Businesses and local governments paying into the Ohio Bureau of Workers’ Compensation should be receiving a check from Columbus.
BWC Administrator Steve Buehrer handed Youngstown Mayor Chuck Sammarone a rebate check of $590,000 on Monday. The money is part of the agency’s effort to give businesses and local governments close to $1 billion, based on annual premiums.
Buehrer said BWC invests premiums to make sure there’s enough money on hand to cover all of its liabilities, and the funds have doubled their return.
“We assume that we’re gonna get about four percent return. Well, over the last three years, on an annual basis, we’ve returned about 11.4 percent,” said Buehrer. “That’s created a surplus in our net assets, and we thought that money ought to go back to those who had paid.”
The agency is currently sitting on a reserve of close to $8 billion.
Sammarone said he plans to use the city’s check to help pay for demolition and other neighborhood programs.
In addition to rebate checks, the surplus money will be also be used to pay for grants to help businesses and local governments increase safety in the workplace, which will reduce the amount of premiums.