TRUE-UP TIPS FOR OHIO BWC

Every Ohio employer with Ohio coverage must “True-up” between July 1 and August 15, 2017. The premium you have paid was based on estimated payroll and now you must report your actual payroll from July 1, 2016 and June 30, 2017.

REQUIRED ELEMENTS

Total payroll for each manual classification between July 1, 2016 and June 30, 2017.

Total number of employees (not full time equivalents) in each manual classification between July 1, 2016 and June 30, 2017.

Sole proprietors and/or partners who have elected coverage must report actual remuneration but at least a minimum of $23,036 up to the maximum of $69,056.

Officers of a corporation must also report remuneration between $23,064 and $69,056.

HERE’S HOW

Go to the BWC website and from the Home page select Payroll True-up or Payroll True-up Reports. Enter your User ID and Password. Select the policy period, which should be 7/1/16-7/1/17. (If there is more than one policy period, contact your TPA or your Employer Services Specialist at your local service office for assistance.) Enter the number of employees and total payroll for each manual classification.

Your actual premium will be calculated, and you will be see whether you get a refund or owe more. You can pay the amount due immediately or by August 15.

Print the page with your payroll & premium calculation, and the confirmation page. Sometimes the BWC changes data on its website so you might need to have documentation of your True-up.

POSSIBLE CONSEQUENCE

The BWC may recalculate your current installment payments if your True-up payroll is significantly different from this year’s estimated payroll. The BWC wants to minimize you getting a big refund or owing a big “balloon payment” at the end of the current policy year.

If you don’t True-up by August 15, you could lose eligibility for discount programs for last year and this year, which means the True-up based premium you owe will increase and your current installments will increase.

 

Posted in BWC, corporate officers, discounts, partner, premiums, sole proprietor, TPA.