PROPOSED $1.6 BILLION DIVIDEND
Ohio Governor Mike DeWine announced today that he has asked the Ohio Bureau of Workers' Compensation to give up to $1.6 billion to Ohio employers to help ease the economic impact of COVID-19 on Ohio's economy and business community.
The proposed amount equals 100% of the premium employers paid in policy year 2018. As in previous years, the dividend is possible because of strong investment returns on employer premiums, a declining number of claims each year, and prudent fiscal management.
BWC provides workers' compensation insurance to more than 248,000 private and public employers in Ohio. Should the proposed $1.6 billion dividend total be approved by BWC's Board of Directors:
- An estimated $1.4 billion would go to private employers.
- Approximately $200 million would go to local government taxing districts (counties, cities, schools, etc.).
BWC has prepared a Frequently Asked Questions document to provide information about the COVID-19's impact on BWC operations. BWC's Board of Directors will hold an emergency meeting Friday to vote on the proposed dividend. Once approved, BWC will begin to mail the checks to employers later this month.