Our friends at CareWorksComp have some important information for COHHIO members enrolled in our Worker’s Compensation Group Rating Program:
UPDATE! The payroll True-up period for private employers begins July 1, 2017. Payroll true-up reports are due to BWC no later than Aug. 15, 2017.
At the end of each private employer policy period (July), it is necessary to reconcile estimated payroll with actual payroll. This is called the True-up. This report can be completed online at: http://ow.ly/4mWUlm or over the phone by calling 1-800-644-6292.
This payroll True-up process is part of prospective billing, and as a result, Ohio businesses are required to reconcile their actual payroll annually for the prior policy year and also reconcile any differences in premium paid. According to BWC, the True-up allows more accurate premium calculation. Even if actual payroll for the year matches the original BWC estimate or a business had zero payroll, the True-up report must be completed.
The quickest and easiest way to True-up is online with a BWC e-account. If you do not have a BWC e-account you can create one by signing on to: https://www.bwc.ohio.gov/SelfSvcAccountAdmin/newacc.asp.
You can also complete the True-up through the BWC call center. However wait times may be extremely high, as a result BWC encourages the use of their online reporting system.
Again, August 15, 2017 is the due date for your True-up report to be completed with BWC. This is a critical deadline, as the BWC has indicated that if a business does not complete the True-up timely, they may not be eligible for current, and future alternative rating and premium discount programs such as Group Rating and Group Retrospective Rating. Once more, reports must be submitted either online at (http://ow.ly/4mWUlm) or by phone at 800.644.6292.
Below are a couple of youtube video links that you may find helpful in the process: