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Morgan’s Tip of the Week – Year End PTD Cleanup Issues

Greetings,

A few reminder notes for the PTD season:

  • Do not forget to adjust any PTD supplemental benefits effective 1/1/21.  
  • Date of accident after 10/1/2003- it’s a 3% increase.  The formula is 3% x number of years since the accident x comp rate.   PTD supplemental benefits end at age 62 (unless the accident prevented them from being eligible for SSR or SSD).
  • Date of accident 1/1/94-9/30/2003- it’s a 5% increase.  The formula is 5% x number of years since the accident x comp rate.  
  1. If accepted as PTD before 62, PTD supps end at 62 (IF the claimant is eligible for
    both SSD and SSR)
  2. If accepted as PTD between 62 and 65, no PTD supps until claimant reaches
    65, then supps for life
  3. If accepted as PTD after 65, PTD supps for life
  4. Yes that is confusing.  And somewhat stupid.
  • Also earmark any PTD claims with date of accident after 10/1/2003 that will be turning 75 in 2021.   PTD ends at age 75 birthday (unless the accident prevented them from being eligible for SSR or SSD).
  • The exception is if the accident occurred after age 70, then PTD benefits are for 5 years.

Hope everyone is having a safe and happy holiday season!

Sincerely,

Morgan Indek | Managing Partner