Ohio Governor DeWine has asked the Ohio Bureau of Workers’ Compensation (BWC) to approve a dividend of $5 billion for employers to aid with the impact of COVID-19. The BWC’s Board of Directors will vote whether to approve this dividend on November 2, 2020.
If approved, this would be the third dividend issued by the BWC in 2020, bringing the total to almost $8 billion this year. BWC Administrator/CEO Stephanie McCloud acknowledges that the BWC has never issued three dividends in the same year, but assures employers that the State Insurance Fund remains in a strong financial position.
Under the anticipated dividend:
- Private employers will receive approximately $4.3 billion back.
- Public employers (counties, cities, schools, etc.) will receive approximately $687 million in dividends – including $219 million for schools.
Employers could see these dividends by the end of 2020. Employers can estimate their anticipated dividend by multiplying their October dividend by 3.72.
Governor DeWine and the BWC Administrator/CEO recognize this pandemic is unprecedented and continues to impact Ohio employers financially. Both acknowledge the importance of these dividends to keep businesses operating and Ohioans employed.