Giving Back to Ohio Business
Each year, the Ohio Bureau of Workers’ Compensation helps nearly 250,000 employers protect their employees. The premiums paid by Ohio’s businesses and public employers help provide safety services to reduce workplace incidents and care to get injured workers back to work and back to life. An improving safety climate, good fiscal management and better than expected investment returns have resulted in the State Insurance Fund having a net position of more than $9.6 billion. So, for the third time in four years, BWC will return more than $1.1 billion dollars to Ohio’s private and public employers. Combined with nearly 30 percent in average rate cuts and $3 billion in previous rebates and credits, this rebate means BWC will have helped return more than $6 billion to Ohio’s economy.
How much will employers receive and when?
Most rebates will equal 66% of the employer’s premium for the policy year ending June 30, 2016 (calendar year 2015 for public employers). BWC will begin sending checks in early July and all checks should be released by the first week in August.
Private employers in the group-retro program will have their rebate amount calculated and paid following the 12-month premium calculation scheduled to occur in October 2017.
Who is eligible for the rebate?
Employers that paid into the State Insurance Fund during the 2015 policy year are eligible for the rebate. On June 2, 2017, the BWC will take a snapshot of these employers to determine if the following requirements have been met:
- The policy had been billed premium for the policy year ending June 30, 2016
- The policy reported payroll greater than zero
- The policy is in an active, reinstated, combined or debtor-in-possession status
- The policy was not cancelled prior to June 2nd (if a policy was cancelled prior to June 2nd 2017 they will not be eligible for this rebate)
- The policy is current on all payroll reporting and true-ups
Employers with an outstanding BWC balance will have their rebate first applied to that balance. Employers that report through a Professional Employer Organization should receive their rebate from their PEO, which is required to pass a portion of the rebate on to their members.