COLUMBUS — The Board of Directors for the Ohio Bureau of Workers’ Compensation (BWC) approved a proposal today from Ohio Governor Mike DeWine to send $1.5 billion of the agency’s revenues to Ohio employers covered by the BWC system.
BWC, the state’s insurance fund for injured workers, will begin sending checks to approximately 180,000 private and public employers in late September. It marks the fifth time since 2013 the agency has returned at least $1 billion to employers following strong investment returns, falling injury claims and other operational efficiencies.
“I am pleased that BWC’s Board of Directors agreed with our proposal to give this money to qualifying businesses, local governments, and school districts,” said Governor DeWine. “Employers will be able to reinvest these funds in their operations and their employees, which will further strengthen Ohio’s economy.”
The $1.5 billion equals 88 percent of the premiums employers paid for the policy year that ended June 30, 2018 (calendar year 2017 for public employers). While the bulk would go to private companies, an estimated $114 million would go to counties, cities, townships and other local government entities. Nearly $50 million would go to public school districts.
Employers are free to spend the funds as they wish, but BWC Administrator/CEO Stephanie McCloud urges businesses to invest in workplace safety.
“Investing in safety reduces the risks for costly workplace injuries,” said Administrator McCloud. “It’s good for the health and safety of employees, it’s good for the company’s bottom line and it’s good for our economy.”
A breakdown of the dividend’s distribution to public employers by county, estimated to the nearest thousand dollars, is available here. A similar breakdown for private employers will be available in late September.
The board’s vote today continues a trend of lowering workers’ comp costs for Ohio employers. BWC has repeatedly lowered premium rates in recent years, including a 12 percent cut for public employers that took effect in January and a 20 percent cut for private employers that begins Monday. The agency returned $1 billion or more to employers in 2013, 2014, 2017 and 2018. It also returned $15 million in 2016 to counties participating in the Public Work Relief Employees’ Fund.
In total, BWC has saved employers nearly $10 billion in workers’ comp costs through dividends, credits, rate reductions and greater efficiencies since 2011.
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Tony Gottschlich, 614-644-4940 or 614-296-1734, firstname.lastname@example.org
Kim Norris, 614-728-8045 or 614-361-0202, email@example.com
Established in 1912, the Ohio Bureau of Workers’ Compensation is the exclusive provider of workers’ compensation insurance in Ohio and serves 242,000 public and private employers. With 1,800 employees and assets of approximately $27 billion, BWC is the largest state-run insurance system in the United States. Our mission is to protect Ohio’s workers and employers through the prevention, care and management of workplace injuries and illnesses at fair rates. For more, visit www.bwc.ohio.gov.
Original article: https://info.bwc.ohio.gov/wps/portal/bwc/site/news-and-events/062819bod/!ut/p/z1/pZJLb6MwEMe_SnvgCHaCCc5Kq5W36lOkL0qTcKmMGR4VtikY6MdfZ_ewUtUm3a1vnpn_zG8eKEUblCo-1iU3tVa8sf9tuni6WUbnF5cEX9OIUMwe785OGaP-3F-g9ZuAOQ0xOwsu4-j87iZ4ICj9jB5_8Bj-nH5PQLo__SNKUSqUaU2FttkkjoRWBpQ5AlU2dV852BodrGDqXa5yF0br7B2MF3M6W2Y63-lbUedoC8FixoH47lKQpUuIoC4VM9_NfT8MAAjBYYiuDjVkJz7vVier0qblpnJrVWi0-VvO-uvnl5eUWewd6qtBm__iXu_ID-zu0PRsN2Wjsz-HwlTmU4vdQQEddN7QWXNlTNt_c7CDp2nyLJOnq1p7pR5_EwotpVYOltD3vIRM8y53cA9i6MDBORR8aIzH-_bHPZihU8l99N3BMTRFPApm5YMyLJe1elf0-h5WpXs7src0aGsPKfxwMVf20sYaJpQo3Unbb_yPe7_AhyoEX6ywP_1P_MX0rUySRFI_aMaoiG_lmho6PRRVKZ9WpxM7_gWc0bBA/dz/d5/L2dBISEvZ0FBIS9nQSEh/