16 April 2020 New Jersey employers granted a 90-day grace period to pay workers' compensation premiums The New Jersey Compensating Rating and Inspection Bureau announced a 90-day grace period for payment of workers' compensation premiums to be paid by employers and agents. (Advisory Bulletin 75, April 13, 2020.) The grace period results from Governor Murphy's Executive Order 23, which ordered a 90-day emergency grace period for premium payment obligations under various lines of insurance, including workers' compensation. (Governor's news release.) On March 21, 2020, Governor Murphy ordered residents to stay at home and nonessential businesses to shut down until further notice. (Governor's news release.) As we reported, the Bureau announced a 3.8% decrease in the overall employer workers' compensation insurance premium and rate level effective January 1, 2020, the fourth consecutive year of rate decreases and the fifth year without rate hikes. (Advisory bulletin 1974, November 21, 2019; EY Payroll Newsflash Vol. 20, #164, 10-15-2020.) All New Jersey employers not covered by federal programs, including out-of-state employers, must have workers' compensation coverage or be approved for self-insurance if a contract of employment is entered in New Jersey or if work is performed within the state. For further details, see the New Jersey Department of Labor and Workforce Development website.
Document ID: 2020-0999 | |||||||||||
