For the third time in four years, the Ohio Bureau of Workers’ Compensation (BWC) is proposing to return more than $1 billion back to Ohio’s private and public employers. Combined with nearly 30 percent in average rate cuts and $3 million in previous rebates and credits, if passed, this rebate means BWC will have returned more than $6 billion to Ohio’s economy.
“Once again, the governor and BWC have taken action to help keep Ohio competitive in the workers’ compensation arena,” said Ohio Chamber President & CEO Andrew E. Doehrel. “Today’s decision to return a billion dollars to Ohio employers is a pleasant surprise and will serve as another building block in helping to improve Ohio’s economic climate, maintain jobs, and attract new business to the state.”
The proposal will go to the BWC board of directors on March 15 for a first read and then must have a second read before being approved by its board on April 28. The plan includes:
- One-time rebated of $1 billion for private employers and public taxing districts. In total more than 200,000 employers will receive rebates.
- Additional significant investments in workplace wellness and safety which will help significantly reduce workplace injuries.
Once passed, most rebates would equal 66 percent of the employer’s premium for the policy year ending June 20, 2016. Thus, if approved, BWC would start issuing refund checks to employers in early July. BWC is able to issue the proposed rebate thanks to strong investment returns, prudent fiscal management and declining claims. More information on the proposal can be found here.
Additional details as the proposal moves through the approval process will be released at bwc.ohio.gov.