Group retro is a relatively new incentive program designed to help Ohio employers keep their workplace safe. In 2009, the Ohio BWC createdgroup retro, and since then it has worked exceptionally well for employers who either do not have a group rating option or that have the opportunity to get more premium back from this program. However, there have been some changes made to the rules and regulations that structure the group retro rating that can affect Ohio employers. Understanding Group Retro The first this that you, as an Ohio employer, need to understand is what the percentages of refunds are in the group retro program. In the graph, you can see the blue columns represent the standard refund. The standard refund is based on your premium minus the BWC admin fee. If your company pays $100,000 in premium, the BWC admin fee is roughly $15,000, so that is an $85,000 refund. The yellow columns represent the premium that is actually paid. This is a more accurate representation of the
Spooner Inc., has partnered with Virteom to engage our customers and users about our services. Giving you the behind the scenes of how we help business owners and employers. In our video series, Jacqui and Joe talk about what Spooner Inc., does and how it all works! This video is about all of the changes the Ohio Bureau of Workers Compensation has coming in 2019. Watch or read the transcription below! We work a lot with the Ohio Bureau of Workers Compensation and in 2019, there are some changes that may affect employers and your clients. Whats the Deal with Billion Back? A lot of employers have seen the billion back refunds that have gone out four of the last seven years now. I think, in an attempt to battle that discussion of why are you able to give a billion back, the bureau is starting to give some discounts upfront to employers. They wanted to help out employers specifically that arent getting group rating, an up front discount for safe drivers, was discussed in our previous video.
Spooner Inc., has partnered with Virteom to engage our customers and users about our services and the technology behind the scenes. In our video series, Jacqui and Joe talk about what Spooner Inc., does and how it all works! This video is all about our program placement and getting the best placement for customers. Watch or read the transcription below! What is Spooners Program Placement? Everything has to start with an AC3 form which is a temporary authorization, it allows us to give a company quote. Theres no obligation or cost to it, but once we have that were able to take a screenshot of a companys history and then see whats a good fit for them. There are two main programs that exist. The first is our group rating, this is an upfront discount. Its like youre safe drivers discount. Essentially, if you have not received any speeding tickets in a while, well give you a little bit of a cheaper rate. What is the Group Retrospective Program? Group retro is when youve had a couple of