Albany Actually Works
In a major first term victory, N.Y. Gov. Spitzer struck a deal with legislative leaders to reform the state’s workers’ compensation system, a deal that had the backing of business and labor. Benefits for injured workers will be increased for the first time in more than a decade, and employer costs, previously among the highest in the nation, will drop 10 to 15 percent. The plan called for changes in the current Compensation Insurance Rating Board, new anti-fraud measures and the closing of the state’s Second Injury Fund. In July, the state announced rates for workers’ compensation insurance would shrink by more than 20 percent — the biggest cut in more than 20 years — saving employers about $1 billion.
Popular Today
- Insurer Chubb Readies $350M Payout Tied to Baltimore Bridge Collapse
- Berkshire’s Jain on Cyber: ‘The Mindset Should Be You’re Not Making Money’
- Berkshire’s ‘Most Important’ Biz Drives Q1 Results; GEICO Still Behind on Tech
- Biden Vetoes Bid to Repeal US Labor Board Rule on Contract, Franchise Workers