Ohio BWC offering ‘Another Billion Back’
Ohio BWC information
Building on the momentum of last year’s “Billion Back” plan, “Another Billion Back” would inject an additional $1 billion into Ohio’s economy while making an unprecedented commitment to safe workplaces and a healthy, productive workforce.
“Another Billion Back”:
- Provides a one-time rebate of $1 billion for private employers and public-taxing districts.
- Increases BWC’s commitment to safety by up to $35 million over the next two years.
- Creates several new safety initiatives that leverage BWC’s occupational health and safety expertise to create innovative solutions for improving the safety, health and wellness of Ohio’s workforce.
During its August meeting, the BWC Board of Directors approved the proposal to extend a $1 billion rebate for private employers and public-taxing districts paying into Ohio’s workers’ compensation system.
BWC’s investments continue to perform well above expectations as a result of prudent management and a careful, conservative investment strategy. 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 a funding ratio above the target guidelines set by the BWC Board of Directors.
Each rebate would equal 60 percent of the employers’ annual premium and checks will be distributed beginning in October. Private employers and public-taxing districts that pay premium into the State Insurance Fund and have active, up-to-date policies will be eligible for the rebate. Each employer’s rebate will reflect 60 percent of what they were billed during the last policy period (July 1, 2012, to June 30, 2013, for private employers; January 1, 2012, to December 31, 2012, for public taxing districts).
To be eligible, private employers must have been in an active, reinstated, combined or “debtor in possession” status as of Friday, September 5; public taxing districts must also have been in an active or reinstated status as of September 5.
Employers with an outstanding BWC balance will have their rebate first applied to that balance.
Employers who report through a Professional Employer Organization should receive their rebate from their PEO, which is required to pass a portion of the rebate on to its members.
Another Billion Back is an example of BWC’s work over the last four years to be a better partner in improving Ohio’s business environment and helping encourage the state’s economic revival. Sound financial and operational management has also allowed BWC to:
- Reduce average base rates for Ohio’s private employers, bringing combined four-year collections down $409 million.
- Reduce average rates for public employers by an estimated $70 million, placing them at their lowest levels in at least 30 years.
- Commit $1.2 billion in transition credits to Ohio employers as part of the conversion to prospective billing.
- Expand safety funding, which resulted in allowed claims dropping below 100,000 for the first time.