POLICY NUMBER: 3. 6. 9

Effective Date: February 1, 1996
Date Issued: July 19, 1996
Date Approved by Board of Directors: April 12, 1996
Topic: Periodic Payment of Annuities
Section: Short-Term and Long-Term Benefits
Subsection: Annuities

Policy Statement

1. If the accumulated value (interest and principal) of the annuity is over $10,000, or if requested by the worker, the payments will be made periodically (monthly).

2. Administration of the annuities payments, on behalf of the Board, will be done by a financial institution. All payments made by the financial insitution will maintain their tax-free status.

3. Upon application, the Board may allow the worker to choose a financial institution other than the one employed by the Board to administer his/her annuity.

Application

This Policy applies to workers injured on or after March 23, 1990.

References

Workers' Compensation Act (Chapter 10, Acts of 1994-95), Sections 52(1).