New York Notice of Election of Corporation To Exclude Shareholder Officers From Disability Coverage is a document that is used by New York corporations to provide notification to their shareholders that the corporation has elected to exclude certain shareholder-officers from coverage under the New York State Disability Benefits Law. This document must be signed by the corporation’s officers and directors and filed with the New York State Department of Labor. There are two types of New York Notice of Election of Corporation To Exclude Shareholder Officers From Disability Coverage: 1) Election to Exclude Shareholder Officers from Coverage, and 2) Election to Exclude a Specific Shareholder Officer from Coverage. The first type of notice is used when the corporation wishes to exclude all of its shareholder-officers from coverage under the New York State Disability Benefits Law. The second type of notice is used when the corporation wishes to exclude only a specific shareholder-officer from coverage. Both types of notice must include the name of the corporation, the name of the shareholder-officer to be excluded, and the reasons for the exclusion.
New York Notice of Election of Corporation To Exclude Shareholder Officers From Disability Coverage
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FAQ
They may elect coverage if they choose. If more than two Officers, all Officers must be included in coverage. Officers of companies with employees are automatically included for coverage, but may elect to exclude themselves when eligible.
Workers' compensation coverage is not required for a sole proprietor who does not have employees. However, a sole proprietor may voluntarily cover themselves under a workers' compensation policy.
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.)
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).
A few groups of employees are not covered by New York's Workers' Compensation Law. These groups include uniformed police, fire, and sanitation workers in New York City, New York City teachers, seamen, longshore workers, and employees of the federal government.
In order to be excluded, the executive officer must execute a written waiver of his or her rights under the Labor Code stating under penalty of perjury that the person is a qualifying officer or director and is desirous of opting out of workers' compensation.