Senator Fred Akshar joined local business leaders and The Business Council of New York State at Willow Run Foods to highlight over a billion dollars in savings for New York State employers due to the workers' compensation reforms passed in 2017.
New York Compensation Insurance Rating Board recommended an 11.7 percent reduction in loss cost rates, which are the basis for setting workers’ compensation premiums for 2019. This week, the New York State Department of Financial Services approved the reduction, effective October 1, 2018.
The newly approved 11.7 percent reduction will result in significant workers’ compensation savings for most New York employers next year. This reduction, coupled with the 4.5 percent rate cut achieved in the first year of the 2017 reforms, means overall system costs will be reduced by upwards of one billion dollars.