The Ohio Bureau of Workers’ Compensation (BWC) board of directors approved a proposed $1.5 billion rebate today at its meeting this week. The BWC will mail rebate checks to roughly 180,000 Ohio employers this summer.
The agency credits healthy investment income, fewer claims and prudent fiscal management.
A BWC spokesperson said, to receive the rebate, employers must pay any overdue premium amounts and submit outstanding payroll reports before June 8, and verify contact information so checks are mailed to the correct address. Employers can pay outstanding premium, submit payroll reports and verify demographic information by logging into their e-accounts.
The rebate checks will equal 85% of the premiums paid for the policy year that ended June 30, 2017.
The BWC reported that it earned an average 6.7% net return on its investments of the State Insurance Fund over the last five fiscal years, pushing the fund’s net position to $10.9 billion as of March 31 and driving the agency’s latest rebate initiative, the largest in 20 years. 5/24/2018