Ohio wants to expand $5B dividend for businesses
The state fund for injured workers is being asked to expand last year’s $5 billion dividend to include about 3,000 employers that did not meet original eligibility requirements.
The expansion, requested by Gov. Mike Dewine, would allow for about $30 million to go to the previously ineligible employers.
The Ohio Bureau of Workers’ Compensation says it will consider Dewine’s request.
The employers were ineligible for no fault of their own. They could not perform a payroll reporting reconciliation in the time frame to get the dividend, according to the bureau.
“Expanding eligibility to these 3,000 employers is the right thing to do to help keep our economy strong, keep businesses open, and keep Ohioans employed,” Dewine said in a statement.
Assuming that the bureau’s board approves, the money could be distributed to the approximately 3,000 employers this fall.
The bureau will communicate directly with eligible employers about the dividend. The bureau will first apply the dividend to any unpaid premium balance, then send a check for the rest.
Employers that receive this dividend also may get a 1099 tax form in January.
The $5 billion dividend was meant to help employers that have been hurt by the pandemic.
The payment would be the latest in a string of worker’s compensation rate cuts and dividends that the bureau has awarded to businesses in the last several years. The bureau has credited lower injury rates, lowerthan-expected medical inflation and sound investment policies for its ability to return money to employers. mawilliams@dispatch.com @Bizmarkwilliams