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.”
This 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.