Ohio's Monopolistic State Fund approves $1.5 Billion Rebate

The Ohio Bureau of Workers’ Compensation’s board of directors approved a $1.5 billion rebate on Thursday.The bureau will mail checks to roughly 180,000 Ohio employers this summer, according to a statement.It attributed the ability to provide the rebate to “healthy investment income, falling claims and prudent fiscal management.”http://www.businessinsurance.com/article/20180524/NEWS08/912321515/Ohio-Bureau-of-Workers-Compensation-rebates-approved?utm_campaign=BI20180524BreakingNewsAlert&utm_medium=email&utm_source=ActiveCampaignThis news comes exactly one month after the rebate was proposed.The rebate equals 85% of the premiums paid for the policy year that ended June 30, 2017, or calendar year 2016 for public employers. It would follow $1 billion rebates issued in 2013, 2014 and 2017, and a $15 million rebate in 2016 for counties, cities and other public employers, according to the release.Of the $1.5 billion, an estimated $48 million would go to schools and $111 million would go to local government entities. That’s on top of $402 million in rebates those public taxing districts have received since 2013 — $125 million for schools, $277 million for others — according to the release.

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