For CY 2024 the State of NY has reduced the contribution rate factor by 18% to .373% from .455% in 2023. The second annual decrease in rate factor contributions since the enactment of the NY PFL regulations in 2018. 2024 rate contributions do not include any Covid-19 related surcharges which were eliminated in 2023 but were included in 2022 and 2021. Even though the employee contribution factor has decreased, the maximum taxable wage base (annual salary max) has increased. Overall, this is positive news for New York employees.
| PFL 2024 | PFL 2023 | PFL 2022 | |
| Premium Payment | 100% Employee Paid | 100% Employee Paid | 100% Employee Paid |
| Taxable Wage Base | $89,343.80 | $87,785.88 | $82,917.64 |
| Employee Rate Factor | .373% | .455% | .511% |
| Maximum Contribution | $333.25 | $399.43 | $423.71 |
| Weekly Benefit Maximum | 67% of average weekly wage up to $1,151.16 | $1,131.08 | $1,068.36 |
The Reuben Warner Advantage:
- State Mandated Disability experts dating back to the 1940s with the enactment of NY DBL.
- Maximum Standard Brokerage Commission at no cost impact to you or your clients – RWA compensated by the markets we represent as General Agent
- Multi-million-dollar position with various insurance carriers
- We provide support to you and your client in handling the marketing, implementation, on-going administration/ servicing, billing consultation, and renewal negotiations
- Availability for conference calls with clients
Although insurance has been deemed essential, we are extremely fortunate that many of us have the ability to work from home. Many employees in various industries do not have that luxury.
We have the ability to provide a meaningful employee benefit for all of those other essential workers who must work at their company’s premises.
Commutation coverage is now available on a stand-alone policy basis through Berkley Accident & Health. A flat benefit amount of $100,000 of AD&D can be afforded for approximately $2 per person per year.
Naturally, we can customize the benefit amount and premium payment depending upon the number of employees insured. Monthly premium payment may be available for those policies generating a premium in excess of $10,000 per month. Minimum premiums apply.
The food industry, big box stores, manufacturing companies, hospitals and banks are all excellent prospects.
As Plan Administrator for this program, we look forward to answering any questions you may have to successfully add this relevant employee benefit.
This coverage referenced above is Accident Only.
In response to the COVID-19 Pandemic, states have issued guidance as it relates to extensions of grace periods for payment of insurance premiums. On March 29th, Governor Cuomo (NY) signed an executive order extending grace periods for payment of insurance premiums for small businesses who can demonstrate financial hardship as a result of the novel coronavirus (“COVID-19”) pandemic. The executive order is temporary but may be extended further.
The Executive order can be found:
https://www.governor.ny.gov/news/no-20213-continuing-temporary-suspension-and-modification-laws-relating-disaster-emergency
as well as https://www.dfs.ny.gov/system/files/documents/2020/06/reg_consolidated_pt405_27a_27c_216_text.pdf
In addition to the above, the Department of Financial Services has also posted guidance for producers to accommodate electronic delivery of notices. The guidance is available on DFS’s website:
https://www.dfs.ny.gov/industry_guidance/electronic_notice_obligations
We will share additional updates as they become available.
Effective March 18th, 2020 New York Governor Cuomo has signed the “Emergency Covid-19 Paid sick leave regulation”. https://www.lawandtheworkplace.com/files/2020/03/NY-Leave-Bill.pdf
Effective April 2nd, the Federal Government enacted the Families First Coronavirus Response Act which will provide paid leave for employers with less than 500 employees. New York benefits could be offset by benefits received under the Federal program.
https://www.dol.gov/agencies/whd/pandemic/ffcra-employee-paid-leave
The New York regulation is intended to provide relief in the form of Paid Sick Leave, Paid Family Leave and /or Disability Benefits to covered employees subject to a precautionary or mandatory order of quarantine due to Covid-19 or to provide care for a minor child who is subject to an order.
