Ohio Gov. John Kasich announced plans last week to refund another $1 billion in workers’ compensation premiums.
The plan, called “Another Billion Back,” would be the second time the state has refunded $1 billion to workers’ compensation customers. Some 184,000 private and 3,800 public employers likely are to receive a portion of the rebate.
The governor also announced a new investment in employee safety training programs.
“Sound fiscal management and a well-executed investment strategy continue to put (the Bureau of Workers’ Compensation) 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,” Kasich said.
“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.”
The plan will be presented to the Bureau of Workers’ Compensation Board of Directors at its Aug. 22 meeting. If approved, employers probably would see checks in October that will be approximately 60 percent of what they paid in premiums during the July 1, 2012, to June 30, 2013, policy year, BWC Administrator Steve Buehrer said.
Buehrer said the refund was possible due to investment returns approaching 9 percent during the past three years. As of the end of May, the BWC portfolio was showing a net return of 12.3 percent.
For questions on this important new initiative, contact a Barnes Dennig representative today.