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The Ohio Bureau of Workers Compensation approved a proposal from Gov. Mike DeWine’s office to send $1.5 billion of the agency’s revenues to Ohio employers covered by the state’s workers compensation system, the bureau said in a news release on Friday.
This is the fifth time since 2013 the agency has returned $1 billion or more to employers as a result of strong investment returns, falling injury claims and other operational efficiencies, according to the release. The agency also has cut premium rates in the past few years, including a 12% cut for public employers that took effect in January and a 20% reduction for private employers that takes effect today. The $1.5 billion is equal to 88% of the premiums employer paid for the policy year ending June 30, 2018, or calendar year 2017 for public employers, said the bureau.
The state’s insurance fund will begin sending checks to approximately 180,000 private and public employers in late September. The bulk of the money will go to private companies, but the agency estimates about $114 million will go to counties, cities, townships and other local government entities, with about $50 million going to public school districts, the bureau said.
Since 2011, the bureau said it has saved employers nearly $10 billion in workers comp costs through dividends, credits, rate reductions and greater efficiencies.
Ohio employers may receive as much as $1.5 billion in dividends from the Ohio Bureau of Workers Compensation after the agency earned strong returns on its investments, according to a news release from the office of Ohio Gov. Mike DeWine.