The Ohio Bureau of Workers Compensation Board of Directors has approved up to 1.6 Billion to go out to employers as a dividend!
This comes on the tail of Governor Mike DeWine calling on Ohio Agencies to do everything they can to help assist employers during the COVID-19 Pandemic.
This dividend is approximately 100% of premiums payed into the fund in 2018. The Dividend is made possible by the strong investment returns for the Ohio Workers Comp fund.
This isn't the first time employers are seeing a dividend from the Ohio Workers Comp fund. This will be the 6th dividend of over $1 billion dollars since 2013. The Board has also reduced rates for public and private employers. public employers have received a 10% rate reduction while private sector employers are seeing a 13% reduce in rates. Public employers saw that rate decrease take effect in January while private employers will see it take effect come July 1st.
The majority of this dividend will be seen by private employers. With roughly $1.4 billion going to private employers and around $200 million going to local government taxing districts, such as counties, cities, townships, and schools.
The Dividend checks are were expected to be mailed to eligible employers beginning the end of April.
This isn't the only the the Workers Compensation Board of Directors has done to try and help ease the burden of the pandemic. They have told employers they could defer their monthly premium installments from March to May until June.They have also waived or postponed some requirements and deadlines for several programs that reduce employer premiums and applied the discounts automatically.
For more information on the steps The Ohio Workers Compensation Board is taking visit their website https://info.bwc.ohio.gov/
Blog post written by:
TJ Gilles, CLCS
GSP Insurance, LLC
*Info from Ohio Workers Comp press release 4/10/20. For press release click here.