An independent audit report for fiscal 2004 shows continued positive financial trends for the West Virginia Workers’ Compensation Commission, according to Gregory Burton, executive director. The report cites a deficit or unfunded liability for the combined funds of the Workers’ Compensation Commission of $2.965 billion, compared to $3.1 billion for fiscal 2003. The deficit represents the amount that total liabilities exceed total assets. The Commission’s total liabilities as of June 30, 2004 were $4.277 billion. Total assets of $1.312 billion offset these liabilities, leaving the unfunded liability or deficit at $2.965 billion. The commission oversees the Workers’ Compensation Fund, as well as the Coal Workers’ Pneumoconiosis Fund and the Employers’ Excess Liability Fund. The CWPF had net assets of $30.3 million at the conclusion of fiscal 2004, while the EELF had net assets of $13 million.
Was this article valuable?
Here are more articles you may enjoy.
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Florida Regulators Crack the Whip on Auto Warranty Firm, Fake Certificates of Insurance 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles From This Issue
