Today, Governor Kasich announced his endorsement for three specific actions BWC Administrator/CEO Buehrer proposed to begin managing the portion of the net assets that exceeds the board-approved ratios.
The proposal includes:
- BWC Board of Directors authorizing a one-time dividend of $1 billion for private employers and public-taxing districts.
- Expanding BWC’s Safety grant Program from $5 million to $15 million per fiscal year.
- Request that Legislature “modernize the premium collection model” by authorizing BWC to move toward a prospective-payment system and request the board to issue an additional $900 million to mitigate transition costs. Resulting in rate reductions of 2 percent for private employers and 4 percent for public employers.
Sheakley will continue to keep you posted on the results of this proposal and further action that takes place once the BWC Board of Directors makes their vote.