2:33 pm, May 30, 2013
As expected, the board of the Ohio Bureau of Workers’ Compensation unanimously has approved plans presented by Gov. John Kasich to distribute $1 billion in cash rebates to 210,000 Ohio employers.
In a separate action, the board signed off on a 2.1% average reduction in base rates for private employers.
The cash rebate to private employers and public employer taxing districts is made possible by larger-than-expected fund balances generated by strong investment management, according to the bureau.
The 2.1% base-rate reduction is for the 2014 policy year, which runs July 1, 2013, through June 30, 2014. It represents an aggregate savings of $29 million over 2013 premium collections.
The reduction follows a 4% rate decrease in 2012 and flat rates in 2013. Actual premiums paid by individual private employers depend on a number of factors, including recent claims history and expected future costs and participation in discount and savings programs.
Rates for public employers, currently at a 30-year low, are decided in the fall.