Ohio Governor Mike DeWine has asked the BWC board to send up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus (COVID-19) on Ohio’s economy and business community. This dividend equals approximately 100% of the premiums employers paid in policy year 2018. BWC will apply the dividend to an employer’s outstanding balances first, including the recent installment deferrals. Any amounts exceeding outstanding balances will be sent to the employer. For those employers, it means one less bill to worry about. As in previous years, the dividend is possible due to strong investment returns on employer premiums, a declining number of claims each year, and prudent fiscal management. It’s also due to employers who work hard to improve workplace safety and reduce injury claims. Even with the downturn in the market, BWC is able to provide this important dividend to employers while maintaining funds to take care of injured workers for years to come.
If approved by the Ohio BWC board, approximately $1.4 billion will go to private employers, and the remaining $200 million will go to local government taxing districts throughout the state. The state should begin distributing checks later this month.