Overview
What is Workers Compensation Security Fund?
The Workers Compensation Security Fund (WCSF) is a New Jersey-based nonprofit organization, founded in 1935 by the state legislature. Its primary role is to settle the claims of insolvent workers' compensation insurance carriers, arising from risks located or residing in New Jersey. Carriers authorized to conduct workers' compensation insurance business in the state are required to contribute to the WCSF. In essence, the WCSF acts as a safety net, ensuring the financial security and continuity of compensation for injured workers when their insurance carriers face insolvency.
Official website here: www.njguaranty.org
Is Workers Compensation Security Fund legitimate?
Workers Compensation Security Fund is a legitimate nonprofit organization registered as a 501(c)(6) entity. Workers Compensation Security Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are not tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $260,306
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,063,460
For more financial information, click here
Official website here: www.njguaranty.org
What is the mission statement of Workers Compensation Security Fund?
The Workers Compensation Security Fund (WCSF) was established by the legislature in 1935 to address the issue of insolvent workers' compensation insurance carriers and their resulting claims. The fund is designed to cover risks located or residing in New Jersey. Carriers authorized to write workers' compensation insurance business in the state contribute to the WCSF. In essence, the WCSF functions to ensure that claims arising from insolvent workers' compensation carriers are paid.
Official website here: www.njguaranty.org
Who is the CEO of Workers Compensation Security Fund?
Frank Rotella is the Trustee - Director of Workers Compensation Security Fund. The CEO's salary of Workers Compensation Security Fund is $0 and their total compensation is $326,911.
Official website here: www.njguaranty.org
What is the revenue of Workers Compensation Security Fund?
Workers Compensation Security Fund's revenue in 2022 was $33,850,495.
Official website here: www.njguaranty.org
Who are the executives of Workers Compensation Security Fund and what are their salaries?
- Joseph Dellafera (Chief Executive Officer)
- Lori Connors (General Counsel)
- Ronald Chess (Director Of Compliance & It)
- William Kahle (Director Of Finance)
- Michael Romeo (Director Of Claims)
- Thomas Antola (Software Development Manager)
- Trish Young (Director Of Operations)
- Renan Besido (Assistant Director Of Claims)
- Steven Lisner (Sr Med Bill Review & Code Anlst)
- Nicholas Hamm (Director Of Siu)
- Kassandra Williams (Assistant Director Of Auditing)
- Jessica Schlee-Gilbert (Trustee - Director)
- David Raczenbeck (Trustee - Director)
- Allstate New Jersey Insurance (Institutional Trustee)
- Liberty Mutual Insurance Co (Institutional Trustee)
- Aig Property Casualty Company (Institutional Trustee)
- Selective Insurance Co Of Amer (Institutional Trustee)
- State Farm Insurance Company (Institutional Trustee)
- United Services Auto Assoc (Institutional Trustee)
- Federal Insurance Company (Institutional Trustee)
Official website here: www.njguaranty.org
Where can I find the form 990 for Workers Compensation Security Fund?
The Workers Compensation Security Fund’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.njguaranty.org
Learn more at the official website: www.njguaranty.org
Mission Statement of Workers Compensation Security Fund
The Workers Compensation Security Fund (WCSF) is a crucial organization with a mission to provide financial assistance in paying the claims of insolvent workers' compensation insurance carriers. Established by the New Jersey Legislature in 1935, the WCSF caters to risks located or residing in New Jersey. Carriers authorized to conduct the business of workers' compensation insurance in New Jersey contribute to this fund.
The WCSF serves as a safety net, ensuring the timely payment of workers' compensation claims when insurance carriers face insolvency. By doing so, the organization protects both employers and employees from financial hardships and uncertainties. The fund's establishment in 1935 marked a significant step in safeguarding the welfare of New Jersey's workforce.
Carriers authorized to operate within the state contribute to the WCSF as part of their business obligations. These contributions enable the fund to fulfill its mission effectively, ensuring that claims are paid promptly when insolvency occurs. In essence, the Workers Compensation Security Fund acts as a financial backup, providing a sense of security and stability for both employers and employees in New Jersey.
Impact
This information is meant to be a general summary of Workers Compensation Security Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
The Workers Compensation Security Fund's impact is crucial in ensuring that injured workers in New Jersey receive the compensation they deserve in cases where their employers' workers' compensation insurance carriers become insolvent. By stepping in to pay these claims, the fund safeguards the financial well-being of workers who have been injured on the job. This not only provides essential support to individuals and their families during challenging times but also helps maintain trust in the workers' compensation system as a whole. The fund's existence helps uphold the integrity of worker protection laws and contributes to a more stable and reliable insurance market for all stakeholders involved.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
WC ASSESSMENT COLLECTE
Revenue
$22,256,766
LIQUIDATION DIVIDEND
Revenue
$8,737,236
LARGE DEDUCTIBLE
Revenue
$731,596
LIQUIDATION DIV-ANNU.
Revenue
$11,773
Organization Details
Founding Year
2010
Phone
(908) 382-7100
Principal Officer
Frank Rotella
Main Address
233 MOUNT AIRY ROAD, BASKING RIDGE, NJ, 079202335
Website
www.njguaranty.org
NTEE Category
Code: S41 - Community improvement
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