It’s the Holiday Season!  Pay Your 32s Early Without Worry!  (Or Another Rhyme at Christmas Time)
Workers’ Compensation Settlements rev up this time of year; claimants and carriers/SIEs are looking to close files and the volume of 32 approvals from October through January is noticeably up.  A friendly reminder from the team at LOMAD that the Board recently finalized a series of amendments under 12 NYCRR 300.36 one of which opened up the option to early payment of 32 proceeds during, or even at the beginning, of the 10-day cooling off period.
300.36(e)(3) now states that “A claimant who cashes or deposits a check made pursuant to the agreement may not request that the agreement be disapproved by the board” but goes on to note that the claimant remains entitled to recourse for late or incorrect payments.
We’ve had clients come to us, especially during the holidays, telling us that the payment window for a 32 was opened when they were on vacation, or otherwise unavailable.  This amendment now offers you the safety of paying before the payment window opens because the claimant’s “acceptance” by cashing the check, ends the 10-day waiting period, and thus closes the case earlier.