Possibly, but probably not.

Your CFO/Controller has a lot on his or her plate. And while workers' comp can account for 5 - 10% of your overall expenses, the calculation is tedious and s/he probably doesn't believe that there is enough savings to be had to justify the time required to prepare it.

However, nothing could be further from the truth. Preparing a payroll limitation calculation can significantly lower the amount of workers' comp you pay.

All we do is workers' comp so we have the time and expertise to save you money!

Ask your CFO/Controller to send you the payroll limitation calculation. If your CFO/Controller can't produce a spreadsheet like the one shown below (by employee), s/he is NOT maximizing your allowable deductions and you are likely overpaying on your workers' comp!

Source: NYSIF: The Construction Employment Payroll Limitation Program

We perform the tedious task of caclulating your payroll limitation by employee by week.

We make sure that you don't pay more than the maximum required, the weekly payroll limit.

We work on contingency. If we can't save you money, you don't pay us!

The amount saved is based on your:

Total Workers Compensation Premium Allocation at your full Gross Wages

vs.

Total Workers Compensation Premium Allocation based on your reduced Reportable Payroll.

Just as you've spent years honing your craft, so too have we. We have spent close to 20 years in the financial services industry and have an expertise in dealing with large amounts of data and performing these types of calculations.

As long as you can provide us with the raw data showing the type of earnings by employee by week we will ensure that all excess payroll is excluded and that you maximize your savings.

As long as you can provide the data, we can prepare the calculation in a couple of days.

Usually.

If you had not previously prepared a payroll limitation calculation you can ask to resubmit your information. It is at the NYSIF's discretion but you can generally resubmit for the prior 2 years' policies. (i.e. If you are currently in policy year 2017 - 2018, you can ask to resubmit 2016 -2017 and 2015 - 2016.)

You can either send us the file electronically - make sure it is password protected and that it does not include any Social Security numbers! - or we can come to your office and prepare the calculation on-site. It's entirely up to you

It is essential that you have the certificate of insurance and the certified payrolls. All work on wrap-up jobs are excluded from your workers' comp so failure to provide these can result in your loss of the wrap-up benefit.

Yes we can.

Please note that there are a number of restrictions in qualifying for the credit, such as the need to have an experience rating for the current year, so you may not qualify. However, we will work hard to obtain that credit for you.

You can find out more information about the program here

The current rate, effective 7/1/2021 is $1,594.57 per employee per week.

Rates for the prior years effective:

7/1/2020: $1,450.17 per employee per week

7/1/2019: $1,401.17 per employee per week

7/1/2018: $1,357.11 per employee per week

7/1/2017: $1,305.92 per employee per week

Yes!

You can always deduct the OT bonus (the 50% bonus for 1.5x OT and the 100% bonus for double OT).

In addition, you can deduct all payroll related to wrap-up jobs.

No, you only need to have employees that fall under one of the construction codes below:

You can search the classification codes here