Updated Fri, Jul 12, 2013 10:50 am
"Employers do need to look in the mail here in the next couple weeks because there are real envelopes coming with real checks that need to be taken to real banks and have them cashed."
That from Steve Buehrer Administrator/CEO of the Ohio Bureau of Workers’ Compensation who may fear some employers will see their rebate checks from BWC as junk mail.
Those rebates are part of a $2 billion (yes with a "b") rebate program suggested by Governor John Kasich when the BWC's coffers exceeded the numbers necessary to fund future claims.
Depending on the number of employees insured through BWC, those checks could be in the thousands.
According to Buehrer private employers in Athens and surrounding county will see rebates of $17 million, Ross and surrounding counties more than $22 million and Scioto and surrounding counties will see arounf $17 million.
The early Christmas presents for Ohio employers comes from BWC's success in investing and less-than-expected claims' costs.
Buehrer said the expected rate of return of 4 percent really turned out to be more than 11 percent during the last three years.
Those investments resulted in a cash-pool of $8.3 billion, about $2 billion more than the BWC needed to pay its long-term claims.
Bernie Madoff rarely did better.
"It was just some good timing in the market,"Buehrer said.
"We were in the long side of bonds when they performed very well over the last couple years and we've also seen some of our medical costs going down or not growing at the size we would estimate at one time so all those factors have come together to give us the ability to do something significant."
And that "something significant" will mean not only a windfall for businesses but for public employers as well: more than $112 million with much of that money coming to local government, schools and other public employers identified as Public Employer Taxing Districts by the BWC:
Here's a list of County Public Employer Taxing Districts which will receive checks in our area:
- Athens $875,060
- Belmont $640,290
- Cochocton $$375,130
- Gallia $323,650
- Guernsey $336,110
- Hocking $444,060
- Jackson $351,140
- Lawrence $723,760
- Licking $1,547,020
- Logan (tourism) $502,510
- Meigs $271,640
- Morgan $100,870
- Muskingum $713,180
- Noble $89,640
- Perry $349,640
- Ross $744,060
- Scioto $810,320
- Tuscarawas $909,070
- Vinton $183,180
- Washington $571,990
A list of all counties in the state including a break out of those public entities receiving rebates can be found by clicking here.
Buehrer said employers can expect those checks to begin showing up between now and the next two weeks.