Lowering Premiums is Our Business


Prospective Billing True-Up Report for Private Employers in the State Fund

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.

MAY 1st
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.

MAY 16th
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.

JUNE 1st
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.

JUNE 30th
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 jkenney@spoonerinc.com

Posted by Admin in General

Most Recent

The Importance of Proper Program Placement – Group Rating Vs. Group Retro Program

By Spooner Inc.
December 14, 2018 Category: Group Retro, Program Placement

Spooner Inc., has partnered with Virteom to engage our customers and users about our services and the technology behind the scenes. In our video series, Jacqui and Joe talk about what Spooner Inc., does and how it all works! This video is all about our program placement and getting the best placement for customers. Watch or read the transcription below! What is Spooners Program Placement? Everything has to start with an AC3 form which is a temporary authorization, it allows us to give a company quote. Theres no obligation to it, but once we have that were able to take a screenshot of a companys history and then see whats a good fit for them. There are two main programs that exist. The first is our group rating, this is an upfront discount. Its like youre safe drivers discount. Essentially, if you have not received any speeding tickets in a while, well give you a little bit of a cheaper rate. What is the Group Retrospective Program? Group retro is when youve had a couple of speeding

What should I expect from a Department of Labor Audit?

By Spooner Inc
August 06, 2018 Category: Department of Labor Audit

This post originally appeared on SuretyHR.com Like most things related to Human Resources, being proactive is always the best policy. Employers know that the U.S Department of Labor (DOL) can perform an audit at any time. Sometimes these audits are triggered by an employee complaint, but they can also occur in targeted low-wage industries such as agriculture, restaurants, garment manufacturing, guard services, day-care centers and hospitality to screen wage and hour violations. It is crucial for employers to understand the audit process so they can be prepared to handle the situation if it occurs. Below is a basic guide to help employers know what to expect in the event they are audited. Will I Have Advance Notice of an Audit? The DOL does not provide advance notice of an audit. If the DOL shows up to do one, employers may ask for time to gather their records. The amount of time granted to do so is at the discretion of the auditor. Can I Find out Why the Business Being Audited? Employers

OSHA Publishes New Final Rule on Injury Tracking and Data Submission

By Admin
October 23, 2016 Category: General

On May 11th, OSHA published a new rule on Injury Tracking and Data Submission, which will require the majority of workplaces to start submitting their injury / illness data to OSHA on an annual basis. This site-specific data will then be published on the OSHA website by location. The following excerpt from the recent press release by OSHA explains the government thought process that went into creating this new rule. Since high injury rates are a sign of poor management, no employer wants to be seen publicly as operating a dangerous workplace, said Assistant Secretary of Labor for Occupational Safety and Health Dr. David Michaels. Our new reporting requirements will nudge employers to prevent worker injuries and illnesses to demonstrate to investors, job seekers, customers and the public that they operate safe and well-managed facilities. Access to injury data will also help OSHA better target our compliance assistance and enforcement resources at establishments where workers are at greatest

© Spooner Inc.
Powered by Virteom