August 18, 2014
One wonders if on some future trip to downtown Columbus a large red sign with yellow numbers, high atop the William Green Building, will announce how many billions the Ohio Bureau of Workers’ Compensation has given back employers?
When McDonald’s stopped providing an “official” count at 99 Billion about twenty years ago, opting for its current slogan, many wondered if they simply lost count. Could the same thing be happening to the Ohio BWC? Last week, on the heels of unprecedented rebates, credits and judgments totaling nearly $3 billion, they simply, and somewhat casually, rolled out their “Another Billion Back” proposal.
Under this rebate initiative, employers will receive 60 percent back on workers’ compensation premiums paid during the 2012 fiscal year. This rebate is reportedly based on the performance of the investment portfolio and not in any way tied to the recent settlement with some employers for over $400 million.
Employers don’t need to act to receive this “Another Billion back” rebate, but are encouraged to pay the upcoming premium on time. Checks should be ready in October, and unlike the fast food giant, there will be free delivery.