New York Workers’ Compensation Law Changes: Implications for Employers
New York’s 2017 budget includes the most significant changes to the state’s workers’ compensation system since 2007. Legislation passed in 2007 has resulted in an approximate 20% cost increase, with the potential for greater cost increases as claims mature. The new legislation could reduce costs, but its full effect will heavily depend on how the New York State Workers’ Compensation Board implements and administers the mandated changes.
In “New York Workers’ Compensation Law Changes: Implications for Employers,” we discuss the potential cost impact of several elements of the new law, including:
- The elimination or limitation of certain employer defenses.
- A reduction in the threshold for extreme hardship redeterminations.
- The planned creation of a comprehensive prescription drug formulary before the end of 2017.