay in 2013 for the Workers’ Compensation Administration Revolving Fund.
The fund covers the Division of Workers’ Compensation budget, the Uninsured Employers Benefits Trust Fund, the Subsequent Injuries Benefits Trust Fund, the Occupational Safety & Health Fund, the Labor Enforcement & Compliance Fund and the Workers’ Compensation Fraud Account.
The Department of Industrial Relations’ total 2013 assessments required from all payers for the funds will amount to more than $500 million prior to adjustments. After adjustments the total due from employers in 2013 will nearly $400 million. The assessments are split between insured and self-insured employers in proportion to their payroll for the most recent year, and workers’ compensation insurers must advance the money to the state on behalf of policyholders, then recoup the funds via policy surcharges and assessments.
The first installment must be paid to the state by Jan. 1, 2013, and the balance is due by April 1, 2013.
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