New York workers comp reforms expected to save $800M annually

New York Gov. Andrew Cuomo says new state workers comp reforms will save employers $800 million annually./ Bloomberg

A series of workers compensation reforms passed in New York's new budget are projected to save employers $800 million in annual comp system costs, New York Gov. Andrew Cuomo announced.

New York's 2013-14 budget, adopted late last month, includes a plan to combine 14 different state assessment invoices that workers comp payers are responsible for. That plan is expected to save $500 million in costs for self-insured employers, Gov. Cuomo's office said in a statement Monday.

An additional $300 million in savings is expected to come from additional changes, including a plan to close a Reopened Case Fund that payers are currently assessed for.

In addition to cost savings, the new budget also raises New York's minimum weekly benefit paid to injured workers to $150 from $100.