The Oklahoma Workers’ Compensation Commission (WCC) has officially reduced the Multiple Injury Trust Fund (MITF) assessment from 7% to 6.29% on workers’ compensation coverage providers. This marks the first rate decrease in five years and reflects improving financial stability within the fund.
Background: Stabilizing the MITF
The reduction follows legislative reforms passed in 2019, which temporarily allowed a higher assessment cap. This measure was taken in response to the MITF’s inability to meet financial obligations to permanently disabled Oklahomans in late 2018. Since then, the fund has seen increased stability, allowing for this recent adjustment.
Comprehensive Review Led to Reduction
The commission reached this decision after conducting an in-depth review of total premiums written and actual paid losses from self-insured employers in the previous year. Findings revealed that the fund’s financial health is now strong enough to support a lower rate.
Positive Impact of Legislative Reforms
WCC Chair Jordan Russell credited the 2019 legislative actions for this improvement, stating they successfully stabilized the MITF, cut long-term financial risks, and ensured the sustainability of the program.
Purpose and Role of the MITF
Established in 1943, the Multiple Injury Trust Fund serves as a second injury fund, helping employers by covering liability risks when hiring individuals with pre-existing disabilities.
The MITF is responsible for paying 90% of Oklahoma’s permanent disability claims.
The WCC’s decision to reduce the MITF assessment reflects the effective management and policy reforms undertaken since 2019.
This move is expected to benefit both employers and insurers, while continuing to support injured workers through a financially sound trust fund.
