News and Updates
Category: Manual Codes
Preparing for BWC True Up
The end of the Ohio BWC policy year will be ending on June 30th, which means it’s time to start thinking about your payroll True Up. Whether you’re an employer who reported late, not at all, or were unable to pay a resulting balance – you’re one of thousands who may have been removed from Group Rating, Group Retro or several other programs as a result. BWC takes timely reporting and balance payment very seriously, so it’s important that Ohio employers do as well! Most employers are familiar with the process and requirements by now, but here’s a recap for new policyholders and the uninitiated: BWC’s policy year runs July 1 through June 30. Ohio BWC uses payroll from two years prior to determine your premiums. If you’re a new policyholder, the payroll projection made on your application is used to calculate premiums. When the policy year ends, policyholders have from July 1 until August 15 to report their actual payroll from the past policy year Actual payroll is compared to projections that your premiums were based on, and there are three potential outcomes: break even, the employer owes BWC or BWC owes the employer. Any balance owed by the employer must be paid at the time of reporting to be considered current and in good standing. There are currently no options for payment plans outside of the balance being turned over to the Ohio Attorney General’s office. BWC’s billing hierarchy d
