Cincinnati USA Regional ChamberGrowing the vibrancy and
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October 04, 2016

Help with worker's comp decisions

 Calendar ImageThe final stretch of 2016 is here! The rules and regulations businesses face today are constantly increasing in volume and complexity. Sheakley can help. Sheakley, the Chamber’s workers’ comp group administrator, has been helping employers reduce costs for more than 50 years. A strong focus on client service and strategic program development has provided Chamber members tremendous savings opportunities year after year through a variety of cost saving programs.

Here are a few things to look for and address as the year comes to a close:

  • Group rating program enrollment deadline is Nov. 18th for workers’ comp savings. If you are debating between the group rating and group retrospective rating programs, it’s time to make that decision. While you can still enroll for group retrospective rating until Jan. 30, 2017, once the group rating deadline passes, that program is no longer an option for your business.
  • If you are not a Sheakley client, request your ChamberComp savings analysis to compare us to your current program. It’s free, and there is no obligation to join, so it’s simply smart business to compare. Click here to learn more and request your savings analysis.
  • Unemployment Rate Determinations should be reviewed. As an Ohio employer, you receive a Contribution Rate Determination each November. Don’t just toss this to the side. This is the perfect time to make sure all information is correct and look for opportunities to save.
  • Review employment rules to make sure you’re compliant. Benefits, taxes, and payroll regulations are constantly in flux. For example, overtime classifications and pay levels are changing. Currently, salaried employee making less than $26,660 are eligible for overtime if they work more than 40 hours in a week. Effective Dec. 1, 2016, that amount is being raised to $47,476.
  • Audit your payroll data. Make sure all employees are classified correctly, deductions are accurate, basic information like name and Social Security Numbers are accurate. Finding and fixing any errors now can save time — and even help you avoid fines and penalties — when W-2s are processed in 2017.

Please contact Andy Bello with Sheakley at 513.618.1104 or Andy.bello@sheakley.com to learn more.

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