On the heels of the Ohio Bureau of Workers’ Compensation’s (BWC) Actuarial Committee proposal to reduce private employers’ premium base rate by 2.1 percent, Ohio Gov. John Kasich announced his plan to return approximately $1 billion in workers’ compensation premiums to Ohio public and private employers. On May 2, 2013, Gov. Kasich proposed that the BWC pay rebates from its net assets, which currently exceed $8 billion thanks to strong investment gains over the past several years. The Governor called the plan “one of the most significant economic stimulus measures we have seen.” However, employers should not spend these anticipated rebates yet because the BWC Board of Directors still has to approve the plan.

For more about Gov. Kasich’s announcement, see the press release or articles in The Columbus Dispatch and Cleveland Plain Dealer.