The National Council on Compensation Insurance has a reminder about workers' compensation for the new year.
Effective January 1, 2021, the maximum payroll for executive officers or members of limited liability companies included on a workers' compensation policy for businesses that operate in the State of Connecticut, will remain $2,700 per week.
The minimum payroll for an active officer will remain $1,350 per week.
The fixed amount to include for either covered partners or sole proprietors has increased from $69,100 from last year's minimum to $71,400.
Payroll Limitation Rules - State of Connecticut
Workers' Compensation - Effective January 1, 2021
|Not covered unless they opt in. Fixed Amount is $71,400.|
|Automatic coverage; if one opts out, all must opt out. Fixed amount is $71,400 per partner per year.|
|Corporate Officers||Automatic coverage may elect exclusion. Maximum salary $140,400 per year. Minimum wage is $70,200 per year.|
|LLC Single Member||Treated like an officer. Automatic coverage. May elect exclusion.|
|LLC Multi Member||Treated like an officer. Automatic coverage. May elect exclusion.|