In May, we informed you the Ohio Bureau of Workers’ Compensation (BWC) would be issuing $1.5B in rebates to employers; and true to their word, many local employers have started receiving rebate checks in the mail.
The BWC is issuing rebates equal to 88% of the employer’s 2018 premiums (for the period running July 1, 2017 to June 30, 2018.) The rebates are a result of better than anticipated returns on BWC’s investments coupled with a decrease in claims.
To be eligible, Ohio employers must meet the following criteria:
- The employer must be a state-funded employer,
- the employer must have been billed for premiums during FY 2018,
- the employer must have completed their premium true-ups for FY 2018, and
- the employer must have active, reinstated, combined, canceled – business sold, or debtor-in-possession status by September 6, 2019.
In total, the BWC has saved Ohio employers over $9B in workers’ compensation payments through dividends, credits and rate cuts since 2011.