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On Friday, June 28, 2019, Governor Mike DeWine’s rebate proposal was approved by the Ohio Bureau of Workers’ Compensation’s (“BWC”) board of directors. This rebate is for premiums that State law requires employers to pay for insurance for injured workers. Because of strong investment returns, a lower number of injury claims, and operating efficiencies with safety and wellness plans, the BWC is able to give back $1.5 billion, or 88% of the premiums employers paid for the policy year that ended on June 30, 2018. Checks are expected to be sent out at some point in late September to roughly 180,000 private and public employers in the State.
Most of the rebate is going to private companies in order to encourage businesses to expand, capitalize on a strong economy, and create more jobs. Public entities will also benefit though, as roughly $114 million will go to local governments such as counties, cities, townships, and other municipalities, and another $50 million to public schools.
This rebate is the fifth time that the BWC has returned at least $1 billion to employers since 2013. The BWC also provided rebates of over $1 billion in 2013, 2014, 2017, and 2018. This is also paired with rate reductions of 20% on average that became effective July 1, which is expected to help save private employers over $200 million over the next year.
If you have any questions, please contact KWGD at 330-497-0700.
NOTE: This general summary of the law should not be used to solve individual problems since slight changes in the fact situation may require a material variance in the applicable legal advice.