Governor John R. Kasich and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Steve Buehrer announced a $1 billion rebate to Ohio’s private and public sector workers’ compensation customers, as well as a major new investment in worker safety research and training.
Dubbed “Another Billion Back,” the rebate comes on the heels of last year’s $1 billion rebate for workers’ comp customers. Both rebates were made possible by strong investment returns in the workers’ compensation fund.
Kasich made the announcement at Portfolio Creative, a Columbus company that recruits and staffs talent in all areas of design, marketing, communications and advertising. They are one of approximately 184,000 private and 3,800 public employers likely to receive a rebate.
“Sound fiscal management and a well-executed investment strategy continue to put BWC in a position where it can return money to its customers — Ohio’s employers — but also to workers in the form of initiatives that help them stay safe on the job,” said Kasich. “Ohio continues its effort to transform the workers’ comp system to be a better partner with employers and workers to help them succeed and stay safe, and the ability to make these types of significant rebates is part of that effort.”
BWC’s preliminary annualized return of investments was 8.9 percent over the last three fiscal years, including 13.3 percent in 2014.
The State Insurance Fund net assets stand at $7.7 billion and its funding ratio far exceeds target guidelines set by the BWC Board of Directors.
If approved by the BWC Board of Directors, eligible private and public employers would receive a rebate equal to 60 percent of premiums paid during the July 1, 2012 through June 30, 2013 policy year (calendar year 2012 for public employers).
The proposal also would build on last year’s $15 million investment in safety intervention grants with several initiatives that will ultimately enhance the safety, health and wellness of Ohio’s workforce. Additionally, special safety training is proposed to reduce injuries among firefighters, whom frequently have very high workers’ comp rates due to the dangerous and risky nature of their work.
Source: Ohio BWC