Good news for Ohio employers! BWC administrator, Sarah Morrison and Governor John Kasich announced their intention to recommend a $1.5 Billion rebate for Ohio businesses, schools and local governments. The recommendation will be presented to the Ohio BWC Board of Directors on April 25th with a vote coming in May. If approved, the BWC will have returned $8 billion to employers since 2011.
The rebates are made possible by a decrease in the amount of claims filed and excellent return on the investments in the fund.
Employers can expect to receive their rebate in the amount equal to 85% of the employer's premium paid for the 7/1/2016 - 6/30/2017 fiscal year (calendar year 2016 for public employers). The rebate is expected to be mailed in July. Rebates for employers in the Group Retrospective Rating program will be mailed in October.
The BWC also announced preliminary plans for other programs impacting the safety and wellness of Ohio's worker's. More details on those plans will come in the upcoming weeks.
For more information, visit the Ohio BWC website: $1.5 Billion Back for Employers