CHAPTER 3.42: WORKERS’ COMPENSATION INSURANCE FUND

Section

3.42.010 ESTABLISHED; PURPOSE.

(A) There is created the workers’ compensation insurance fund for the purpose of accounting for deposits made to the fund by the borough and disbursements made from the fund.

(Ord. 08-115, § 2 (part), 2008)

3.42.020 REQUIREMENTS.

(A) The borough shall:

(1) account for the workers’ compensation insurance deposits and disbursements within the fund for the borough;

(2) credit the fund for interest earned on investments based on the equity of the fund;

(3) maintain a liability balance equal to the incurred but not reported claims (IBNR) which shall be calculated at June 30 of each year;

(4) include in the respective divisional operating budgets the estimated annual workers’ compensation expense for the personnel assigned to that division.

(B) These funds shall only be utilized for workers’ compensation purposes.

(Ord. 08-115, § 2 (part), 2008)