The benefit structure depends on the size and annual net income of the employer:
https://paidfamilyleave.ny.gov/COVID19
| Businesses with 100 + Employees | Employers required to provide employees with at least 14 days of paid sick leave, during any mandatory or precautionary quarantine |
| State /public Employees | Same Standard as Businesses with 100+ |
| Businesses with 11 – 99 Employees | Employers required to provide 5 Days Paid Sick Leave. After 5 days, employees eligible for DBL and PFL coverage. These benefits would be paid concurrently with a maximum PFL benefit of $840.70 and a maximum DBL benefit of $2,043.92 per week. |
| Businesses 1- 10 Employees and net income of $1 million or more | Same Standards as businesses with 11-99 employees |
| Businesses of 1 – 10 Employees and net income less than $1 million | No requirement for employer paid sick leave, and the combination PFL/DBL benefit will be available for the duration of quarantine from day one. |
Other key points:
- Intended duration is 14 days; the 7 day waiting period for DBL is waived
- Combined DBL/PFL maximum is $2,884 per week.
- If an employer is closed, an employee may file for unemployment insurance.
- Coverage would not apply for employees who are able to work from home (remote)
- All DBL carriers including the NYSIF will be participating in a risk adjustment pool (page 4 of regulations)
Note all statutory DBL carriers are in contact with the State of NY through their legal departments to ensure compliance with this new regulation and will be releasing additional guidance. Like any new regulation, it is anticipated that questions will arise and therefore clarifications from the State of New York and/or our carriers may be required. As things develop we will do our best to keep you informed.
As experts in the NY DBL marketplace since 1949, we are here to assist (remotely), feel free to contact us with any questions!
Reuben Warner Associates expands its capabilities in the state mandated disability marketplace as we can now assist with the placement of MA Paid Family & Medical Leave coverage for companies with employees in Massachusetts.
Please feel free to reach out to our team if you have specific questions.
Business Travel Accident Coverage (BTA) is a low-cost, employer paid, customizable insurance product that provides financial protection, peace of mind offering Travel Assistance Services and other valuable benefits to the employees of any sized business.
Please read the attached descriptive overview, and learn how and why Business Travel Accident can be a fit for your client base and prospective clients.
January is approaching quickly and is the heaviest renewal month of the year – please contact one of the expert Reuben Warner Associates team members to assist you and your clients with creating a comprehensive Business Travel Accident policy. Our expertise and services can also be engaged on any current BTA program that you have in place for your client base.
The State of NJ has begun to release AC 174 (Notice of Employer Contribution Rates) for 2020 and have also announced an increase to the employee contribution rates as well. The time to act is now as most private plans are placed for January 1st! As experts in the Statutory Disability marketplace, we can assist in discussing the advantages of privatizing NJ TDB coverage with you and your clients.
The State of NJ has passed sweeping changes to NJ TDB regulations making it much easier for employers to privatize coverage. There is still opportunity to take advantage of these changes as groups can privatize for April 1st.
Has your client’s Business Travel Accident policy been renewed year after year without any updates?
We recognize that business travel accident is not your priority.
With so many BTA policies renewing January 1 coupled with the changes in the marketplace from new entrants, updated policy filings and changes in management teams, it’s easy to try to just renew as expiring.
But, when was the last time you asked your clients about the risks facing their employees when traveling on their behalf?
How are your clients addressing security risks and evacuation? War Risk coverage? Accident & Sickness Medical Emergencies?
Will your competitors raise these questions?
Reuben Warner Associates can be your solution and competitive edge.
Our firm can provide you with a no cost analysis of a current plan and perform the marketing that may be required to ensure the BTA coverage continues to meet your client’s changing needs and that your client’s policies include the latest valuable enhancements and competitive terms and conditions.
It’s simple to engage us, all we need to start is a conversation and a copy of the inforce policy.
We look forward to working with you. Remember, “Your Success is Our Goal”
The State of New Jersey recently announced a cost reduction to employees for the NJ TDB coverage effective 1/1/19. Your clients may be able to receive significant rate relief as well. The time is now to allow the experts at Reuben Warner Associates to conduct a no cost review of your client’s NJ TDB coverage to determine the viability of privatization. Privatizing NJ TDB coverage often results in significant cost savings to employers, coupled with improved overall administration and claims handling. Since most business is implemented for January 1, you can begin the new year with savings for your clients!