BWC Distributes Up to $1.5 Billion to Ohio Employers
The BWC began sending dividend checks Ohio employers Sept. 26
Ohio Governor Mike DeWine and Ohio Bureau of Workers' Compensation (BWC) Administrator/CEO Stephanie McCloud announced plans in May to provide the money to employers following strong investment returns, falling injury claims, and other agency cost savings. The BWC’s board of directors approved the proposal in June.
“We are committed to providing resources for Ohio businesses to expand, support their employees, and become stronger competitors in the global marketplace,” said DeWine. “Because of BWC’s leadership and strong investments, Ohio employers will now have the opportunity to make additional investments in their businesses.”
BWC mailed approximately 177,000 checks in seven batches over four weeks, concluding Oct. 24.
“We are grateful and more than pleased to once again be in a strong fiscal position that allows us to send these dollars to Ohio employers,” said McCloud. “Our hope is employers will reinvest these dollars into their companies, particularly in the area of workplace safety, and help our economy continue to prosper.”
The dividends mark the fifth time since 2013 BWC has issued $1 billion or more to Ohio’s private and public employers covered by the agency. The checks equal 88 percent of the premiums employers paid in policy year 2017 (July 1, 2017, through June 30, 2018 for private employers; calendar year 2017 for public employers). Nearly $172 million went to counties, cities, townships, and other local government entities. Of that, $51.4 million went to public school districts.
In total, BWC has saved employers nearly $10 billion in workers’ compensation costs over the last decade through dividends, discount programs, reduced rates and other cost savings.