In response to the current pandemic, and as members face a multitude of challenges, including reduced revenues, the Authority’s Executive Committee approved a partial deferment of the annual contributions. The deferment will apply to the Liability and Workers’ Compensation programs. Members will have the option to pay their contributions in two equal installments, with the first installment being due on July 15, 2020, and the second installment being due on January 1, 2021.
Both Primary Liability Program and Primary Workers’ Compensation Program annual contributions and retrospective computations for the 2020-21 coverage period are available on the Authority’s website in the online Library and on the Financial Information page.
Annual contributions, which provide the pool with necessary resources for the defense and payment of claims, are calculated based on an actuarial study of member claim experience. The contributions were approved by the Executive Committee at its March 25, 2020 meeting.
Retrospective computations are based on the ongoing claim development of past coverage periods and can result in either an additional deposit or a refund for members that participated during those coverage years. Adjustments are calculated once a year in October.
The 2020-21 Annual Contribution Invoice Summary, which includes any retrospective adjustment amounts, is also currently available to members. For questions, contact the Authority’s Financial Analyst, Lam Le, via email or at (562) 467-8729.