KVLSM LLP | October 2018 E-Newsletter

October 2018 E-Newsletter

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CPA NEWS

Paid Family Leave Update
The National Conference of CPA Practitioners
New York State has released the 2019 policy year information for Paid Family Leave coverage. Please note the following changes to maximum benefit, maximum covered wages, premium rate and maximum employee contribution for PFL for 2019.

New Maximum PFL Benefit
The maximum PFL benefit in 2019 will be increased to 55% of the employee's average weekly wage, not to exceed 55% of the statewide average weekly wage, which is $746.41 per week. The maximum allowable duration of a PFL claim will increase to 10 weeks.

Year	Benefit %	Maximum Weekly Benefit Payout	Benefit Duration
2018	50%	$652.96	8 weeks
2019	55%	$746.41	10 weeks

https://www.dfs.ny.gov/insurance/pfl/dec_prem_rate_2019.pdf

Maximum Covered Wages
The maximum covered wages for PFL contributions for 2019 have increased to $70,570. All eligible employee wages, including commissions and bonuses, up to $70,570 annually will be subject to premium charge.

Year	Maximum Annual Covered Payroll
2018	$67,908
2019	$70,570

https://labor.ny.gov/stats/avg_wkly_wage.shtm

Premium Rate / Maximum Employee Contribution
The PFL premium rate for 2019 has been increased to .153% (.00153)

Year	Maximum Annual Covered Payroll	Premium Rate	Maximum Annual Employee Contribution
2018	$67,908	.00126	$85.56
2019	$70,570	.00153	$107.97

https://www.dfs.ny.gov/insurance/pfl/dec_prem_rate_2019.pdf

When?
All changes are effective January 1, 2019.

Who?
Keep in mind that PFL, like DBL, is a required statutory coverage. All premium is paid through employee contributions. Failure to provide PFL coverage is subject to penalty by New York State.

Sanford E. Zinman CPA
National Chair, Tax Committee

(516) 294-0400

(516) 938-0491

415 CROSSWAYS PARK DR.
SUITE C
WOODBURY, NY 11797

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