Montana State Fund : Financial Audit for the Fiscal Year Ended June 30, .. 2001

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2000 is $389 and $171 respectively. For the year ended June 30, 2001, $171 of acquisition costs were amortized. There were no acquisition costs amortized for the year ended June 30.
2000.
The Old Fund covers the liability and payment of workers' compensation claims for incidents occurring before July 1, 1990. Funding for claims payments was provided by Old Fund Liability Taxes (OFLT) imposed on employer payroll (0.5%), employee wages (0.2%), and sole proprietor and subchapter S shareholder dist
...ributive income (0.2%). The OFLT is no longer in effect, however, revenue on past taxes is still being received and totaled $1 13 and $1,892 for June 30, 2001 and June 30, 2000, respectively.
An actuarial study prepared by Tillinghast-Towers Perrin for the Old Fund as of June 30. 2001 and June 30, 2000, was used to estimate liabilities and the ultimate cost of settling claims that have been reported, but not settled and claims that have been incurred, but not reported. As of June 30, 2001, $148,476 of unpaid claims and unpaid claim adjustment expenses are presented at theirnet present value of $104,700 discounted at a 5.5% rate.


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