What does WCOF mean in FUNDS

The Workers Compensation Operational Fund (WCOF) is a fund created to manage the workers compensation system in the state. It provides financial support for workers' compensation insurance, policy formation and administration, and other costs related to the system.

The WCOF is administered by the State of Illinois Department of Insurance. They are responsible for setting up policy guidelines, interpreting state laws and regulations governing workers compensation insurance, and providing training to employers and their employees on proper safety and health practices to prevent workplace injuries.

The amount of money received by the WCOF depends on several factors, including contributions made by employers in the form of premiums, fees paid by insurers or self-insured employers for running programs, investments made with funds not currently needed for program operations, as well as any additional revenue from grants or other sources. In 2020, the WCOF received $2 billion in revenue.

Yes. All expenditures from the Workers’ Compensation Operational Fund must comply with certain rules set forth by Illinois law. Funds may only be used to pay reasonable costs associated with administering workers' compensation policies and programs; paying benefits; conducting research and surveys; supporting educational efforts; providing grants; reimbursing funds advanced by insurers or self-insureds for payment into the Fund; providing information about workplace safety; increasing public awareness about workers' rights; providing training related to occupational safety and health rules and regulations; establishing standards of quality; creating systems for collecting data regarding compliance with requirements before transactions are completed; conducting fraud investigations into suspected claims abuse activities among participants in this state's workers’ compensation system; issuing licenses to producers of commercial lines insurance that include workers' compensation coverage in Illinois ; funding an office responsible for working with injured workers seeking appropriate medical treatment and other services designed to enable them to return safely back to work as soon as possible ;and issuing penalties resulting from violations of rules relating specifically to this act.

Employers that provide coverage through a commercial insurer are required to make contributions toward the Workers’ Compensation Operational Fund based on their employer liability line premium written during each fiscal year period as provided in 85 Ill Adm Code 5109 (c)(3). Self-insured employers are also required under Section 10(a) of 220 ILCS 5/30 (West 2007) & 85 Ill Adm Code 5106 (b), (c) & (d)to make a quarterly contribution equal to 1% times paid losses incurred during that quarter plus any premium payments associated with noninsurance services such as stop loss reinsurance premiums paid after June 30th 2008

When making contributions towards Workers’ Compensation Operational Fund you must provide documentary evidence proving your eligibility along with proof that all contributions have either been satisfied or returned promptly upon request. This will usually consist of verified invoices detailing payment transactions made.

Yes. If you are an authorized user within your organization then you can access an online account statement showing all payments made into Workers’ Compensation Operational Funds or refunds requested under section 10(a)of 220 ILCS 5/30 (West 2007).