Ohio Employers Could See Large Rebates This Summer
Governor John Kasich and Ohio Bureau of Workers’ Compensation CEO Sarah Morrison have proposed $1.5 billion in workers’ compensation premium rebates. The proposal will be voted on at the board of directors meeting on May 24, 2018. The rebate could total 85% of premiums paid for the policy year that ended June 30, 2017. If approved, the rebates would likely be issued sometime this summer.
The proposed rebate will be the Bureau of Workers’ Compensation’s largest in two decades. It would follow $1 billion rebates issued in 2013, 2014 and 2017, as well as a $15 million rebate in 2016 for counties, cities and other public employers. Of the $1.5 billion in rebates, it is estimated $48 million will go to schools and $111 million to local governments. With this rebate, the Bureau of Workers’ Compensation will have saved employers $8 billion in workers’ compensation costs since the trend began in 2011, after considering other rebates, credits, greater efficiencies and several rate reductions, including two this year.
The rebate must still be approved, but all signs indicate that the board of directors will sign-off on the proposal in May.
For additional details, view the Ohio Bureau of Workers’ Compensation release issued April 24, 2018.
