OWENSBORO, Ky. (3/17/14) — The Greater Owensboro Chamber of Commerce issued the following statement today regarding its opposition to Senate Bill 137:
Senate Bill 137 is legislation that would greatly increase workers’ compensation costs for all employers, including businesses and local governments in the Greater Owensboro region.
The Greater Owensboro Chamber is in opposition to the bill and its provisions because:
- The bill would double the maximum attorney fees from $12,000 to $24,000, which are paid out of the injured worker’s settlement. While the attorney’s fees would be paid out of the injured worker’s settlements, the bill incentivizes attorneys to re-open workers’ compensation cases by mandating the $12,000 attorney’s fee on re-opened cases. Additionally, it increases attorney fee percentage to 25 percent of total award up to $50,000.
- SB 137 will also drive up workers’ compensation insurance premium costs for employers, by extending the eligibility age for workers’ compensation coverage to 70 years of age or five years of date of last exposure. Current Kentucky law requires employers to cover workers’ compensation costs for employees up to the date of employees’ eligibility for Social Security or two years of date of last treatment.
SB 137 has been assigned to the Senate Banking and Insurance committee. Members of this committee can be found at www.lrc.ky.gov.
The Chamber serves as the voice of more than 900 businesses members in the Greater Owensboro region, providing leadership, advocacy and member services that foster growth and economic prosperity for the region.For more information about the Chamber and its members, call the Chamber office at (270) 926-1860 or visit www.chamber.owensboro.com.
Information provided by Greater Owensboro Chamber of Commerce
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