BWC Cuts Premium Rates for Public Employers
COLUMBUS, Ohio – The Ohio Bureau of Workers’ Compensation will reduce premium rates for public employers an average of 10% next year, saving counties, cities and school districts $17.8 million over this year’s premiums.
BWC’s Board of Directors approved the reduction today at its monthly meeting.
“I applaud BWC for this latest rate reduction, which will free up funds for employers to invest in their communities and help our economy,” said Gov. Mike DeWine. “This is good news for all of Ohio.”
Thanks largely to declining injury claims and relatively low medical inflation costs, approximately 3,700 school districts, cities and other local government employers will benefit from the reduction, according to BWC.
The reduction follows a 20% rate reduction for private employers that went into effect July 1. It also follows the board’s approval in June to send $1.5 billion in agency revenue to employers in September because of strong investment returns, falling claims and other savings.
The reduction – the agency’s 11th for public employers since 2009 and equal to the third largest since 1986 – will be effective Jan. 1. It follows a 12% rate reduction for public employers that went into effect Jan. 1 of this year.
The reduction represents a statewide average. The actual premium change for an individual public entity will differ based on several factors, including employer type or classification, recent claims history, and their participation in BWC rate discount programs.
SOURCE: Ohio Bureau of Workers’ Compensation
Copyright 2019 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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