Committee hears update on workers' compensation fund health and recent rate changes
Summary
Department of Workforce Services told the committee Wyoming's average workers' compensation cost per $100 payroll has fallen from about $2.10 to $1.70 after recent legislation, and that additional years of data are needed to measure long-term effects.
Representative Joseph Claussen flagged workers' compensation insurance rates and asked the committee to review fund health and actuarial assumptions.
Jason Wolf, deputy director of the Department of Workforce Services, told the committee that House Bill 72 gave the agency authority to account for an "adverse deviation" provision on the fund and that rates have declined to about $1.70 per $100 of payroll from about $2.10 before the bill. Wolf said the department has worked closely with the joint appropriations committee and contracted actuaries and recommended giving the funding change a few years to demonstrate sustained effects.
Committee members said appropriations already receives comprehensive annual reports from consultants and that the department is statutorily required to report annually to the committee; Wolf and other members agreed to provide actuarial reports and data as part of interim review rather than immediate legislative changes.
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