2013 New York Consolidated Laws
WKC - Workers' Compensation
Article 9 - (200 - 242) DISABILITY BENEFITS
214 - Special fund for disability benefits.


NY Work Comp L § 214 (2012) What's This?
 
    § 214. Special fund for disability benefits. There is hereby created a
  fund which shall be known as the special fund for disability benefits to
  provide  for  the  payment  of  disability  benefits  under sections two
  hundred seven, two hundred thirteen and attendance  fees  under  section
  two hundred thirty-two of this article.
    1.  As  promptly  as  practicable after April first, in each year, the
  chairman shall ascertain the condition of the fund, and  if  as  of  any
  such  date  the  net  assets of the fund shall be one million dollars or
  more below the sum of twelve million dollars, the chairman shall  assess
  and  collect an amount sufficient to restore the fund to an amount equal
  to twelve million dollars.. Such assessment shall  be  included  in  the
  assessment  rate  established pursuant to subdivision two of section one
  hundred fifty-one of this chapter. Such assessments shall  be  deposited
  with  the  commissioner  of  taxation and finance and transferred to the
  benefit of such fund upon payment of debt service, if any,  pursuant  to
  section one hundred fifty-one of this chapter.
    2.  Whenever  the  net  assets  of  the  fund shall be less than three
  million dollars and the disability claims  currently  being  paid  shall
  indicate  the  necessity  of  supplementing  the  assets of the fund the
  chairman may transfer from monies collected pursuant to subdivision  two
  of section one hundred fifty-one of this chapter an amount sufficient in
  the  discretion  of  the  chairman for the needs of the fund, but not in
  excess of an amount sufficient to restore the  fund  to  twelve  million
  dollars.
    3.  All  contributions  and assessments received by the chairman under
  the provisions of this section shall be  credited  to  the  fund  herein
  established  and  deposited  by  the  chairman  to  the  credit  of  the
  commissioner of taxation and finance for the benefit of  the  fund.  The
  superintendent  of  financial services may examine into the condition of
  the fund at any time on his own initiative or upon the  request  of  the
  chairman.

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