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 representative 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-related facilities will be.
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