We’ve had some confusion lately on the workers compensation refunds and we’d like you to know that refunds are still available! Since we posted a similar headline last year, the Ohio BWC has refunded numerous employers varying amounts of money. Well I’m here to tell you that may not be all that you are due! The Ohio BWC just lost the appeal on a class action lawsuit that would result in just under a billion dollars being refunded to Ohio employers. This is the second time they have been on the losing end of a judgment in this case. They are now looking to appeal for a second time to the Ohio Supreme Court. Whether or not they prevail in this matter will remain to be seen but right now Ohio employers need to position themselves to collect on the money that is due to them when it is available.
What does this mean for you?
If you already received a refund, can you get another one? YES!! The refund last year was a rebate of 56% of the premium paid for policy year June 30, 2012. This refund will be for the 8 year period beginning in 2001 and ending in 2008. These refunds are completely separate and are not mutually exclusive. You do not have to currently be in business to receive this refund; however, it is not available to employers covered by group plans (this is because the groups already received hugely discounted rates) just individual policy holders.
What to do now?
William Vaughan Company expects that several of our clients will be impacted by this ruling. The refunds are expected to range from as little as a $5 to as much as $1 million with several thousand businesses expected to receive over $12,000.
If you feel like you are entitled to a refund, are unsure as to your status, or would just like more information please contact us as soon as possible.
We will need your:
• Company Name
• E-mail Address
• Phone Number
• BWC Policy Number
These refunds will not be immediately available. The outcome for Ohio employers appears to be favorable as we have now won this case twice in court; however, everything could change with the ruling of the Supreme Court. As you know court cases take time and we have been watching this case for over a year now. Our goal is to get a running list of all of our clients that are due refunds so that we can act on their behalf the moment that the refunds are released. If you gave us your information last year and we told you that you were due a refund, we still have your information.
By: Courtney Elgin, CPA