More than a billion back, again!
Keep an eye on your mailboxes, Ohio employers. BWC will mail $1.5 billion in rebate checks to eligible employers in July.
The rebate is BWC’s largest in 20 years and brings workers’ comp savings for employers to $8 billion since 2011
The checks, to be delivered over several weeks beginning in early July, will equal 85 percent of the premiums paid for the policy year that ended June 30, 2017 (calendar year 2016 for public employers). Of the $1.5 billion, an estimated $48 million will go to schools and $111 million to local government entities. That’s on top of $402 million in rebates those public taxing districts have received since 2013 ($125 million for schools, $277 million for others).
BWC 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 initiative.
The rebate follows $1 billion rebates issued in 2013, 2014 and 2017, as well as a $15 million rebate in 2016 for counties participating in the Public Work Relief Employees’ Fund.