Columbus, OH – Ohio private employers have until Aug. 15 to complete an important action that is necessary for the Ohio Bureau of Workers’ Compensation (BWC) to accurately calculate premiums.
Prior to each policy year (July 1- June 30), employers’ payroll amount, the basis for their premium, is estimated based on historical data. At the end of that policy year, employers are required to true-up, meaning they report actual payroll for the policy year that ended June 30 and reconcile any difference in premium paid.
“At the end of each policy year, BWC must confirm the premium we set is correct so we ask employers to complete a true-up report,” said BWC Chief Financial Officer Barbara Ingram. “It’s a simple online process but extremely important to accurately calculate premium and for employers to maintain participation in current money-saving rating plan and discount programs.”
Ingram reminded employers the true-up report must be completed even if an employer had zero payroll, or their payroll for the year matches the estimate BWC provided.
BWC will remove employers from their current rating and discount programs if it does not receive a payroll true-up and any additional premium owed by the deadline.
The quickest and easiest way to true-up is online with a BWC e-account. Online true-up and payment also qualifies eligible employers for a 1-percent premium rebate, up to a $2,000 maximum.
Public employer taxing districts complete true-up every February.
Source: Ohio BWC