Columbus, OH (CompNewsNetwork) - The Ohio Bureau of Workers’ Compensation (BWC) has presented a proposal to the BWC Board of Directors’ Actuarial Committee to further lower workers’ compensation premiums by 5.5 percent for Ohio’s 3,800 Public Employer Taxing Districts (PECs). The proposed reduction in base rates would take effect January 1, 2011, and if approved, would mean a 32.6-percent total reduction in base rates for PECs over the past three years.
BWC’s recommendation follows a 24.6-percent base rate decrease during the current calendar year, and a five-percent decrease in 2009. The rate reduction has been proposed by BWC actuaries and representatives of Deloitte Consulting LLP. Lowering the PEC rate is possible due to BWC’s now steady financial strength and the declining frequency of workplace injuries/claims … read more