An Act To Equitably Adjust the Workers' Compensation Board's Assessment
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 39-A MRSA §154, sub-§6, ¶A, as enacted by PL 2007, c. 240, Pt. LL, §1, is amended to read:
A. The assessments levied under this section may not be designed to produce more than $6,000,000 in revenues annually beginning in the 1995-96 fiscal year, more than $6,600,000 annually beginning in the 1997-98 fiscal year, more than $6,735,000 beginning in the 1999-00 fiscal year, more than $7,035,000 in the 2001-02 fiscal year, more than $6,860,000 beginning in the 2002-03 fiscal year, more than $8,390,000 beginning in the 2003-04 fiscal year, more than $8,565,000 beginning in the 2004-05 fiscal year, more than $8,525,000 beginning in the 2005-06 fiscal year, more than $9,820,178 beginning in the 2007-08 fiscal year, more than $10,000,000 beginning in the 2008-09 fiscal year, more than $10,400,000 beginning in the 2009-10 fiscal year, more than $10,800,000 beginning in the 2010-11 fiscal year or more than $11,200,000 beginning in the 2011-12 fiscal year. Assessments collected that exceed $6,000,000 beginning in the 1995-96 fiscal year, $6,600,000 beginning in the 1997-98 fiscal year, $6,735,000 beginning in the 1999-00 fiscal year, $7,035,000 in fiscal year 2001-02, $6,860,000 beginning in the 2002-03 fiscal year, $8,390,000 beginning in the 2003-04 fiscal year, $8,565,000 beginning in the 2004-05 fiscal year, $8,525,000 beginning in the 2005-06 fiscal year, $9,820,178 beginning in the 2007-08 fiscal year, $10,000,000 beginning in the 2008-09 fiscal year, $10,400,000 beginning in the 2009-10 fiscal year, $10,800,000 beginning in the 2010-11 fiscal year or $11,200,000 beginning in the 2011-12 fiscal year the applicable limit by a margin of more than 10% must be refunded to those who paid used to reduce the assessment that is paid by insured employers pursuant to subsection 3. Any amount collected above the board's allocated budget and within the 10% margin must be used to create a reserve of up to 1/4 of the board's annual budget.
Sec. 2. Retroactivity. This Act applies retroactively to July 1, 2005.
SUMMARY
This bill requires the Workers' Compensation Board to use collections that exceed the maximum assessment by more than 10% to reduce the assessment on insured employers.