Blog
BWC’s Current Net Position
One of the questions we’ve heard often from employers lately is, “Will BWC be issuing another dividend this year?” We typically don't have advance notice of the decision to release dividends, but we can help you understand the conditions that must be met in order for it to be considered. For dividend distributions to take place, Ohio BWC must meet and exceed their funding ratio guideline of 1.30 to 1.50. This means their assets must surpass their liabilities by 30-50%. With BWC assets totaling $25B and liabilities at $15.4B, this put them in a net position of $9.6 billion (as of their November financials).
Using their Board of Directors guidance of a simple funding ratio between 1.30 - 1.50, the BWC should have a net position in the range of $4.6B - $7.7B. What this means is that they’re currently overfunded by $1.9B-$5B. In comparison to the November 2020 net position of $7.2B, they’ve experienced a gain of $2.4B in the last 12 months. So, does that mean they have to issue dividends to employers? It’s simply a matter of discretion. Just because their guidelines state that they can (and in our opinion, should) issue dividends with that level of overfunding, they can simply choose not to.
If you’re tired of letting BWC hold onto your money and use arbitrary logic to when they do or do not return excess premiums, reach out to Brian Davis at 440-249-5260 | Ext:107 to learn about coverage options outside of BWC’s state fund.
2025 MCO Open Enrollment is Approaching!
Posted By Brandy King
April 23, 2025
Category: Mco, Ohio Bwc, Mco Open Enrollment, Managed Care Organization, 2025 Open Enrollment
MCO Open Enrollment will take place Monday, April 28 Friday, May 23, 2025. The opportunity for employers to choose their managed care organization (MCO) for Ohio Workers’ Comp comes only every two years, so employers will not have the opportunity again until 2027. Don’t miss out if you want to make a change! We know May is “busy season” for several industries with the weather warming up, but if you’re anything less than pleased with your MCO – it’s worth making time to take a few meetings and consider your options. With all of the mergers and acquisitions in the Ohio MCO marketplace over the last several years, there are now only nine companies to choose from. Since MCOs aren’t paid directly by employers, there are often low expectations set because no “value” is assigned. It’s true that MCOs are paid by Ohio BWC, but they are paid with a portion of employer premium dollars. Mismanaged claims can also cost you in the long run when those costs enter the experience and impact your premiums. If you want to stay with your current MCO, there is nothing you need to do. We suggest being very cautious of what you sign or agree to during this time period, as some sales tactics can be misleading. You can view BWC’s 2025 MCO Report Card here, and learn more about how to interpret the results
Important BWC Dates to Remember
Posted By Brandy King
February 19, 2025
Category: Ohio Bwc, Ohio Safety Congress, Self Insured Assessment, Dfsp, Drug Free Safety Program, Cirp, Claim Impact Reduction, One Claim Program
Employers participating in Ohio BWC’s Drug-Free Safety Program (Basic or Advanced) or a Comparable Program will need to submit their required reports by March 31. The report and instructions for Basic and Advanced participants can be found online here, and the report and instructions for Comparable-Level participants can be found online here. Your report also serves as an application for the next program year. If you have additional questions or concerns about this reporting, or need a resource for training, please reach out to your Client Services Manager at Spooner Inc., or email clientservices@spoonerinc.net. If your policy is enrolled in the Claim Impact Reduction Program (CIRP, formerly known as the One Claim Program), you will need to complete the required training by March 31. A representative from your company must attend a half day class or three hour online class offered by BWC’s Division of Safety & Hygiene. This PDF has additional details about CIRP that first-year participants may find helpful. For self-insured employers, annual self-insured assessments are due February 28th. Ohio Safety Congress registration recently opened as well. This three day educational event is free to attend for employers with an active Ohio BWC policy. The Expo Marketplace will be open Wednesday and Thursday, and we encourage you to come visit us in booth 129! You can register for Ohio Safety Congress
2025 Group Retro Deadline Approaching
Posted By Brandy King
January 15, 2025
Category: General
The clock is ticking on Group Retro enrollment for the 2025 Ohio BWC policy year! The deadline for Group Retro paperwork is January 27, 2025. If you're a Spooner client enrolling in Retro, you should have already received your program renewal from us. If you haven’t, please reach out to your client services manager. If your BWC policy was disqualified for savings programs for 2025 or you don’t have the flexibility of waiting to see savings, we’d also encourage you to explore SuretyHR, our self-insured PEO (professional employer organization). SuretyHR is an alternative to being insured by Ohio BWC for workers’ compensation. By creating a co-employment relationship with other employers, we’re able to place them in our own self-insured workers’ compensation plan. PEO clients also have the added benefit of SuretyHR’s team assisting with safety, HR, FMLA and unemployment claims administration, and quite a bit more. You can request a savings analysis from SuretyHR
Contact
28605 Ranney Parkway
Westlake, Ohio 44145
Phone: 440-249-5260 ext. 153
Hours: 8AM to 5PM
