As the 2015 new year approached we thought it was time to update this short article originally posted in August, 2014. At that time the Iowa workers’ comp loss costs (rates) were only advisory with no final approval. After rereading the article, we quickly realized it was not only narrow in scope, but also quite boring in nature. It really needed something to pep it up. After making several attempts, we had to finally admit it was a lost cause. Rather than commit it to the trash bin, we decided to poke some fun at it with a few editorial comments here and there. Perhaps it should now be displayed under the Humor tab.
In 2015 the NCCI (National Council on Compensation Insurance) filed with the Iowa Insurance Division a request to reduce Iowa’s Workers’ Compensation rates 3.7% (on average) effective January 1, 2015. This is good news for [most] Iowa employers.
The article continues with: a few [obscure technical] items of [questionable] worth [for even the most dedicated reader]. The experience for Class Codes 7704 (Firefighters), 7710 (Civil Defense Workers) and 7711 (Firefighters) will be combined to determine a single loss cost for Class Codes 7710 and 7711. [Civil Defense Workers and Firefighters of the world unite!]
The split point [this is not a fork in the road] for experience rating was increased from $13,500 to $15,000. [On a serious note, this simply means that small employers’ workers compensation costs could continue to rise disproportionate to those of large employers.]
The retrospective rating plan parameters [more obscure trade talk] have some changes worth reviewing. The Per Passenger Seat Surcharge for Class Code 7421- Aircraft Operation – personnel transport is discontinued effective January 1, 2015. Class Code 3069 is discontinued effective January 1, 2015, and Class Code 3076 reflects the combined experience of Class Codes 3069 and 3076. [What else could possibly be said?]
The filing still must be [and now has been] approved by the Iowa Insurance Division [and the final 2015 WC rates are, and have been available for some time.]