Impact
WARD / COUNCILMEMBER: Ward / Citywide
$ IMPACT: $305,137
Title
Approval of renewal with Georgia Municipal Association for 2023 Worker's Compensation Insurance Coverage and Administration
Ward / Citywide
Body
ISSUE AND BACKGROUND:
The city is required to carry WC insurance for its employees. This insurance coverage must be renewed annually with an effective date of January 1st of the upcoming calendar year.
The City is covered by the GMA Workers' Compensation Self-Insurance Fund (GMA WCSIF) program. Annually, GMA reviews the cost of incidents over a 3-year period. The 2023 premium is based on costs related to payroll for 2021 and incidents occurring between 2019-2021. For this period, the City experienced an increase in incidents and costs, resulting in a slight increase in the Experience Modification factor (.96 to .103). At the same time, the city experienced a slight increase in payroll. These factors combined resulted in an increase in premiums of 3.55% $10,475 over 2022.
RECOMMENDATION / REQUESTED ACTION: Approval of renewal with Georgia Municipal Association for 2023 Worker's Compensation Insurance Coverage and Administration
.