An important deadline is on the way for private businesses, and if missed, it could result in the loss of major savings on workers’ compensation premiums.
The Ohio Bureau of Workers’ Compensation (BWC) requires that employers reconcile their actual payroll following each policy year.
The BWC establishes each employers’ estimated annual premium (EAP) based on the most recent payroll, which businesses reported to the BWC, or for a new employer, based on the 12-month payroll estimate provided.
At the end of the policy year, the BWC must “True-Up” the payroll report to ensure the estimated premium was used for the previous policy year. Therefore, each employer must file a true-up report that reflects the actual payroll for the policy year. This report must be completed online and can be accessed (along with additional information and instructions) here.
If your actual (true-up) payroll exceeded the estimated payroll, then you will owe the BWC additional premium dollars. If your actual (true-up) payroll is less than your estimated payroll, you will receive a premium credit.
Don’t miss this date! Employers who do not complete the True-Up process on time will be disqualified from all BWC discount and rating programs for the coming year.
Want to know more about joining a discount/rating program? Open enrollment is underway through July 31, 2018 for the Dayton/Miami Valley Safety Council, which provides safety training and best practice insight, as well as an opportunity to save up to 4% back on your workers’ compensation premiums.
To learn more about your workers’ compensation options, contact trusted chamber partner CareWorks Comp.