By: Ken Finley, V&A Risk Services
Last week, the Ohio Bureau of Workers' Compensation (BWC) announced they will return $1.1 Billion back to Ohio employers in the form of a rebate, likely to arrive this summer.
The BWC has accumulated a $9.6 Billion surplus which they attribute to lower claim frequencies and excellent investment returns. With the fund above allowable threshholds, they will be returning some of the surplus back to the employers who have funded the program.
If approved by the Board, Ohio employers will receive a rebate equal to 66% of their 7/1/2015 - 6/30/16 premiums paid. Any transition credits given by the BWC during that period will be counted as premiums paid by the employer. Most employers should receive the rebate in July, 2017. If you participated in Group Retrospective Rating in 2015, you will first receive your Group Retro Rebate followed by your Billion Back Rebate in October, 2017.
Please reach out to V&A Risk Services for more information.
If approved by the Board, Ohio employers will receive a rebate equal to 66% of their 7/1/2015 - 6/30/16 premiums paid. Any transition credits given by the BWC during that period will be counted as premiums paid by the employer. Most employers should receive the rebate in July, 2017. If you participated in Group Retrospective Rating in 2015, you will first receive your Group Retro Rebate followed by your Billion Back Rebate in October, 2017.
Please reach out to V&A Risk Services for more information.
Please contact Emily Dammeyer, Communications Manager, Toledo Regional Chamber of Commerce to submit a story for our blog.
RSS Feed
