As a New York Company, Reuben Warner Associates along with all other businesses in New York must remit quarterly premiums for PFL deductions made from employees through payroll deductions. For small employers who remit NY DBL/PFL premiums on an annual prepaid basis, employers would need to estimate the annualized contribution they will collect from employees. Worst case scenario, some may choose to remit the maximum contribution of $85.56 for 2018 for each employee and reconcile at the end of the year where appropriate.
We have attached a sample worksheet from one of our carriers, namely, Standard Security. We have also attached our own “Employee Earnings” record (requested check dates 1/1/18 – 6/30/18) from our payroll vendor- Paychex.
As you can see, if any of your clients are using an outside payroll vendor, like Paychex, they can save a lot of time by simply submitting this form or transposing the information from this form to the appropriate Insurance Companies NY DBL bill.
We have submitted our form received from Paychex to all of the markets and asked for their comments regarding same. Once received, we will share their responses for your review. A recent sampling of completed billing statements showed 50% were filled out incorrectly.
We, along with our brokers and carriers, have been inundated with questions regarding PFL. The reporting of premium has produced so many errors that allocations to accounts have been delay and in some instances, notices of cancellation have occurred.
We hope the brokerage community will agree with us, that utilizing the information being prepared by the payroll vendors may be a helpful aid in solving this billing issue. Collectively, we should all be contacting the insurance companies to simplify the bill.