Illinois Workers’ Compensation (WC) rates jump again. Hopefully it’s a sign of a growing economy— even though rates continued to increase almost every cycle. Since the 1980’s, the Illinois WC Act provides a formula which effectively insures no matter how poor the Illinois economy is doing WC rates continue to climb.
Pay attention to the fact that the Illinois WC statutory maximum Permanent Partial Disability (PPD) rate is $775.18. However, this rate is only through June 30, 2017 and the new max PPD will be published in January 2018. When it will be published in January 2018, this rate will change retroactively from July 1, 2017 forward. If you don’t make the change, your reserves will be incorrect.
Click here for a link to the Illinois WC rate chart. If you have questions regarding this, please contact Alper’s WC Claims Specialist, Cathy Higuera, at CHiguera@AlperServices.com or 312-654-4252. To read the full article by Keefe, Campbell, Biery & Associates, click here.