Senate Bill S6115

2023-2024 Legislative Session

Specifies methods of calculating deposits and reserves for the aggregate trust fund and reserves of the state insurance fund

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Labor Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S6115 (ACTIVE) - Details

Current Committee:
Senate Labor
Law Section:
Workers' Compensation Law
Laws Affected:
Amd §§27 & 86, Work Comp L; amd §§1108 & 4117, Ins L
Versions Introduced in 2021-2022 Legislative Session:
S6266

2023-S6115 (ACTIVE) - Summary

Specifies methods of calculating deposits and reserves for the aggregate trust fund and reserves of the state insurance fund; provides that all computations made or directed by the workers' compensation board shall be on the basis of the survivorship annuitants table of mortality, the remarriage tables of the Dutch Royal Insurance Institution applicable to claims for accidents occurring on or before December 31, 2023, and beginning January 1, 2024 and on January 1 of each tenth year thereafter, the United States life table for the total population published by the department of health and human services and the remarriage table published by the department of health and human services and the remarriage table published by the United States railroad retirement board applicable to claims for accidents occurring on or after January first of the year following the adoption of any revision of such tables; makes related provisions.

2023-S6115 (ACTIVE) - Sponsor Memo

2023-S6115 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6115
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              March 30, 2023
                                ___________
 
 Introduced  by  Sen.  RAMOS  -- read twice and ordered printed, and when
   printed to be committed to the Committee on Labor
 
 AN ACT to amend the workers' compensation law and the insurance law,  in
   relation  to  specifying  methods of calculating deposits and reserves
   for the aggregate trust fund and reserves of the state insurance fund

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  5 of section 27 of the workers' compensation
 law, as amended by chapter 6 of the laws of 2007, is amended to read  as
 follows:
   5.  All  computations  made OR DIRECTED by the board shall be upon the
 basis of (I) the survivorship annuitants table of mortality, the  remar-
 riage  tables  of  the  Dutch  Royal Insurance Institution APPLICABLE TO
 CLAIMS FOR ACCIDENTS OCCURRING ON OR BEFORE DECEMBER  THIRTY-FIRST,  TWO
 THOUSAND  TWENTY-THREE,  AND  (II) BEGINNING JANUARY FIRST, TWO THOUSAND
 TWENTY-FOUR, AND ON JANUARY FIRST OF EACH  TENTH  YEAR  THEREAFTER,  THE
 UNITED  STATES  LIFE  TABLE  FOR  THE  TOTAL POPULATION PUBLISHED BY THE
 DEPARTMENT OF  HEALTH  AND  HUMAN  SERVICES  AND  THE  REMARRIAGE  TABLE
 PUBLISHED  BY  THE UNITED STATES RAILROAD RETIREMENT BOARD APPLICABLE TO
 CLAIMS FOR ACCIDENTS OCCURRING ON OR AFTER JANUARY  FIRST  OF  THE  YEAR
 FOLLOWING  THE  ADOPTION  OF  ANY REVISION OF SUCH TABLES AS PROVIDED IN
 THIS SUBDIVISION and interest at three and one-half per centum per annum
 on claims based on accidents occurring up to and including June  thirti-
 eth,  nineteen  hundred  thirty-nine,  at  three per centum per annum on
 claims based on accidents occurring from July  first,  nineteen  hundred
 thirty-nine  up  to  and including August thirty-first, nineteen hundred
 eighty-three, at six per centum per annum on claims based  on  accidents
 occurring  from September first, nineteen hundred eighty-three up to and
 including December thirty-first, two thousand and at the industry stand-
 ard rate on claims based on accidents occurring thereafter,  except  (a)
 that  computations  of  present  values of death benefits required to be
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD06279-01-3
              

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