COLUMBUS – The Ohio Bureau of Workers’ Compensation will start sending up to $1.5 billion in dividend checks to Ohio employers Sept. 26.
Ohio Governor Mike DeWine and 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 proposal was approved by BWC’s Board of Directors 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 Governor DeWine. “Because of BWC’s leadership and strong investments, Ohio employers will now have the opportunity to make additional investments in their businesses.”
BWC will mail approximately 177,000 checks in seven batches over four weeks. Checks for public employers will be dispersed beginning on Sept. 26, followed by private employers through 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 Administrator 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 funds will be delivered via paper checks through the U.S. Postal Service.
“It is important employers watch their mailboxes closely,” McCloud said. “We’d hate to see these checks mixed up with junk mail and tossed in the trash.”
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 will go to counties, cities, townships, and other local government entities. Of that, $51.4 million will go 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.