Important News for Ohio Members:
Another BWC Billion Back Dividend Rebate Proposed
Ohio Governor DeWine has 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. (This would be January 1, 2019 to December 31, 2019 for public employers and July 1, 2019 to June 30, 2020 for private employers.) 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 BWC’s Board, 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. Employers who did not complete their 2019 policy year True Up may be ineligible to receive this Billion Back Dividend. The deadline to complete the private employer True Up and pay any additional premiums owed was August 15, 2020. Private employers who have not completed their 2019 True Up should do so immediately in order to comply with the BWC’s limited grace period.
