Beginning last summer, the Ohio Bureau of Workers’ Compensation (BWC) changed to prospective billing– the practice of charging premiums in advance of extending coverage, similar to the standard insurance industry. Part of this transition process is the payroll true-up, where employers will report their actual payroll for the previous year and reconcile any differences in the premium paid. This report must be filed by the due date to maintain the company’s coverage and your participation in your current rating plan or discount programs.
The payroll true-up notices will be sent by the BWC on July 1 and will be due by August 15. Reports must be submitted online at bwc.ohio.gov or by phone at 1-800-644-6292. The Bureau of Workers’ Compensation is cautioning employers that heavy call volumes are likely during the final weeks before the August 15th due date and encouraging companies to file through their e-account. A BWC e-account can be created through the Bureau’s website, if a company has not signed up previously. If you have an e-account but do not remember your password, call the BWC call center for assistance (but do so before they get too busy toward the filing deadline).
An added benefit to the online true-up and payment is eligible employers will qualify for a 1-percent premium rebate, up to a $2,000 maximum rebate.
If you have any questions or need assistance, please give Payne Nickles a call.
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