The Ohio Bureau of Workers’ Compensation will be sending more than $1.3 billion to Ohio employers over the next week to ease COVID-19’s impact on the state’s business community and economy.
All told, 178,425 private and public employers covered by the State Insurance Fund will receive $1.34 billion in checks and credits to their BWC accounts.
The dividend follows a similar dividend in April, both made possible by BWC’s healthy investment returns on employer premiums, a declining number of injury claims, and prudent fiscal management. The dividend equals 100% of the premium employers paid in policy year 2019.
Approximately $184 million will go to local government taxing districts, such as counties, cities, townships, and schools, and the remainder to private employers. BWC will first apply the dividend to an employer’s unpaid balance, then send a check for the rest. Checks will be mailed in five batches.
BWC’s board of directors approved a dividend of “up to” $1.5 billion at its Sept. 25 meeting. The final dividend amount was determined Oct. 2 after BWC’s “true-up” period concluded, where employers reconciled their premiums due for the 2019 policy year.
Source: Ohio BWC
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