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NY Employers: Application for Self-Insurance Under Paid Family Leave Due Sept. 30, 2017
posted: Thursday, September 14th
Regulations Outline Application Process
Under New York Paid Family Leave (PFL) regulations, the deadline to apply for approval to be a PFL self-insured employer is September 30, 2017. An overview of the application process is presented below.
Application Process for PFL Self-Insuring Employers
Employers who purchase disability benefits insurance coverage from the State Insurance Fund or a private carrier must purchase PFL coverage from the same carrier and waive the option of self-insuring for PFL coverage purposes. Other employers, however, may apply to self-insure for PFL coverage purposes. To apply to be a self-insured employer, such employers must (among other things):
- File its most recent certified, independently audited financial statement and copy of Form 10-K, if any, filed by the applicant with the U.S. Securities and Exchange Commission.
- Execute and file with the state an agreement to, among other things (Sect. 361.2), pay PFL as applicable under the law.
- Execute a binding agreement acknowledging acceptance of all liability for benefits paid that exceed the funds collected from employees.
- Submit a payroll report that includes the full annual payroll of the self-insurer and its self-insured subsidiaries as of December 31, 2016.
- Generally deposit securities and cash, or file irrevocable letters of credit, with the state.
The election to self-insure for PFL benefits must occur by September 30, 2017.
Affected employers may review the regulations in their entirety for additional details and requirements. Employers are advised to contact a knowledgeable employment law attorney for guidance regarding eligibility and the application process.