CHEYENNE — The 67th Wyoming Legislature passed, and Gov. Mark Gordon signed into law, three bills aimed at helping Wyoming businesses and employees, according to a Department of Workforce Services (DWS) press release.

House Bill 72 Workers’ Compensation-provision for adverse deviation (PFAD) provides an opportunity to ease Workers’ Compensation premiums for employers. Senate File 59 Federal unemployment compensation trust fund-adjustment, and SF 58 Investment of state unemployment insurance trust fund allow the DWS to provide additional funds for training and workforce development. 

“Wyoming’s business climate continues to improve, which improves our ability to grow the state’s economy,” Gordon said. “I signed these three bills into law to save businesses money and offer Wyoming employees additional training resources to sharpen and enhance their skills. These changes strengthen our state’s businesses and help create new opportunities.”

The DWS explored ways to reduce Workers’ Compensation premiums for employers. HB 72 Workers’ Compensation-provision for adverse deviation (PFAD) allows for a potential reduction in Workers’ Compensation employer-paid premiums by considering investment earnings on the PFAD as revenue. Before this change, only the investment income on the amount held as the loss reserves was considered in determining future workers’ compensation rates.

To provide additional funds for training and on-the-job opportunities, DWS explored ways to reallocate one adjustment factor in the calculation formula of the Unemployment Insurance (UI) funding distributions.

In 2022, for the first time in the history of the UI Trust Fund, the minimum tax rate for the majority of Wyoming employers was lowered to 0%. Thanks to a healthy Federal UI Trust Fund balance, the 0% minimum rate remained in effect for 2023 and 2024. In 2024, 16,517 Wyoming employers — or the majority — have experienced a 0% UI tax rate.

SF 59 Federal unemployment compensation trust fund-adjustment amends the Federal UI Trust Fund distribution of contributions collected for noncharged and ineffectively charged UI benefits, allowing a greater percentage to be allocated to Workforce Development Training Funds.

SF 58 Investment of state unemployment insurance trust fund is related to the State UI Trust Fund and aims to obtain a higher rate of return on this fund while simultaneously keeping the fund solvent.   

Since its debut in 1997, interest on the State UI Trust Fund has been deposited into the Workforce Development Training Fund. The Workforce Development Training Funds are grants available to employers and include training, internships, apprenticeships, and workforce development opportunities.