Worker's Compensation Investment Earnings Act
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Bill Summary - 24LSO-0198 Bill No.: HB0072 Effective: 7/1/2024 LSO No.: 24LSO-0198 Enrolled Act No.: HEA No. 0002 Chapter No.: 6 Prime Sponsor: Joint Appropriations Committee Catch Title: Worker's compensation-provision for adverse deviation. Has Report: No Subject: Worker's compensation rate setting. Summary/Major Elements: This act authorizes the Department of Workforce Services to consider investment earnings on funds set aside in the Worker's Compensation Account for the "provision for adverse deviation" (PFAD) as revenue when setting the Worker's Compensation rates. The amount that may be considered revenue may not exceed five percent (5%) of the previous five (5) year average market value of the PFAD. By considering investment earnings on the PFAD as revenue under this act, the rates for premiums collected from employers may be decreased. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Last checked Aug 5, 6:34 AM
R · S23
Why they voted this way
The speaker explains the bill's purpose is to return investment earnings to the workers compensation fund specifically to reduce rates for employers, noting it was requested by the department managing the fund.
R · S13
Why they voted this way
The speaker opposes an amendment because it sets a bad precedent by treating a distribution bill like a budget with carve-outs, and warns it could expose the funds to line-item vetoes.
R · S16
Why they voted this way
The speaker opposes the amendment because he believes large counties bear the brunt of Title 25 issues and that reimbursing only specific hardship counties is unfair.
R · S28
Why they voted this way
The speaker opposes carving out funds for only three counties, arguing that large municipalities face most Title 25 problems and small counties lack facilities to handle them.
R · S30
Why they voted this way
The speaker opposes full reimbursement because removing financial pressure removes the incentive for local officials to keep Title 25 referrals within reason.
R · S02
Why they voted this way
The speaker supports an amendment to provide one-time funds for law enforcement agencies that have experienced significant increases in arrests due to mental health and substance abuse issues.
R · S27
Why they voted this way
The speaker states he will vote against an amendment for law enforcement funding, citing the same concerns regarding precedent and distribution that led him to oppose a previous similar amendment.
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