Governor John Kasich, Bureau of Workers' Compensation Administrator Steve Buehrer, Ohio Senate President Keith Faber, and Ohio business leaders announce new workers' compensation policies. From Homage clothing store in Columbus, 5/2/13.
Jim Smith, President of Elford Construction
Ryan Vesler, Founder of Homage
Details of the proposal include:
·$1 billion in rebates to approximately 210,000 private and public sector employers.
·Tripling Ohio's Safety and Wellness Grant program from $5 million to $15 million.
·Lowering rates 2 percent for private employers and 4 percent for public employers by modernizing BWC's payment system. Customers would pay in advance of their coverage periods instead of after them, as they do now.
All three elements of the proposal would be funded from BWC's net assets, which have grown to $8.3 billion and are far in excess of the target funding ratio of assets to liabilities established by the BWC board in 2008.