BWC Mails One-Time Dividend Checks to Ohio Employers
June 27, 2013. Yesterday, the Ohio Bureau of Workers’ Compensation (BWC) began to release the one-time dividend checks equating to $1 billion for private employers and public taxing districts that were made possible due to the current strong financial strength of the Ohio State Insurance Fund and the fact that it exceeds the target funding ratio of assets to liabilities established by the BWC Board in 2008.
Checks are expected to be released in batches of 40,000 to eligible organizations and will be completed by Friday, July 12, 2013. For private employers that participated in a Group Retrospective Rating program for the July 1, 2011 policy year, dividends will be calculated and paid following the 12-month retrospective refund calculation scheduled to occur in August/September 2013.
In addition to the dividend, please remember that the BWC has also expanded their Safety Grant program from $5 million to $15 million and has modified the program to be a 3 to 1 match with a maximum grant of $40,000 per employer. BWC has also expanded the program to now allow for various types of equipment that were previously excluded within the grant program.
If your organization has been contemplating purchasing new equipment that may be eligible under the Safety Grant program, now is the opportunity to minimize your out of pocket expense. For example, your out of pocket cost of $13,333 would be matched with the BWC’s $40,000 which equates to a 300% return on your investment in safety.
According to BWC statistics, every $1 spent on safety equipment equates to a $3 reduction in claims costs. This is an opportunity that should not be missed if you are currently searching for new equipment. The modifications to the Safety Grant program begin July 1, 2013.
If you should have any questions regarding the dividend or the modifications to the Safety Grant program, please feel free to contact your CompManagement account representative directly or our Customer Support Unit at (800) 825-6755, option 3, or S P AGENCY, INC. at 513-985-3600.
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