Sec. 504. Schedule compensation payments
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/bill/113/s/1486/rs/section-504·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 8107 is amended— in subsection (a), by striking at the rate of 66 and inserting 2/3 percent of his monthly pay at the rate specified under subsection
(d); and by adding at the end the following: Except as provided in paragraph (2), the rate under subsection
(a)shall be the rate of 66 2/3 percent of the annual salary level established under subparagraph (B), in a lump sum equal to the present value (as calculated under subparagraph (C)) of the amount of compensation payable under the schedule. The Secretary of Labor shall establish an annual salary for purposes of subparagraph
(A)in the amount the Secretary determines will result in the aggregate cost of payments made under this section being equal to what would have been the aggregate cost of payments under this section if the amendments made by section 504 of the Workers' Compensation Reform Act of 2013 had not been enacted. The annual salary established under clause
(i)shall be increased on March 1 of each year by the amount determined by the Secretary of Labor to represent the percent change in the price index published for December of the preceding year over the price index published for the December of the year prior to the preceding year, adjusted to the nearest one-tenth of 1 percent. The Secretary of Labor shall calculate the present value for purposes of subparagraph
(A)using a rate of interest equal to the average market yield for outstanding marketable obligations of the United States with a maturity of 2 years on the first business day of the month in which the compensation is paid or, in the event that such marketable obligations are not being issued on such date, at an equivalent rate selected by the Secretary of Labor, true discount compounded annually. For an injury that occurred before the date of enactment of the Workers' Compensation Reform Act of 2013 , the rate under subsection
(a)shall be 66 2/3 percent of the employee’s monthly pay. An employee who receives compensation for total disability under section 8105 may only receive the lump sum of schedule compensation under this section in addition to and simultaneously with the benefits for total disability after the earlier of— the date on which the basic compensation for total disability of the employee becomes 50 percent of the monthly pay of the employee under section 8105(b); or the date on which augmented compensation of the employee terminates under section 8110(b)(2)(A)(ii), if the employee receives such compensation. An employee who receives benefits for partial disability under section 8106 may only receive the lump sum of schedule compensation under this section in addition to and simultaneously with the benefits for partial disability after the earlier of— the date on which the basic compensation for partial disability of the employee becomes 50 percent of the difference between the monthly pay of the employee and the monthly wage-earning capacity of the employee after the beginning of the partial disability under section 8106(b); or the date on which augmented compensation of the employee terminates under section 8110(b)(2)(B), if the employee receives such compensation. .