The Ohio Bureau of Workers’ Compensation announced the Workers’ Compensation Oversight Commission has approved its recommendation to reduce premium rates for public employer taxing districts by an average of 1 percent.
The reduction is the first for public employers since 1999.
“I’m very pleased that we’re able to reduce rates for public employers,” BWC’s interim Administrator/CEO Tina Kielmeyer said. “We certainly appreciate many of the financial challenges public entities are facing, and I’m hopeful today’s news will help to ease the burden.”
Kielmeyer said the rate decrease was largely due to Ohio’s schools, cities and counties making safety a priority, which has resulted in fewer workplace accidents. “Public employers are working aggressively to not only manage claims more effectively but also implement bureau programs to prevent accidents from happening in the first place. Their successes are the reason we can reduce their rates.”
The bureau also announced that it will discuss a potential dividend at the Oversight Commission meeting in November. The Oversight Commission must approve any dividend recommendation BWC makes.
As of Sept. 30, BWC has a surplus of more than $1.1 billion.
Was this article valuable?
Here are more articles you may enjoy.