The BWC Board of Directors convened on Friday June 15, 2012 to unanimously approve the proposed “no change” to the Private Employer Base Rates and Expected Loss Rates recommended by BWC’s Actuarial Division. Although the overall collectible rate was approved for no change, an individual manual classification is calculated by its sole loss and payroll history. This may result in manual classifications having a rate increase, rate decrease or stay the same. Furthermore, an individual employers Experience Modification Rate calculation process will impact their classification rates as well.
BWC’s Actuarial Division has projected that the Bureau of Workers’ Compensation collects $1.7 Billion in annual premiums. Private employers make up $1.3 Billion of that projected annual premium.