Dollars for reinvestment in Ohio businesses to boost economy.
On May 20, 2019, Ohio Governor Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud proposed returning $1.5 billion to Ohio employers this year following strong returns on the agency’s investments.
“This is great news for Ohio,” said Governor DeWine. “This money will help Ohio employers expand their businesses, create jobs, and invest in capital improvements. Ohio’s economy is strong, and this proposal reinforces our goal of creating more jobs in the state.”
The money would be Ohio’s fifth investment return to private and public employers of at least $1 billion since 2013 and sixth overall during that time.
“Our investment portfolio is strong, our injury claims are falling, and our safety and wellness initiatives are making a difference,” said Administrator McCloud. “All of these actions mean big savings for employers, and we’re delighted to share this success with them.”
The $1.5 billion dividend equals 88 percent of the premiums employers paid for the policy year that ended June 30, 2018. Governor DeWine and Administrator McCloud announced their proposal this morning at Dynalab Electronic Manufacturing Services in Reynoldsburg a long-time member of NFIB.
“I really appreciate this news today and what Governor DeWine and BWC are doing to help businesses succeed,” said Dynalab, Inc. President Gary James. “To compete in the global market, we must be on the cutting edge at all times and that takes resources. The check we’ll receive in late summer will definitely help.”
“The $1.5 billion in rebates announced today by the Ohio Bureau of Workers’ Compensation (BWC) demonstrates the sound fiscal responsibility being carried forward under the DeWine Administration. The business community appreciates the BWC’s investment policies and management of employer dollars,” said Roger Geiger, Vice President and Executive Director for NFIB in Ohio.
“Small business owners, who make up the majority of state fund employers, appreciate the earlier announced base rate deduction and now the proposed rebate. On behalf of our 22,000 members, NFIB applauds the BWC’s efforts to continue to return more of Ohio employers’ hard-earned dollars back to them. These latest proposed rebates will allow entrepreneurs to further reinvest back into their businesses to expand, hire, and enhance their workplace safety programs,” Geiger concluded.
Roger Geiger also spoke with The Toledo Blade on the issue.
The BWC Board of Directors will review the proposal on Wednesday, May 22 and a vote would follow at the board’s June 28 meeting. If approved, checks would be issued to employers in September.
The proposal continues a trend of lowering workers’ comp costs for Ohio’s private and public employers. BWC lowered premium rates 20 percent for private employers beginning July 1. The agency disbursed $1 billion or more to employers in 2013, 2014, 2017 and 2018.