Time to Be True to Actual Payroll, Bureau Reminds Employers

Thursday, July 19, 2018 | 0

It's almost time to "true up," the Ohio Bureau of Workers' Compensation reminded employers this week.

Prior to each policy year, Ohio employers estimate their projected payroll, which allows the bureau to set premiums.

At the end of the policy year, employers must true up and report the actual payroll for the policy year that ended June 30, and reconcile any difference in premium paid, the bureau said in a bulletin.

The deadline is Aug. 15.

“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.”

Companies must complete the process even if they had zero payroll, or if their payroll for the year matches the estimate BWC provided, Ingram said. 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 way to true up is online with a BWC e-account, she said. Online true up and payment also qualifies eligible employers for a 1% premium rebate, up to a $2,000 maximum.

The bureau's YouTube channel features videos that walk employers through creating an e-account and completing payroll true up. Instructions are also available here.