On Tuesday of this week Gov. John R. Kasich and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Sarah Morrison proposed giving Ohio employers $1.5 billion in premium rebates this summer.
The rebate was proposed to BWC’s board of directors on Wednesday and the board will take up a vote at its May 24 meeting. If approved, rebate checks would likely be mailed in July and August.
The proposed rebate equals 85% of the premiums paid for the policy year that ended June 30, 2017 (calendar year 2016 for public employers).
With this rebate, BWC will have saved employers $8 billion in workers’ compensation costs since 2011 after considering other rebates, credits, greater efficiencies and several rate reductions, including two this year.
OMA president Eric Burkland commented, “The ongoing prudent management of the BWC is resulting in significant savings for Ohio’s employers. The BWC leadership team and board have correctly placed their focus on safety and incident prevention as well as expeditious and effective medical treatment. Its funds management practices are to be commended as well. All of these activities result in a competitive advantage for Ohio’s employers. This is good economic news for our state.”