EMPLOYERS WILL RECEIVE 20 PERCENT DISCOUNT ON WORKERS' COMP PREMIUMS IN 2004

OABA Group Rating Plan still saves big $$$!

The Ohio Bureau of Workers' Compensation (BWC) has announced employers will receive a one-time 20 percent discount on their premium bills in July/August 2004. The discount is a result of a surplus from the BWC investments. This credit is expected to save Ohio employers more than $170 million. It should be noted, the BWC also announced private employer premiums will be raised an average of two percent.

Even with the 20 percent discount, employers should still enroll in a group rating plan. The group rating discount reduces an employer's premium before the 20 percent dividend credit is applied, creating additional savings. Moreover, there is no guarantee that the BWC will give employers another dividend after July/August 2004 premiums. The BWC will determine in November 2004 if employers will receive a discount on the premium bills that they will receive in January 2005.

If you are not currently a member of the Ohio AgriBusiness Association Workers' Compensation Group Rating Program, you should complete a group rating application when you receive it sometime in mid to late summer and return it to GatesMcDonald, the OABA group rating program administrator. Watch for it.