Ohio BWC Premium Refunds Possible
The Ohio BWC premium refunds were issued this week to 24,140 overcharged employers across the state. The Ohio BWC originally had an almost $1 billion ruling to pay for premium overcharges.
There are many articles on the situation in this blog.
The Ohio BWC is one of the few remaining monopolistic funds in the US. The BWC has not been administered without having a few problems along the way including investing in gold coins.
The original case was appealed and the amount owed was lessened significantly by the courts. The case was finally settled this week for $425 million which is less than one half of the original ruling.
Two interesting side notes were that
- If you read the article title and then read the preceding paragraph, the state retained $160 million for the Ohio State Insurance Fund.
- A comment was made in the original AP report that many companies did not know they were covered by the class action and did not pursue the matter as a party to the lawsuit.
StockUnlimited
Our company had actually offered our services to Ohio employers to assess whether they were not involved in the matter. The state of Ohio even budgeted out and spent $$ on an advertising campaign to let employers know there were possibly refunds available.
We were offering our services for a minimal charge to Ohio employers. However, we found it to be a wasted effort as the response was very small to say the least.
It is beyond my comprehension why more companies did not pursue receiving a premium refund. The worst that could have happened was to be told No after filing the proper paperwork.
There is no sure number on how many of the smaller employers would have received a premium refund. The closest reference found was “a large number.”
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