Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Department of Justice Emails Description An account of the resource The Department of Justice received more than 11,000 e-mails in response to the agency's public solicitation for comments upon its plans to distribute the September 11th Victim Compensation Fund of 2001 established by Congress to benefit the victims of September 11 and their families. These e-mails have been organized here by date. September 11 Email September 11 Email: Body The basic content, as unstructured text; sometimes containing a signature block at the end. Kenneth L. Zwick Director, Office of Management Programs Civil Division U.S. Department of Justice, Room 3140 940 Pennsylvania Avenue, N.W. Washington, D.C. 20530 Re: September 11th Victim Compensation Fund of 2001 Dear Mr. Zwick: The member companies of the American Council of Life Insurers commend the Department of Justice in their public outreach in the initial determination of the structure of the September 11th Victim Compensation Fund of 2001 ( the "Fund"). The American Council of Life Insurers is the principal trade association representing the Life insurance premiums and 81 percent of annuity considerations in the United States among legal reserve life insurance companies. After review of the Notice of Inquiry and Advance Notice of Rulemaking published in the Federal Register on November 5, 2001, our members would like to contribute their thoughts in connection with payments to be made from the Fund. It is our understanding that Congress intended that this Fund provide assistance to victims and families of victims and that the amounts to be awarded are based, in part , on the future economic losses sustained as a result of the injury or death. In light of this purpose, we would suggest that the Special Master making the awards be permitted to order that the amount be paid as an annuity. The use of an annuity in payment of compensation intended to replace future income or provide for future expenses is well established and is customarily utilized in a variety of similar situations, including awards and settlements under the Federal Tort Claims Act and the National Vaccine Injury Compensation Program (42 USC §300aa-15(f). In addition, annuities are often used in settlement of state personal injury claims. An annuity is an excellent means to provide for future expenses. The periodic payments replace the lost income. The payments are made in a predictable manner upon which the victims families will be able to rely. As articulated by the Claims Court in Loe v. Secretary of Dept. of Health and Human Services, 22 Cl. Ct. 430 ( 1991): An annuity insures that the beneficiary receives a steady stream of income throughout his entire life. An annuity protects the trust's corpus from mismanagement or waste by the parent or guardian. Thus, an annuity eliminates any fear that the compensation might be invested in an unprofitable manner. In Lewis v. Secretary of Health and Human Services, 90-968V, U.S. Claims Court, Office of the Special Masters (July 9, 1992), 1992 WL 178640 (C1. Ct.), the Special Master determining the form of a compensation award under a vaccine case noted that: An annuity, however, does provide a guaranteed level of benefits for the life of the beneficiary, regardless of fluctuations in rates of return in investments. A conservator cannot provide this assurance. Thus, where the award is turned over to a conservator to manage, it is conceivable that the beneficiary may outlive the trust corpus if projected rates of return are not realized or if she exceeds her projected actuarial life expectancy. An annuity, the benefits are provided for the entire life of the beneficiary, regardless of the duration of that life. A steady stream of payments for the beneficiary is ensured. The corpus of the award is essentially secure from any putative mismanagement or unforseen investment error. Annuity issuers are mindful of the need for prompt resolution of claims made under this Fund. They are prepared to work with your Department in arranging expeditious payments for annuity awards. Annuity issuers are experienced in making periodic payments to annuity beneficiaries. They have the mechanisms in place to manage the payment streams and to assist payees with their payments over a long period of time. Annuity issuers provide lifetime guarantees of both payments as well as customer service. Our members suggest that permitting the Special Master to make awards using annuities will greatly benefit the families and will facilitate resolution of the claims from this national tragedy. We would like to work with you in connection with the use of annuities in the September 11th Victim Compensation Fund. Thank you for your attention to this issue. Sincerely, Comment by: American Council of Life Insurers September 11 Email: Date The local time and date when the message was written. 2002-02-05 Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource dojW000796.xml 911DA Item Elements describing a September 11 Digital Archive item. Status The process status of this item. approved Consent Whether September 11 Digital Archive has permission to possess this item. full Posting Whether the contributor gave permission to post this item. yes Copyright Whether the contributor holds copyright to this item. yes Source The source of this item. born-digital Media Type The media type of this item. email Created by Author Whether the author created this item. yes Described by Author Whether the description of this item was submitted by the author. no Date Entered The date this item was entered into the archive. 2002-02-05