OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www.cga.ct.gov/ofa

sSB-25

AN ACT CONCERNING SOCIAL SECURITY OFFSETS UNDER THE WORKERS' COMPENSATION ACT.

AMENDMENT

LCO No.: 5279

File Copy No.: 25

House Calendar No.: 481

Senate Calendar No.: 70

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 07 $

FY 08 $

Dept. of Administrative Services - Workers' Comp. Claims

GF - Savings

Potential

Potential

Note: GF=General Fund

Municipal Impact:

Municipalities

Effect

FY 07 $

FY 08 $

Various Municipalities

Savings

Potential

Potential

Explanation

This amendment lowers the interest rate from 10% to 6% on compensation payments that are delayed past 30 days.

To the extent that the state and municipalities make late compensation payments, reducing the interest rate will lower the late payment charges.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either House thereof for any purpose.