The anticipation is over, the Paid Family Leave rate has been released!
On June 1st, the Department of Financial Services released that the rate shall be Community Rated.
“As provided by Insurance Law 4235(n)(1), The Superintendent of the Department of Financial Services (“DFS”), in consultation with the Chair of the Workers’ Compensation Board, has determined that paid family leave benefits coverage issued pursuant to Article 9 of the Worker’s Compensation Law (“Family Leave Benefits”) shall be community rated. Community rating ensures that all employers are similarly treated and are not subject to cost variations based upon age, gender, geographic location, or any other demographic factor.”
The weekly contribution rate is 0.126% of the employee’s weekly wage, capped at NYS average weekly wage of $1,305.92 (as index each July 1st) to a maximum contribution of $1.65 per week.
On May 31st, the Department of Financial Services released their final regulations and we are currently reviewing. It is important to note that the Worker’s Compensation Board releases their proposed regulation amendments as well, however, there is a mandatory 30-day comment period applied to that particular release.
If you should have any questions, please do not hesitate to reach out to your Senior Benefits Consultant or myself directly at 1-800-836-0026 x230 or 585-415-0448 or email at email@example.com.