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DID YOU KNOW? GOVERNOR CUOMO’S BUDGET PROPOSES TO ELIMINATE MANDATORY DEPOSITS INTO THE ATF AND TO CLOSE THE FUND TO NEW DEPOSITS?

by | Feb 5, 2013 | NYS Workers Compensation |

Governor Cuomo’s 2013 – 2014 Budget Proposal, includes legislation which, in addition to proposing simplification of employer assessments, closing the Fund for Reopened Cases, issuing bonds to cover the deficits of failed self-insured trusts and raising the minimum weekly benefits from $100.00 to $150.00, also includes the elimination of mandatory deposits into the Aggregate Trust Fund (ATF) and immediate closure of the ATF to new deposits. The Governor’s proposed legislation eliminating deposits would be effective immediately. (The legislation closing the Fund for Reopened Cases would close the Fund for new cases as of 1/1/14.)

Deposits into the ATF which have been directed prior to the effective date of the legislation would still be required. That would appear to include directions to make the deposit even though a specific amount has not been determined as of the effective date. A link to the proposed legislation can be found below.

Public Protection and General Government Bill