The New York State Workers Compensation Board said that it will have enough funds, without having to borrow money from the state unemployment fund, to pay claims on behalf of a deficit-ridden employers' self insurance operation.
Causing the problem is the group self-insured trust, Transportation Industry Workers' Compensation Trust, which was managed by Poughkeepsie, N.Y-based CRM. The trust has a $6.1 million shortfall and is due to run out of funds in five months.
A spokesman for the board said there will be shortfalls beyond the $6.1 million for other CRM managed trusts, and he said those trusts have been evaluated by the WCB. But he did not have an exact figure as to what the total shortfall for CRM managed trusts will be.
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