Lawmakers: Data Indicates Comp Rates Will Drop This Year

Friday, March 24, 2017 | 0

Data from state financial regulators indicates that employers could see savings of $15.5 million from lower workers' compensation rates this year, two lawmakers told the Rutland Herald on Thursday.

Sen. Tim Ashe

Unemployment insurance costs are also expected to decrease by about $12.6 million this year, said Senate President Pro Tempore Tim Ashe, D-Chittendon, and House Speaker Mitzi Johnson, D-South Hero.

The lawmakers considered data presented to them by Mike Pieciak, commissioner of the state Department of Financial Regulation.

“No one employer is going to be receiving millions of dollars, but many employers will be receiving thousands of dollars on their bottom line. I think it’s a nice little booster shot," Ashe said.

Ashe attributed the anticipated reduction in workers' compensation rates to good workplace habits, safety policies and greater health insurance coverage among Vermonters, the Herald reported.

“If you’re more likely to be seeing your primary care doctor once a year and accessing care in a more timely manner, intuitively, you would think that issues like back injuries might be less likely to occur as people manage their weight and health,” he said.

Vermont's workers' compensation rates are tied with Maine's for 14th highest in the country, according to a 2016 analysis of premium rates. Ashe attributed this to a benefit structure that is more costly than that of other states.