Comp Administrator Steve Buehrer tells WMOA News that the agency has had a better than
expected return on investment of premiums, and wants to give some of that back.
part of a three-part strategy to reduce our net assets, which are basically those
dollars that the Bureau of Workers’ Compensation holds, that employers have
paid in to take care of the long-term costs in our system. We hold those extra dollars and invest
them. We assume we’re going to get about
a four percent return.
"Over the last
three years, we’ve had an 11.4 percent annualized return. A few extra dollars have accumulated, and we
wanted to get those back out to the business community. And, all employers – public and private –
across the state.”
first part of the program will return about one billion dollars to Ohio employers, with a fair amount of that
coming back to this area, Beuhrer states.
County, and surrounding counties are going to get a little over $13 million
back. So, it will be very significant
for businesses to be able to invest in their companies or in safety, and of
course, local governments to do all the things they do on our behalf.”
says it’s a win-win situation for the state and its job providers.
“We think it’s good for employers because
we’re getting money back into the community. It’s good for workers in terms of safer workplaces. It’s good for reforming our system that will help grow jobs in Ohio, which is
Governor Kasich’s overarching agenda for Ohio.
"The thing I really want to emphasize is if you’re an employer – either
public or private – be sure you’re watching that mailbox in the next week or
ten days, because these checks are coming out. They’re good checks. They’re real
checks from the Bureau of Workers’ Compensation. People need to take them to their banks, get
them cashed, and start investing in the growth of Ohio.”
other two parts of the plan include tripling the amount in a grant pool for safety
improvements by employers, and modernizing the Bureau of Workers Comp premium collection
says when the entire modernization program is completed, the savings will allow
a full six months of premiums to be forgiven for all Ohio employers. In fact,
he says, after all three parts of the program are completed by the end of next
year, a total of $2 billion will be back in employers’ hands.