BWC to Start Mailing Dividend Checks
COLUMBUS, Ohio – The Ohio Bureau of Workers Compensation will being issuing $5 billion dividends Thursday to help ease the impact of the coronavirus pandemic.
In total, 178,415 employers covered by the State Insurance Fund will receive dividends, either through checks in the mail or credits to their workers compensation accounts.
“We’re happy to be in the position to assist employers across the state during these challenging times,” said interim CEO John Logue in a statement. “It’s our hope these dollars will keep businesses open and safe and people employed.”
About $4.3 billion will go to private employers and $687 million will go to government taxing districts such as counties, cities, townships and school districts. The Bureau of Workers Compensation will apply the dividend toward an employers unpaid balance and then send any remaining amount as a check. The checks will be mailed in batches over the next week.
In Mahoning County, $90.1 million will be paid to public employers and $14.8 million to private employers. In Trumbull County, $60 million will be paid to public employers and $10.2 million to private employers. And in Columbiana County, $31.5 million is going to public employers and $3.9 million to those in the private sector. A county-by-county breakdown can be viewed HERE.
The dividend is nearly four times the premium employers paid in policy year 2019.
The dividend follows a $1.54 billion payment in April and a $1.3 billion payment in October, both funded by BWC’s investment return on employer premiums.
For more information on the current dividend payments, visit the Bureau of Workers Compensation FAQ page HERE.
Copyright 2023 The Business Journal, Youngstown, Ohio.