New York Revocation of Election of Municipal Corporation or Other Political Subdivision To Bring Executive Officers Under WC Coverage is a process by which a municipality or other political subdivision revokes its election to exempt certain executive officers from Workers' Compensation coverage. The type of executives exempted from coverage include officers, members, or employees of any executive, legislative, administrative, or other governmental unit or agency of a municipal corporation or other political subdivision. This revocation must be done in writing to the New York State Workers’ Compensation Board. There are two types of New York Revocation of Election of Municipal Corporation or Other Political Subdivision To Bring Executive Officers Under WC Coverage. The first type is a full revocation, which is a revocation of the entire election to exempt all executive officers from WC coverage. The second type is a partial revocation, which is a revocation of the election to exempt only certain executive officers from WC coverage.
New York Revocation of Election of Municipal Corporation Or Other Political Subdivision To Bring Executive Officers Under WC Coverage
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FAQ
Officers who are not excluded from coverage must utilize a minimum payroll of $67,600 and a maximum payroll of $270,400 in order to calculate the cost of workers' comp insurance.
Corporate officers who are not excluded from coverage must also utilize a minimum payroll of $45,500 in order to calculate the cost of workers' comp insurance. Corporate Officers in the state of New York have several exclusions depending upon industry and how the business is structured.
There is a minimum and maximum payroll for executive officers. The minimum average is $660 per week, or $34,320 a year. The maximum average weekly payroll is $2,640 a week, or $137,280 a year. The minimum and maximum payroll helps control premiums and claim benefit amounts.
Workers' Compensation coverage is not required if the business is a one or two person owned corporation, with those individuals owning all of the stock and holding all offices of the corporation (each individual must hold an office and own at least one share of stock).
OFFICERS-SHAREHOLDERS OF THE CORPORATION FROM SUCH COVERAGE (A two-person corporation may elect to exclude one or both executive officers, provided that between them they own all the stock in the corporation, and that each officer owns at least one share of stock.)
Penalty Process The penalties for noncompliance can be as high as $2,000 for every 10-day period without coverage. By the time an employer receives their first penalty notice, the penalty may be more than $12,000.
Update: The most recent update was effective July 1, 2022, updating the current payroll limitation to be $1,688.19 per week.
OFFICERS-SHAREHOLDERS OF THE CORPORATION FROM SUCH COVERAGE (A two-person corporation may elect to exclude one or both executive officers, provided that between them they own all the stock in the corporation, and that each officer owns at least one share of stock.)