NOVEMBER 2020 BWC NEWS FROM CAREWORKS COMP From CareWorks Comp
DEADLINE: GROUP RATING & GROUP RETROSPECTIVE ENROLLMENT FOR UPCOMING JULY 1, 2021 POLICY YEAR
The enrollment deadline for the 7/1/2021 Policy Year is No-
vember 16, 2020 for Traditional Group Rating, and January 22, 2021 for Group Retrospective Rating. For more information contact Julia Bowling , CareWorks Comp Program Manager, at 513-218-4062 or
julia.bowlingl@
careworkscomp.com.
DEWINE PROPOSES $5 BILLION WORKERS’ COMPEN- SATION DIVIDEND: BWC BOARD APPROVES Gov. Mike DeWine hopes the largest Bureau of Workers’ Compensation dividend in state history will serve as a lifeline to businesses struggling amid the coronavirus pandemic. The gov- ernor asked the BWC’s Board of Directors to approve a $5 billion dividend at its next virtual meeting on November 2, 2020, and the Board of Directors has approved the vote. The dividend will be the third this year, following a $1.54 billion dividend issued in April and a $1.34 billion dividend in October. Checks will be distributed to employers covered by BWC in December. DeWine said the City of Columbus is in line for the single largest dividend payment at about $64 million. “Our economy is coming back, but many of our businessmen and women continue to struggle,” he said. “Another even larger dividend that I’m ask- ing for today will help so many businesses stay open, keep them operating (and) pump money directly into the economy.” Despite
the economic effects of the pandemic, Gov. DeWine said BWC “remains in a strong fiscal position thanks largely to healthy invest- ment returns on employer premiums, a declining number of claims each year and prudent fiscal management.” BWC Administrator Stephanie McCloud said the dividend will help Ohio employers “when they need it most.” “Just since July, we have earned just under another billion dollars
in investment income,” she said. “What this tells us is that our mod- eling and our investment policies are solid. Using this information, we are ready to support businesses to stay open, to reduce layoffs and to keep Ohioans employed.” BWC board Chair Chan Cochran said he credits the work of bureau staff and “superior investment results over a long period of time” with putting the state in position to provide the proposed dividend. “The BWC exists to help Ohio employees who are hurting,” he said. “Because the COVID virus presents unprecedented challenges in Ohio, helping our businesses and their workers is a proper and needed use of these funds.” Mr. Cochran said the BWC will have a net position – assets minus
Have you looked at your group retrospective rating options?
This is Not Your Grandfather’s Group Rating Program: Group Retrospective Rating
WHAT IS GROUP RETROSPECTIVE RATING? A performance-based program where BWC-certified group sponsors pool businesses of like industry, that meet strict safety and claims management criteria and practices. As claim costs are controlled, the group members receive premium rebates. Plan savings are often greater than traditional group rating plans.
COMPREHENSIVE SAFETY SERVICES We offer on-site safety and program evaluation at no additional cost to help ensure and optimize savings.
BEST-IN-CLASS CLAIMS SERVICES ¢Rates & Payroll Underwriting ¢Industrial Commission (IC) and Bureau of Workers’ Compensation (BWC) Hearing Representation
¢Claims Management ¢Reporting
UNEMPLOYMENT CONSULTATION Review and consult with our industry experts on unemployment claim issues.
For more information, contact CareWorksComp’s Julia Hall toll-free, at 1-800-837- 3200, ext. 51576 or via email at
julia.hall@careworkscomp.com.
1-800-837-3200 |
www.careworkscomp.com |
info@careworkscomp.com
liabilities – of $6.3 billion after payment of the dividend. Assets will be 1.43 times actuarial liabilities. The bureau’s guidelines for that funding ratio are that it should be between 1.3 and 1.5. As of Sept. 30, it was 1.77. (See Gongwer Ohio Report, October 23, 2020)He predicted that the governor’s proposal will be “well received” by the board. Gov. DeWine said the checks would range from hundreds to millions of dollars. He said the average restaurant in the state could receive a check for about $13,000, while the average farm could see about $9,500. Adam Sharp, executive vice president of the Ohio Farm Bu- reau, said the pandemic and related market conditions have had “a big impact” on the state’s agricultural sector. “This announcement becomes even that much more important today because of that,” he said. “If you look at this potential to return billions of dollars back to our food and agriculture economy in the state, it will help those businesses remain competitive.”
IMPORTANT DEADLINES: • November 21, 2020: Premium installment due for the July 1, 2020 - June 30, 2021 policy year, if your company is on a monthly payment plan with the Ohio BWC.
• November 16, 2020: Deadline to enroll into traditional Group Rating with CareWorks Comp for the 2021 Rating Year.
IMPORTANT CHANGE: 2021 OHIO SAFETY CONGRESS GOING VIRTUAL The 2021 Ohio Safety Congress & Expo (OSC21) — sponsored by the Ohio Bureau of Workers’ Compensation — is about keeping people safe. With all the uncertainty surrounding the future of the COVID-19 pandemic, the BWC will host OSC21 totally online March 10 – 11, 2021. The virtual event offers plenty of online learn- ing sessions and a digital expo, allowing you to learn remotely and chat virtually with presenters and exhibitors. As always, attendance is FREE, and registration for the virtual event opens in December.
Who should attend? Individuals with an interest in occupational safety and health,
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©2015 CareWorksComp.
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