Today’s issue of WorkCompRecap features a recent release from New York Governor Andrew Cuomo which details the savings to employers that will occur as a result of the sweeping reforms to the state’s Workers’ Compensation system that were included the recently passed state budget.
The primary facets of the plan aimed at creating savings include creating one method for collecting annual assessments from employers, thereby saving self-insured employers an estimated $500 million, closing the Fund for Reopened Cases, increasing competitiveness in the workers’ comp insurance market, and resolving the Defaulted Group Trust Crisis. The changes also implement benefit increases for injured workers.
Find out more by clicking here!