For immediate release: July 11, 2016
BWC to Ohio employers: Time to 'true-up'
COLUMBUS - With the state's new fiscal year now underway, the Bureau of Workers' Compensation is calling on its private employer members to participate
in the final step of the agency's transition to prospective billing.
The "True-up" window opened July 1 and closes at the end of business Aug. 15. A critical step in BWC's new prospective billing of premiums, employers
are required to report their actual payroll for the policy year ended June 30, 2016 and reconcile any differences in premium paid.
"This step is an important part of BWC's ongoing efforts to modernize operations and provide better service to Ohio's employers," said BWC
Administrator/CEO Sarah Morrison. "It's also necessary for BWC to accurately calculate an employer's premium and for employers to maintain their
participation in current rating plan or discount programs."
BWC began its switch to a prospective billing last year and now collects premiums upfront, an insurance industry standard practice. The new system
has allowed BWC to reduce base rates and offer employers more flexible payment options while allowing employers to better forecast their workers'
BWC will remove employers from their current rating plan or discount program if it does not receive a payroll true-up by the due date. Any outstanding
payroll true-ups will render the employer ineligible for participation in future rating plans or discount programs until all outstanding payroll true-ups
are complete. Employers must complete the true-up report even if their payroll for the year matches the estimate received from BWC.
BWC has issued several notices this year reminding employers of this important action, which can be completed online. 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.
Learn how to create an e-account here. For true-up instructions,
please visit .this link. The payroll true-up may also be completed through the
call center at 1-800-644-6292.
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