ROII's 2023 Refund Distribution
As 2023 re-enrollment notices go out, we find that many companies have questions about the upcoming ROII refund distribution. Here is what ROII will be distributing this Spring:
ROII will be distributing the 1st refund adjustment for the 2021 plan year, which represents the 25% pro-rata share of the refund – the remaining 75% performance share will be distributed in the Spring of 2025. We are also distributing the final performance share of the refund for the 2019 plan year – the pro-rata share was distributed previously in the Spring of 2021. ROII participants enrolled in these plan years who have a loss ratio below 0.792 (developed claim costs divided by standard premium) should have a check. L&I will perform their 2023 adjustment at the end of April, and ROII should have check amounts available in mid-May.
Below is a timeline of the refund distribution starting with the 2019 plan year and running through the 2023 plan year, which begins July 1, 2023.
Refunds based on 25% pro-rata 75% performance:
1st refund-distributes all of the 25% pro-rata share
3rd and final refund-distributes all of the 75% performance
NOTE: NO refund distributed for 2nd adjustment
*To qualify for a refund, companies must have a loss ratio (Developed Losses divided by Standard Premium) below 0.792 for the plan year.
If you have questions about the refunds, you can contact ROII Director, Jenn Kavanaugh.