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Ohio proposes $1.5 billion comp rebate for employers

Posted On: Apr. 24, 2018 12:26 PM CST

Ohio proposes $1.5 billion comp rebate for employers

Ohio Gov. John R. Kasich and the top executive for the Ohio Bureau of Workers Compensation on Tuesday proposed giving Ohio employers $1.5 billion in premium rebates this summer, expanding workers comp savings for employers to $8 billion since 2011, according to a press release.

The rebate, the bureau’s largest in 20 years, will be proposed to its board of directors Wednesday and voted on at the board’s May 24 meeting, according to the release. If approved, rebate checks would likely be mailed in July and August.

“We’ve had healthy income and returns on our investment portfolio, and it’s only right to share that success with our private and public employers,” said Sarah Morrison, bureau administrator and CEO, in a statement. “We know that the more money we leave with employers, the more they can invest in their employees and grow their business.”

The proposed rebate equals 85% of the premiums paid for the policy year that ended June 30, 2017, or calendar year 2016 for public employers. It would follow $1 billion rebates issued in 2013, 2014 and 2017, and a $15 million rebate in 2016 for counties, cities and other public employers, according to the release.

Of the $1.5 billion, an estimated $48 million would go to schools and $111 million would go to local government entities. That’s on top of $402 million in rebates those public taxing districts have received since 2013 — $125 million for schools, $277 million for others — according to the release.