(1) At any time after six months have elapsed from the date of injury, the claimant may elect to take all or any part of the compensation awarded in a lump sum by sending written notice of the election and the amount of benefits requested to the carrier or the noninsured or self-insured employer. The carrier or self-insured employer shall file the calculation of the lump sum due and notice that the lump sum has been paid to the claimant within ten days after the election. When the claimant is unrepresented, the director shall calculate amounts to be paid based on the present worth of partial payments, considering interest at four percent per annum, and less a deduction for the contingency of death. The director shall make the method of calculation of lump sums available to all parties at all times, including posting the information on the division's website. Neither the director nor an administrative law judge shall in any way attempt to condition the lump sum payment on the claimant waiving the right to pursue permanent total disability benefits.
If a claimant who has been awarded compensation is the injured worker or the soledependent of a deceased injured worker, the aggregate of all lump sums granted to the claimant must not exceed eighty thousand eight hundred sixty-eight dollars and ten cents.
If a claimant who has been awarded compensation is one of multiple dependents of adeceased injured worker, the aggregate of all lump sums granted to the claimant must be a proportionate share, as determined by the director or administrative law judge, of an amount not to exceed one hundred sixty-one thousand seven hundred thirty-four dollars and fifteen cents.
For injuries sustained on or after January 1, 2014, the director shall adjust the lumpsum limits set forth in subsections (2) and (3) of this section on July 1, 2014, and each July 1 thereafter, by the percentage of the adjustment made by the director to the state average weekly wage pursuant to section 8-47-106. A claimant who has received compensation under this section is not entitled to any further compensation under this section related to the claim as a result of an adjustment by the director pursuant to this subsection (4).
Source: L. 90: Entire article R&RE, p. 515, § 1, effective July 1. L. 91: (1) amended, p. 1352, § 6, effective May 29; (2) amended, p. 1326, § 41, effective July 1. L. 2007: Entire section amended, p. 1474, § 9, effective May 30. L. 2010: (1) amended, (SB 10-187), ch. 310, p. 1459, § 8, effective July 1. L. 2014: (2) amended and (3) and (4) added, (SB 14-191), ch. 316, p. 1375, § 9, effective July 1.
Editor's note: This section is similar to former § 8-52-103 as it existed prior to 1990.