JANUARY 2021 BWC NEWS FROM CAREWORKS COMP From CareWorks Comp
DEADLINE APPROACHING: GROUP RETROSPECTIVE ENROLLMENT FOR UPCOMING JULY 1, 2021 POLICY YEAR
The deadline to enroll in Group Retrospective Rating with Care- Works Comp for the upcoming July 1, 2021 policy year is January 22, 2021. Group Retro is a performance-based program where the group’s claims, incurred for the policy year, are compared to the group’s premiums paid to the BWC. The participants will receive premium rebates as long as the claims incurred for that policy year are lower than the overall premiums paid to the BWC. For more information, call CareWorks Comp TPA at 1.800.837.3200.
BWC BOARD APPROVES $5 BILLION WORKERS’ COM- PENSATION DIVIDEND Yes, those checks you got in the mail from the BWC were real!
The BWC Board of Directors approved Governor Mike DeWine’s $5 billion dividend proposal on November 2, 2020. This is the largest BWC dividend in state history and DeWine hopes it will serve as a lifeline to businesses struggling amid the coronavirus pandemic. 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 were distributed to employers covered by BWC in mid-December. Gov. DeWine said that the BWC “remains in a strong fiscal position thanks largely to healthy investment returns on employer premiums, a declining number of claims each year
and prudent fiscal management.” After the dividend is paid out, the BWC will have an approximate net position – assets minus li- abilities – of $7.2 billion.
2020 POLICY YEAR ESTIMATED PAYROLL WAS RE- DUCED BY 20% Were you aware? Your July 1, 2020 through June 30, 2021
Policy Year Estimated Payroll was REDUCED by the Ohio BWC by 20% in response to payrolls possibly being lower as a result of COVID-19! Employers can call the BWC at 1.800.644.6292 and adjust their 2020 Policy Year Payroll as needed up until March 1, 2021. This will ensure a more manageable True Up in the summer of 2021.
IMPORTANT DEADLINES: • January 21, 2021: 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.
• January 22, 2021: Deadline to enroll into Group Retrospec- tive Rating with CareWorks Comp for the 2021 Policy Year.
• January 29, 2021: Deadline to enroll into the BWC One Claim Program (OCP) for the July 1, 2021 Policy Year.
WEBINARS: OSHA RECORDKEEPING AND OHIO PERRP RECORDKEEPING We invite you to attend one of our recordkeeping webinars in
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 24 JANUARY 2021 8
©2015 CareWorksComp.
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