For the fourth time in recent years, the Ohio Bureau of Workers’ Compensation (BWC) is providing more than $1.5 billion back to Ohio’s private and public employers in the form of a rebate. Combined with nearly 40 percent in average rate cuts and $4 million in previous rebates and credits, this rebate means BWC will have returned more than $8 billion to Ohio’s economy. This latest rebate will be the largest in 20 years.
The proposal, introduced in late April, was approved by the BWC board of directors yesterday and includes a one-time rebated of $1.5 billion for private employers and public taxing districts. In most instances, the individual employer’s rebate will equal 85 percent of the premiums paid for the policy year ending June 30, 2017.
Now that it has been approved, checks may go out as early as July for most employers, including Group Rating participants, and this fall for those employers participating in Group Retrospective Rating. The BWC has cited strong investment returns, prudent fiscal management and declining claims as the primary reasons for the rebate.