Lump sum payments; minors; interest rate
Sec. 25. (a) In unusual cases, upon the agreement of the employer
and the employee or his dependents, and the insurance carrier, and
the approval of the worker's compensation board, compensation may
be redeemed, in whole or in part, by the cash payment, in a lump
sum, of the commutable value of the installments to be redeemed.
(b) The board may, at any time, in the case of permanently
disabling injuries of a minor, require that he be compensated by the
cash payment in a lump sum of the commutable value of the
unredeemed installments of the compensation to which he is entitled.
(c) In all such cases, the commutable value of the future unpaid
installments of compensation shall be the present value thereof, at
the rate of three percent (3%) interest, compounded annually.
(Formerly: Acts 1929, c.172, s.43; Acts 1937, c.214, s.4; Acts 1947,
c.162, s.11.) As amended by P.L.28-1988, SEC.31.
Last modified: May 27, 2006