This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Mass. Gov.: Freeze Unemployment Insurance Rates

By STEVE LeBLANC

BOSTON (AP) â¿¿ Gov. Deval Patrick said Tuesday he will file legislation that would freeze unemployment insurance rates for Massachusetts businesses and end parts of the state's landmark 2006 health care law that is at odds with the federal Affordable Care Act.

Patrick said the bill would freeze the unemployment rates for the fourth year in a row, saving employers another $500 million. Over four years the savings for employers would amount to about $1.7 billion, he said.

Patrick's bill would also eliminate the annual $295 per employee that businesses with 11 or more workers must pay if they don't make what the state determines is a "fair and reasonable" contribution to their worker's health insurance.

The so-called "Fair Share Contribution Program" was mandated by the 2006 state law, but Patrick said it overlaps with a provision in the federal health care law that takes effect in 2014.

"Our people need jobs and these further measures will help employers create those jobs," Patrick said in announcing the proposed changes.

Patrick's bill would also eliminate the state's Medical Security Program, which helps provide health care coverage to lower income individuals receiving unemployment insurance benefits.

Patrick said that â¿¿ like the fair share program â¿¿ the medical security program is no longer needed under the federal health care law signed by President Barack Obama.

The proposed legislation will also create what Patrick is calling an "employer responsibility contribution" that businesses will be required to pay into beginning next year. The money will go to help pay for subsidized health care for lower income residents, but will be less than the cost to employers of the Medical Security Program.

Jon Hurst, president of the Retailer Association of Massachusetts, appeared with the governor and praised the changes. He said they were critical as the state tries to smooth out changes for employers as the federal health care law kicks in.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,014.57 -16.57 -0.10%
S&P 500 1,981.39 -2.74 -0.14%
NASDAQ 4,506.5930 -12.3090 -0.27%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs