Ohio BWC Reminds True-Up Reporting Deadline is Aug. 15
At the end of a policy year, employers are required to true-up, meaning they report actual payroll for the policy year that ended June 30 and reconcile any difference in premium paid.
Private employers in Ohio have until Aug. 15 to complete their "true-up" reports, an important action that is necessary for the Ohio Bureau of Workers' Compensation to accurately calculate premiums. Before each policy year (July 1 to June 30), employers' payroll amount, the basis for their premium, is estimated based on historical data. At the end of that policy year, employers are required to true-up, meaning they report actual payroll for the policy year that ended June 30 and reconcile any difference in premium paid.
"At the end of each policy year, BWC must confirm the premium we set is correct so we ask employers to complete a true-up report," said BWC Chief Financial Officer Barbara Ingram. "It's a simple online process but extremely important to accurately calculate premium and for employers to maintain participation in current money-saving rating plan and discount programs."
She reminded employers the true-up report must be completed even if an employer had zero payroll or its payroll for the year matches the estimate BWC provided. BWC will remove employers from their current rating and discount programs if it does not receive a payroll true-up and any additional premium owed by the deadline.
BWC's YouTube channel features videos that walk employers through creating an e-account and completing payroll true-up.
Public employer taxing districts complete true-up every February.