Kasich, BWC Propose $1.5B in Workers’ Comp Rebates
COLUMBUS, Ohio – Governor John Kasich and Ohio Bureau of Workers’ Compensation CEO Sarah Morrison have proposed $1.5 billion in premium workers’ comp rebates that will be issued this summer.
The proposal will be voted on at the bureau’s board of directors meeting May 24. If approved, rebate checks equal to 85% of premiums paid for the policy year ended June 30, 2017, will be mailed in July or August.
“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,” Morrison said in a released. “We know that the more money we leave with employers, the more they can invest in their employees and grow their business.”
The rebate will be the Bureau of Workers’ Compensation’s largest in two decades. Of the $1.5 billion in rebates, it’s estimated $48 million will go to schools and $111 million to local governments.
“This is another example of how Ohio is using every tool in the box to make our environment for job creation one of the best in the nation, and our workers’ compensation system has been a great partner in our efforts,” Kasich said. “We’re up 500,000 private sector jobs and these additional savings in workers’ compensation costs will continue to help our businesses grow and succeed.”
Since 2011, the BWC has returned more than $8 billion to Ohio employers, Morrison said, though she noted such rebates “are a goal, not a guarantee
“Our investments are still growing, but we’re seeing the rate of that growth moderate in 2018,” she said. “There are lots of variables that influence the market.”
More details on the rebates are available here.
Copyright 2022 The Business Journal, Youngstown, Ohio.