Changes to New York State’s workers’ compensation program are expected to save employers upwards of $1 billion moving forward. The New York State Department of Financial Services recently approved a nearly 12 percent reduction in loss cost rates – a key component of determining insurance premiums. This significant reduction is a direct result of critical workers’ compensation reform included in last year’s state budget.
Partner Voices Blog: Greg Biryla, Executive Director, Unshackle Upstate
Several of the Buffalo Niagara Partnership’s state advocacy priorities are now on hold after the Governor and State Legislature failed to reach a final budget agreement. To keep state government running, the Legislature did pass a stop-gap measure through the end of May. This budget extender does includes key issues important to the Partnership and economic development efforts in Buffalo Niagara. They are:
New York State has the third highest Workers’ Compensation premium costs in the country. To ease this growing burden on employers, the Buffalo Niagara Partnership is committed to achieving real reform.
Workers’ Compensation remains a prominent issue facing Buffalo Niagara employers. While New York State’s Workers’ Compensation program was substantially reformed in 2007, many of the reforms have not been fully implemented and, as a result, employers’ costs continue to rise. Today, New York State has the fourth highest Workers’ Compensation premiums in the country, up from the 19th highest in 2008.
There are just a handful of weeks left until the State Legislature wraps up the 2016 session and leaves Albany behind for another year. The end of session crunch is typically defined by heavy legislative activity, but there are strong indications this year’s session may wind down with little fanfare. Whether a little or a lot gets done over the next month, the Buffalo Niagara Partnership and our allies are making sure state legislators know what is important to New York’s employers.
The 2015 New York State Legislative session is one for the history books – but not for what was accomplished legislatively.
This tumultuous session, which saw the leaders of both the Senate and Assembly resign their leadership posts in scandal, ended more than a week later than scheduled and with very little legislative activity.