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PRESS RELEASE: In Oklahoma, Steep Declines in Workers’ Compensation Benefits and Costs Continue

WASHINGTON, D.C. – Oklahoma experienced some of the largest annual percentage declines in workers’ compensation benefits and costs as a share of payroll across the country in 2016, according to a new report from the National Academy of Social Insurance (the Academy). The drop continues downward trends in workers’ compensation benefits and costs as a share of payroll in Oklahoma that are far outpacing the rest of the nation.  

In 2016, Oklahoma’s workers’ compensation costs to employers declined by 13.7 percent to $1.45 per $100 of covered payroll – the third largest decline in the country – while costs in the rest of the country decreased by an average of 2.3 percent to reach $1.26 (Figure 1).

October 10th, 2018|

PRESS RELEASE: In Ohio, Workers’ Compensation Benefits and Costs as a Share of Covered Payroll Drop Sharply

WASHINGTON, D.C. – In 2016, workers’ compensation benefits paid and employer costs as shares of covered payroll dropped dramatically in Ohio compared to the rest of the U.S., according to a new report from the National Academy of Social Insurance (the Academy).

In Ohio, workers’ compensation costs to employers as a share of covered payroll declined 13.8 percent in 2016. The decline in employer costs followed another large percentage decline in 2015. Altogether, workers’ compensation costs to Ohio employers fell 29.9 percent from 2014 to 2016, the largest two-year decrease in the country.

October 10th, 2018|

PRESS RELEASE: New York State Experiences Nation’s Largest Increase in Workers’ Compensation Costs as a Share of Covered Payroll

WASHINGTON, D.C. – New York state experienced the largest annual increase in workers’ compensation costs as a share of covered payroll among all 50 states in 2016, according to a new report from the National Academy of Social Insurance (the Academy). New York was one of only ten states to experience an increase in workers’ compensation costs as a share of payroll between 2015 and 2016.   

Workers’ compensation costs to New York employers increased from $1.43 per $100 of covered payroll in 2015 to $1.50 in 2016, a 4.9 percent increase compared to an average decrease of 2.3 percent nationally. In the other nine states which experienced higher costs in 2016, the average increase was less than $0.03 per $100 of payroll.

October 10th, 2018|

PRESS RELEASE: Michigan Sees Nation’s Largest Decline in Workers’ Compensation Benefits as a Share of Covered Payroll

WASHINGTON, D.C.  – Michigan experienced the largest percentage decline in the nation in workers’ compensation benefits as a share of covered payroll in 2016, according to a new report from the National Academy of Social Insurance (the Academy). Michigan also experienced one of the largest percentage declines in workers’ compensation costs as a share of payroll.

October 10th, 2018|

REPORT: Workers’ Compensation Benefits, Costs, and Coverage – 2016 Data

Workers' Compensation: Benefits, Costs, and Coverage is the twenty-first in a series by the National Academy of Social Insurance to provide the only comprehensive national data on this largely state-run program. The study provides estimates of workers' compensation payments—cash and medical—for all 50 states, the District of Columbia, and federal programs providing workers' compensation.

October 9th, 2018|

Social Security Finances: Findings of the 2018 Trustees Report

The 2018 Report of the Social Security Trustees projects that revenues will be sufficient to pay all scheduled benefits until 2034 and roughly three quarters of scheduled benefits thereafter. In 2017, Social Security income from payroll contributions, tax revenues, and interest on reserves exceeded outgo by $44 billion. Reserves, now at $2.9 trillion, are projected to begin to be drawn down in 2018 in order to pay full scheduled benefits. The Disability Insurance (DI) Trust Fund is projected to cover scheduled benefits until 2032, and the Old-Age and Survivors Insurance (OASI) Trust Fund until 2034. On a combined OASDI basis, Social Security is fully funded until 2034, but faces a projected shortfall thereafter. After the projected depletion of the combined OASDI trust funds, Social Security contributions and tax revenues would continue to be received and would cover about 79 percent of scheduled benefits (and administrative costs, which are less than 1 percent of outgo).

June 5th, 2018|

PRESS RELEASE: In Washington State, Total Workers’ Compensation Benefits Increase but the Share for Medical Benefits Falls

WASHINGTON, D.C. – Total workers’ compensation benefits paid increased in Washington State between 2011 and 2015, but spending on medical benefits declined, according to a new report from the National Academy of Social Insurance (the Academy).

In 2015, total workers’ compensation benefits paid in Washington were $2.4 billion. Between 2011 and 2015, total benefits paid increased 3.8 percent in the state, compared to a 0.7 percent increase in the rest of the U.S. over the same period. The increase in total benefits in Washington was driven by a 6.6 percent increase in cash benefits paid, but the growth rate in total benefits was moderated by reductions in medical spending.  

October 4th, 2017|

PRESS RELEASE: In West Virginia, Workers’ Compensation Benefits and Costs Drop Sharply Compared to Rest of U.S.

WASHINGTON, D.C. – Workers’ compensation benefits paid and employer costs dropped sharply in West Virginia in recent years, according to a new report from the National Academy of Social Insurance (the Academy).

In 2015, workers’ compensation benefits paid in West Virginia were $415 million, down from $523 million in 2011. West Virginia experienced a 20.7 percent decrease in total benefits paid over the period, the largest decline in the U.S. Total benefits paid increased 1.1 percent in the rest of the nation over the same period. 

October 4th, 2017|

PRESS RELEASE: In Oklahoma, Workers’ Compensation Benefits Paid and Employer Costs Decline Sharply

WASHINGTON, D.C. – Total workers’ compensation benefits paid and costs to employers in Oklahoma declined sharply in recent years compared to the rest of the U.S., according to a new report from the National Academy of Social Insurance (the Academy). 

In 2015, workers’ compensation benefits paid in Oklahoma were $732.5 million. Between 2011 and 2015, total benefits paid fell 12.8 percent, with the reduction occurring primarily between 2013 and 2015; benefits increased 0.3 percent from 2011 to 2013, but declined 13.0 percent from 2013 to 2015.   

October 4th, 2017|
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