June 07, 2016
June — Paying for 2016/17 workers’ comp coverage
In May, the Bureau of Workers’ Compensation (BWC) sent out notices to private employers with their installment schedule and a breakdown of their total estimated premium due by manual class. It also included a certificate that is valid only if premium and assessments, including installments are paid by the applicable due date. In the beginning of June, BWC will mail the first installment invoice for the 2016/2017 rate year. To maintain active coverage, you must pay this first installment by June 30.
July & August — True-up for 2015/16 workers’ comp coverage
With the move to prospective billing, payroll reports as you have known them in the past are going away. Instead each year in July (starting this year) you will complete a payroll true-up report to reconcile your estimated payroll with your actual payroll. At the end of the policy period – each July – you will be asked to reconcile your estimated payroll with your actual payroll. The BWC is calling this the payroll true-up. You can complete this either online at www.bwc.ohio.gov or over the phone by calling 1-800-644-6292. This payroll reconciliation may result in either an additional premium billing or a premium credit. Any additional premium billed is due at the time you complete the payroll true-up.
A few things to remember with the payroll true-up:
- You must file a payroll true-up report even if you have no payroll for the reporting period. You can simply enter zeros in the payroll fields of the report.
- It is critical to file the payroll true-up with the BWC by August 15, 2016. The Bureau of Workers’ Compensation (BWC) has stated that if you don’t file your true-up on time you may be ineligible for your current program, future programs, and it may also impact any refund from prior year program participation.
- More information about your payroll reports can be found at the BWC website
Now! Opportunity to join group savings programs.
June is typically then month when employers start receiving notices from their TPA to renew their service. It’s also when quotes start becoming available for group rating and group retrospective rating programs.
ChamberComp, administrated by Sheakley, offers both Group Experience Rating and Group Retrospective Rating. Combined these programs are saving Chamber members over $36.1 million off their Ohio BWC Workers’ Comp Premiums.
Sheakley, has been helping employers improve workplace safety and reduce their workers’ comp and unemployment costs for more than 50 years. A strong focus on client service and strategic claims management, paired with solid underwriting, has provided Chamber members tremendous savings opportunities year after year through a variety of cost saving programs.
Be part of the largest group rating program in southwest Ohio. Request your savings analysis. It’s free, and there is no obligation to join, so it’s simply smart business to compare.