BWC Board Approves 2nd Dividend this Year to Ease COVID-19 Financial Impact
On September 25, 2020, the Board of Directors of the Ohio BWC approved yet another employer “Billion Back” dividend. This approximately $1.5 billion dividend will be sent to Ohio employers near the end of October 2020, after first applying the dividend to any unpaid balances. The BWC’s aim is to provide some immediate economic relief to employers amid the ongoing pandemic.
This dividend equals approximately 100% of the premiums paid in policy year 2019. (This would be January 1, 2019 to December 31, 2019 for public employers and July 1, 2019 to June 30, 2020 for private employers.) Dividends like this, as well as previous ones, are possible because of strong investment returns on employer premiums, a declining number of claims each year, prudent fiscal management, and employers who work hard to improve workplace safety and reduce injury claims. Employers who did not complete their 2019 policy year True Up may be ineligible to receive this Billion Back Dividend.
“Thank you to the BWC Board of Directors for approving a second round of dividends for Ohio employers,” said Governor DeWine. “The pandemic continues to impact businesses across Ohio, and we hope that this next round of dividends provides financial relief.”
“We’re grateful our strong fiscal position allows us to assist our business community during these unprecedented times,” said BWC Administrator/CEO Stephanie McCloud. “However, this means in all likelihood we will not issue a dividend in 2021.”