On May 20, 2019 Governor Mike DeWine and Bureau of Workers’ Compensation (“BWC”) Administrator/CEO Stephanie McCloud proposed giving $1.5 billion to Ohio employers this year following strong returns on the agency’s investments.
So, what do Ohio employers need to do to participate? Good news, you can hit the “easy button” on this one. You don’t need to do anything (or at least not anything you shouldn’t already be doing). What should employers be doing already? Although I’m sure you are, just in case, here’s a list:
Have active workers’ compensation coverage. That one is a no-brainer. If you don’t carry workers’ compensation coverage (either through the BWC or, if the employer qualifies, by being “self-insured”) Ohio law provides for civil and or criminal penalties, as well as having the employer be directly liable for all costs arising out of any injuries sustained on the job.
Have your premiums fully paid. Any employer who has an outstanding balance will have its dividend payment reduced by the amount of the outstanding balance.
Have your “true-up” completed. At the end of every policy year, employers must file a “true-up report” that reflects their actual payroll for that policy year. Employers must complete the report online. If the true-up payroll exceeds the estimated payroll, the employer will owe additional premium. If the true-up payroll is less than estimated payroll, the employer will receive a premium credit. For more information regarding the “true up” process, employers can go here.
Verify your contact information with the BWC so checks are mailed to the correct address.
Employers can pay outstanding premiums, submit payroll reports and verify demographic information by logging into their e-account at bwc.ohio.gov.
How much of a rebate on my worker’s compensation premiums will I receive?
The BWC’s Board of Directors proposed paying 88% of 2017 policy year premiums to all state fund employers. If the dividend proposal is approved, checks will go out some time in September for employers that are not in group retrospective rating programs. Retrospectively rated employers will receive their checks after the retrospective rating adjustment is made. Any employer who cancels coverage prior to September 6, 2019 will not be eligible for the dividend. Employers that paid BWC premiums in 2017 but are now self-insured will be eligible for the dividend.
So, employers should double check the list above and then sit back, enjoy the warm weather, maybe see an Indians game (they really need the fans right now), and wait for the check to come in.