Tag Life Pension

Tag Life Pension

Cost Of Living Adjustment

Tags: , , , , , , Benefits, California Workers Compensation System, Labor Code No comments

Cost of Living Adjustment for Life Pension Injuries

Labor Code Section 4659(c) states: For injuries occurring on or after January 1, 2003, an employee who becomes entitled to receive a life pension or total permanent disability indemnity shall have that payment increased annually commencing on January 1, 2004 and each January 1 thereafter, by an amount equal to the percentage increase in the “state average weekly wage” as compared to the prior year.

Structured Settlement Agreements

Tags: , , , , , , , , Benefits, Proceedings No comments

RE: Structured Settlement Agreements

It is possible to settle a worker’s comp case pursuant to a structured settlement agreement. It is frequently used when the applicant has suffered substantial permanent disability. The settlement often consists of a lump sum payment coupled with a life pension, paid weekly or monthly. Usually, medicare requires that there be a medical set aside agreement. The amount to be set aside for medicare is established by medicare after they have reviewed all medical reports pertaining to applicants injuries. Normally the applicant opens a checking account where the medicare funds are deposited and used only to pay for applicant’s future medical treatment for his or her industrial injuries. The value of the structure is based on the present value of applicant’s life payments for permanent disability and future medical care. Usually the applicant’s attorney will employ a structured settlement expert to help evaluate the case and to work with the defendant’s structured settlement broker.Structured settlements can be of great value to the injured worker when they are fairly valued and desirable to the applicant.