State officials are remind business owners that the Ohio Bureau of Workers Compensation is sending refunds for payments made to the agency.
Checks are in the mail to thousands of business owners around the state as the Ohio Bureau of Workers’ Compensation begins sending rebates.
Hilscher-Clarke Electric, based in Canton, had its check personally delivered Monday morning by Steve Buehrer, the administrator and chief executive for the agency.
Buehrer will be touring the state over the coming week to remind businesses about the program. After stopping at Hilscher-Clarke, Buehrer planned to visit companies in Youngstown and Cleveland today for similar presentations.
More than $31.7 million will be returned to Stark County companies and government agencies that pay into the workers’ compensation program. The agency promises to rebate $1 billion statewide.
The rebates come because of the bureau’s strong performance investing money paid to the program. Assets have topped $8 billion, which is more than the agency’s guidelines for holdings. The BWC board decided to return the extra money to employers.
The state started mailing checks to employers today, and all of the checks should be mailed by July 12, Buehrer said. He noted that when a similar rebate was paid during the 1990s, some business owners apparently misunderstood why they received the checks and never cashed them.
Ron Becker, chairman and chief executive officer at Hilscher-Clarke, said company intends to reinvest its rebate into the business.