BWC Approves $1.6 Billion Dividend
During an emergency meeting this morning, the BWC’s Board of Directors approved a $1.6B dividend that will be issued to state fund employers. This is great news for all employers during our current environment. Details on this dividend are below.
The dividend will amount to 100% of billed premiums paid for the July 1, 2018 through June 30, 2019 policy period. That amount will then be reduced by lapse-free, go green and any other discounts already provided to employers for that policy year.
The dividend will also be reduced by any outstanding balance, premium or otherwise, currently posted on a policy. This will apply to any premiums due for employers who took advantage of the premium deferment option last month and who planned to take advantage of that option this month.
Eligible employers include private and public state fund entities who are in active status of April 4, 2020. Any employers currently in a lapsed status will also receive this dividend, provided the lapse occurred as of January 1, 2020 or later.
The BWC plans to begin printing and mailing all checks within the next two weeks and they hope to have all checks in the mail by the end of April.
As always, if you have specific questions regarding how this will impact your policy, feel free to contact me at 216-643-4532.
by: Lauri Cochra