Last week, Ohio Gov. Mike DeWine asked the Bureau of Workers’ Compensation (BWC) Board of Directors to send up to $1.5 billion in dividend payments to Ohio employers this fall. This dividend equals approximately 100% of the premiums paid in policy year 2019. Dividends like this, as well as previous ones, are possible because of strong investment returns on employer premiums, a declining number of claims each year, prudent fiscal management, and employers who work hard to improve workplace safety and reduce injury claims.
If approved by the Board at their Sept. 25 meeting, this would be the second dividend of $1 billion or more since April and the third dividend since 2019. BWC anticipated providing a dividend next year, but with Board approval, they will issue one now to provide some immediate economic relief to employers amid the ongoing pandemic. Checks would be distributed by BWC in late October. As with past rebates, employers are free to spend the funds as they wish.
Additionally, BWC’s Board of Directors approved the governor’s request at their meeting last week to send a second distribution of face coverings to Ohio employers and their workforce as part of BWC’s Protecting Ohio’s Workforce- We’ve Got You Covered program. This second round will consist of approximately 23 million masks to employers and are meant to replace any masks that have exhausted their effective use. Governor DeWine has also asked that BWC work to purchase as many masks as possible made in Ohio. In the first distribution of face coverings, BWC shipped 20.6 masks to 197,000 employers and their workforce.
While workers’ compensation in Ohio is a monopolistic system, it continues to be an area where your commercial clients have been positively impacted by BWC’s repeated rebates the past seven years. We encourage you to continue to explore how you can become an advisor to your clients on their Ohio workers’ compensation needs by learning more about OIA’s Group Rating and Retro programs.
For questions, contact Carolyn Mangas at email@example.com.