Ohio BWC to Send $1.34B to Employers
COLUMBUS, Ohio — Starting Friday, the Ohio Bureau of Workers’ Compensation will be sending $1.34 billion to public and private employers in an effort to ease the impact of the coronavirus.
As part of the second dividend this year, 178,425 private and public employers covered by the State Insurance Fund will receive checks and credits to their BWC accounts.
“We’re pleased to answer Governor Mike DeWine’s call to do what we can to assist our business community during these challenging times,” said BWC Administrator/CEO Stephanie McCloud.
Like the dividend issued in April, the payments are made possible by the bureau’s investment returns on employer premiums, a declining number of injury claims and “prudent fiscal management,” according to a press release. The dividend equals 100% of the premium employers paid in policy year 2019.
Approximately $184 million will go to local government taxing districts, such as counties, cities, townships and schools, and the remainder to private employers. BWC will first apply the dividend to an employer’s unpaid balance, then send a check for the rest. Checks will be mailed in five batches over the next week.
Public and private employers in Mahoning County will receive $28.2 million, with $4 million going to public employers and $24.2 going to private.
Trumbull County employers will receive an $18.8 million dividend, with $2.7 million going to public employers and $16.1 million going to private.
And in Columbiana County, public employers will receive $1.1 million and private employers $8.5 million, for a total $9.5 million dividend.
For a complete list of public employers receiving a dividend, click HERE.
Published by The Business Journal, Youngstown, Ohio.