Prior to each policy year the Ohio Bureau of Workers’ Compensation (BWC) establishes your estimated premium based on the most recent payroll that was reported to BWC. Once the policy year is completed you must complete the true-up report. The true-up is a reconciliation of your BWC estimated payroll versus your actual policy year payroll used to determine the correct amount of chargeable premium. If your actual payroll exceeds BWC estimates you will owe BWC additional premium based on your higher payroll and if your actual payroll is lower than BWC estimates you will receive a premium credit.
The 2017 rate year ended June 30 and the 2017 policy year true-up (July 1,2017 through June 30, 2018) must be completed by August 15!
The true-up is mandatory and is required of all employers even if you have zero payroll.
The true-up report must be completed online and can be accessed through the BWC webpage through this link: Payroll true-up report
Failure to true-up is costly. BWC can lapse your coverage and/or disqualify your company from any alternative rating programs including group rating.
It is very important to understand that BWC considers the true-up completed when your payroll is reported and any outstanding premium balances are paid.