There are a few important updates Spooner Inc. wanted everyone to be aware of as we move into the 2016 premium policy year and get ready for the first True-Up reporting.
The Ohio Bureau of Workers' Compensation (BWC) will mail out your estimated premium for the 2016 policy year on May 1st. They have updated their website to reflect these numbers and you are now able to review the information. Please keep a copy of this letter with due dates. There were many issues with the installment schedules last policy year as the BWC sent invoices that did not reflect the actual due dates.
If you would like to change the frequency of your premium installments, please contact the BWC no later than May 16th. Under the employer tab on the website of the BWC, there is a listing for Premium Installment Schedule. There, and you can change your schedule of installments. You can change the frequency to annual, semiannual, quarterly, bimonthly, or monthly. The first installment for the 2016 policy year will be due July 1, 2016.
While you are looking at the frequency of installments, please remember the payroll used in this calculation is from the 2014 policy year (July 1, 2014 to June 30, 2015). We do recommend running a parallel accrual system to be ready for any surprises that could happen with the August 2017 True-up report.
The BWC will mail an invoice for the 2016 policy year (July 1, 2016 to June 30, 2016). The invoice will reflect the frequency of installments selected by May 16th.
The invoice mailed June 1st is due.
The first prospective billing True-Up report is due by August 15, 2016. The BWC is requiring all private employers to report payroll for the period of July 1, 2015 to June 30, 2016 by this date. If the payroll has increased since the 2013 policy year (July 1, 2013 to June 30, 2014), you will have an installment due. We have just received notice that the BWC will allow employers to mail in this payment. When you complete the report on the BWC website, you will have the ability to print a voucher to mail in with a check. If you experienced a decrease in payroll from the 2013 policy year, you will receive a premium credit toward future installment payments.
If you have any questions related to prospective billing and the True-Up report, please contact your client service representative or Jennifer Kenney at (440) 249-5208 or email@example.com.