Columbus, OH – The Ohio Bureau of Workers’ Compensation will begin issuing $5 billion in dividends to Ohio employers today to ease COVID-19’s impact on the state’s business community and economy, bringing its total dividends this year to nearly $8 billion.
All told, 178,415 private and public employers covered by the State Insurance Fund are eligible for the latest dividend through a combination of checks in the mail and credits to their BWC accounts.
“We’re happy to be in the position to assist employers across the state during these challenging times,” said BWC Interim Administrator/CEO John Logue. “It’s our hope these dollars will keep businesses open and safe and people employed.”
Approximately $4.3 billion will go to private employers and $687 million will go to local government taxing districts, such as counties, cities, townships, and schools. BWC will first apply the dividend to an employer’s unpaid balance, then send a check for the rest. Employers should watch their mailboxes closely, as checks will be mailed in several batches over the next week.
The dividend follows a $1.54 billion dividend in April and one for $1.3 billion in October, both made possible by BWC’s healthy investment returns on employer premiums, a declining number of injury claims, and prudent fiscal management. The latest dividend is nearly four times the premium employers paid in policy year 2019.
For frequently asked questions, visit BWC’s website (PDF).
BWC’s net position – approximately $7.2 billion after the dividend – remains strong and sufficient to support injured workers for years to come.
Source: Ohio BWC