CLIENT ALERT: BWC issuing $1.5 billion in premium refunds to Ohio employersClient Alert
The Ohio Bureau of Workers’ Compensation (BWC) has now reported that the Board of Directors approved a proposal to send $1.5 billion of the agency’s revenues to Ohio employers covered by the BWC system.
BWC will begin sending checks to private and public employers in late September, with payments expected to continue into October. These funds are available, according to BWC, due to strong investment returns, falling injury claims and other operational efficiencies.
This refund is expected to be 88 percent of the 2017 policy year premium. While the bulk would go to private companies, an estimated $114 million would go to counties, cities, townships and other local government entities. Nearly $50 million would go to public school districts.
In order to be eligible to receive this refund, an Ohio employer must complete their True Up in a timely fashion. Other eligibility criteria, employer-specific, may apply as well.
The BWC is also pushing their PAR Program, which eligible employers can apply for and, if successful, the employer can recover 50% of their premium, up to a rebate maximum of $2,000.00
Private employers should have already received their True Up notices. Please feel free to call us if you need or want advice or assistance with any Workers’ Compensation-related matter.