NCIC full Commission award interest calculation program: data entry form


This program calculates the interest due on total disability compensation due on awards of the NCIC full Commission pursuant to N.C. Gen. Stat. Sec. 97-86.2, which mandates that an employer that is ordered to pay compensation pursuant to an award of the full Commission pay interest on the award at the legal rate prescribed by N.C. Gen. Stat. Sec. 24-1. The rate prescribed by N.C. Gen. Stat. Sec. 24-1 is "eight (8%) per annum". Although the statutes are silent about whether simple or compound interest is to be paid, the Commission in Tracy W. Moore v. Standard Mineral Company, I.C. File No. 177919 (March 19, 1998) held that 8% simple interest (Math formula: Interest = Principal X Rate X Time) is to be paid unless the plaintiff can prove that s/he could have obtained a greater return than 8% simple interest on the compensation awarded. The method used by this program is modeled after the method used by Commissioner Thomas Bolch to calculate the interest on compensation due in Robert Moore v. Foam Ex, I.C. File No. 241740 (April 1, 1999) except that 1. the program handles fractional weeks, and 2. the program takes account of the fact that workers' compensation benefits are paid in arrears and not in advance.
This version of the program was released on February 9, 2007.

First date of disability (start of award) (MM/DD/YYYY): //
Date of initial hearing (MM/DD/YYYY): //
Open-ended award or closed period award: Open Closed
Last day of total disability (end of award) (MM/DD/YYYY): //
First potential date of payment (MM/DD/YYYY): //
Number of days from first potential date of payment over which to calculate interest due:
Employee's weekly compensation rate: