Ohio BWC returns insurance premiums
Cities, school districts of North Royalton, Strongsville receive rebates from state
The city of North Royalton has received $166,837 in insurance premium rebates from the Ohio Bureau of Workers’ Compensation. The North Royalton City School District also received $94,015 from the BWC. File photo by JAMIE ANTON
STATE OF OHIO – The cities of North and Strongsville, along with the North Royalton and Strongsville city school districts have received rebates from the Ohio Bureau of Workers’ Compensation.
The BWC determined earlier this year that it had enough money on hand to return $1.1 billion in insurance premiums to public and private employers. The city of Strongsville received $248,598 and the city of North Royalton received $166,837. The Strongsville City School District received $168,863, while the North Royalton City School District received $94,015.
The top 10 recipients among public employers are:
1. Columbus — $14.9 million.
2. Cleveland — $4.7 million.
3. Toledo — $2.7 million.
4. Columbus schools — $2.6 million.
5. Cleveland schools — $2.3 million.
6. Cuyahoga County — $2.1 million.
7. Lucas County — $1.6 million.
8. Akron — $1.5 million.
9. Dayton — $1.3 million.
10. Hamilton County — $1.1 million.
Other top recipients in Cuyahoga County include:
Cleveland Metroparks — $513,546.
City of Cleveland Heights — $492,303.
Cleveland Heights-University Heights schools — $377,201.
Educational Service Center of Cuyahoga County — $358,790
City of Euclid — $331,126.
City of Parma — $282,464.
Euclid Schools — $275,789.
Private employers and public employer taxing districts that pay into the State Insurance Fund are eligible for the rebate. This is the third time in four years (2013, 2014, 2016) that the BWC has returned more than $1 billion to Ohio’s private and public employers.
The bureau said the BWC had extra money in its workers’ compensation fund primarily due to strong investment returns and the amount paid in claims has been low, in part because of improved on-the-job safety.
Annualized return of investments was 7 percent over the last three fiscal years, including a total net return of 5.8 percent in fiscal year 2016. After the rebate BWC will still have a net position of $8.5 billion.
The bureau’s most recent annual report, for the year ending in June 2016, shows that the bureau paid out $580.3 million in medical benefits and $1.02 billion in compensation.
The $1 billion in rebates being delivered over several weeks are roughly equal to two-thirds of the amount the bureau receives in premiums each year.
Private employers account for 88 percent of the rebates with $967 million, while public employer taxing districts received $133 million. Private employers are not public record.
The BWC plans to invest $44 million during the next two years to improve wellness and safety for workers across Ohio, including a new wellness program, funding for specific programs to help firefighters and those who work with children and adults with disabilities, and an education campaign to address common injuries at work and in the home.
The state of Ohio has moved from the third highest rates in the country in 2008 to the 11th lowest, according to the BWC.
The BWC determined earlier this year that it had enough money on hand to return $1.1 billion in insurance premiums to public and private employers. The city of Strongsville received $248,598 and the city of North Royalton received $166,837. The Strongsville City School District received $168,863, while the North Royalton City School District received $94,015.
The top 10 recipients among public employers are:
1. Columbus — $14.9 million.
2. Cleveland — $4.7 million.
3. Toledo — $2.7 million.
4. Columbus schools — $2.6 million.
5. Cleveland schools — $2.3 million.
6. Cuyahoga County — $2.1 million.
7. Lucas County — $1.6 million.
8. Akron — $1.5 million.
9. Dayton — $1.3 million.
10. Hamilton County — $1.1 million.
Other top recipients in Cuyahoga County include:
Cleveland Metroparks — $513,546.
City of Cleveland Heights — $492,303.
Cleveland Heights-University Heights schools — $377,201.
Educational Service Center of Cuyahoga County — $358,790
City of Euclid — $331,126.
City of Parma — $282,464.
Euclid Schools — $275,789.
Private employers and public employer taxing districts that pay into the State Insurance Fund are eligible for the rebate. This is the third time in four years (2013, 2014, 2016) that the BWC has returned more than $1 billion to Ohio’s private and public employers.
The bureau said the BWC had extra money in its workers’ compensation fund primarily due to strong investment returns and the amount paid in claims has been low, in part because of improved on-the-job safety.
Annualized return of investments was 7 percent over the last three fiscal years, including a total net return of 5.8 percent in fiscal year 2016. After the rebate BWC will still have a net position of $8.5 billion.
The bureau’s most recent annual report, for the year ending in June 2016, shows that the bureau paid out $580.3 million in medical benefits and $1.02 billion in compensation.
The $1 billion in rebates being delivered over several weeks are roughly equal to two-thirds of the amount the bureau receives in premiums each year.
Private employers account for 88 percent of the rebates with $967 million, while public employer taxing districts received $133 million. Private employers are not public record.
The BWC plans to invest $44 million during the next two years to improve wellness and safety for workers across Ohio, including a new wellness program, funding for specific programs to help firefighters and those who work with children and adults with disabilities, and an education campaign to address common injuries at work and in the home.
The state of Ohio has moved from the third highest rates in the country in 2008 to the 11th lowest, according to the BWC.