The Ohio Bureau of Workers’ Compensation approved the plan to rebate $1.5 billion in premiums to 180,000 employers in the state.
This rebate to employers will equal 85 percent of premiums paid for the policy year that ended June 30, 2017 (the calendar year for public employers). Checks will be mailed in July or August this year. The bureau has issued rebates and premium cuts totaling $8 billion since 2011, but this will be the largest rebate in two decades. The state had the third highest rates in the country in 2008 and now has the 11th lowest.
It is estimated that $48 million will go to schools, and $111 million will go to local governments.
“We’ve had healthy income and returns on our investment portfolio, and it’s only right to share that success with our private and public employers,” said Ohio BWC CEO Sarah Morrison.
The BWC released a fact sheet on their rebate program.
Read more from BusinessJournalDaily.com and The Columbus Dispatch
You must be logged in to post a comment.