Ohio governor plans $1 billion workers’ comp rebate

Columbus, OH – A $1 billion rebate for Ohio workers’ compensation customers has been proposed by Gov. John Kasich (R).

The rebate would equal about 60 percent of employers’ premiums from fiscal year 2013, the state Bureau of Workers’ Compensation said in an Aug. 13 press release. Eligible employers would include those in good standing who paid their Jan. 1 to June 30 premiums. BWC’s Board of Directors will either approve or reject the proposal during a September meeting.

Accompanying the rebates are plans to build on a $15 million safety intervention grant fund that was created last year when the state awarded a similar $1 billion workers’ compensation rebate to employers.

The rebates and grant funding come from investment returns that created an insurance fund with net assets of $7.7 billion and a funding ratio that “far exceeds” targets, according to BWC.