BWC Board Votes to Cut Public Employer Premiums
COLUMBUS – Ohio public employers will pay an average of 6.1% less in workers’ compensation premiums beginning Jan. 1. The cut will decrease the amount the Ohio Bureau of Workers’ Compensation collects from these employers by $11.8 million next year.
BWC’s Board of Directors voted today to accept Administrator/CEO Sarah Morrison’s recommendation to lower rates for Ohio’s 3,700 school districts, cities, counties and other public entities covered by the State Insurance Fund.
“This latest reduction shows our continued commitment to help employers succeed by keeping their rates as low and fair as possible,” said Morrison in a statement. “We know the less they spend on premiums, the more they can invest in their communities and into safer work environments for their employees.”
All told, BWC will have lowered public employer rates by an average of 33.9% since the start of 2011, bringing the combined statewide financial impact to $434 million. Local governments also received more than $135 million in “Third Billion Back” rebate checks this year, following similar rebates in 2013 and 2014.
The 6.1% reduction represents the average decrease for public employer taxing districts statewide. Actual premium changes for individual public entities will differ based on several factors, including their manual classification, recent claims history and participation in various BWC programs.
SOURCE: Ohio Bureau of Workers Compensation
Copyright 2017 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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