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BWC Board Approves $1.5 Billion For Ohio Employers

COLUMBUS – The Ohio Bureau of Workers’ Compensation Board of Directors on Friday approved Governor Mike DeWine’s proposal to send Ohio employers up to $1.5 billion in dividends to ease the impact of COVID-19 on Ohio’s economy and business community.

BWC will start sending checks to up to 200,000 private and public employers in its system in late October after first applying the dividend to any unpaid balances. The dividend follows a similar dividend in April, where the average check size was $8,500.

“Thank you to the BWC Board of Directors for approving a second round of dividends for Ohio employers,” said Governor DeWine. “The pandemic continues to impact businesses across Ohio, and we hope that this next round of dividends provides financial relief.”

The dividend equals 100% of the premium employers paid in policy year 2019. As in prior years, the dividend is possible because of strong investment returns on employer premiums, a declining number of claims each year, and prudent fiscal management.

“We’re grateful our strong fiscal position allows us to assist our business community during these unprecedented times,” said BWC Administrator/CEO Stephanie McCloud. “However, this means in all likelihood we will not issue a dividend in 2021.”

Of BWC’s $1.54 billion dividend in April, $1.35 billion went to private employers and $184 million went to local government taxing districts, such as counties, cities, townships, and school districts.

Click here for Frequently Asked Questions about the dividend.

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BWC provides workers’ compensation insurance to 249,000 private and public employers in Ohio. Despite COVID-19’s impact, the agency’s investment returns remain strong. BWC earned $279 million in returns in August and had a net position (assets minus liabilities) of $12.7 billion as of Aug. 31. BWC is funded by employer premiums.

For more on COVID-19 as it relates to BWC, visit this Frequently Asked Questions page. For other questions about COVID-19 related to BWC, email BWCCOVID19@bwc.state.oh.us.

For the latest on COVID-19, visit the Ohio Department of Health website coronavirus.ohio.gov, or call 1-833-4-ASK-ODH (1-833-427-5634).


 


Source: The Village Reporter

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