NCIC full Commission award interest calculation program: data
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 program assumes a
continuous period of total disability between the initial date of disability and the date of payment.
This version of the program was released on
August 1, 2004.