With the implementation of prospective billing by the Bureau of Workers’ Compensation (BWC), Ohio employers face a new process this year — the payroll true-up. Many payroll companies provide some sort of pay-as-you-go workers’ comp service. However, Sheakley has developed a new payroll service specifically for Ohio employers designed around the prospective billing process that not only includes premium calculation on a per pay basis, but also assists with the new true-up process.
The payroll true-up is a process in which you report your actual payroll for the previous policy year so BWC can reconcile any differences in premium paid. This is an important step to ensure your premium is calculated correctly. It’s also critically important to maintaining your policy and your participation in current rating plans or discount programs. BWC will not only remove employers from their current rating plan or discount program if a payroll true-up is not provided by the due date, but any outstanding payroll true-ups will render the employer ineligible for participation in future rating plans or discount programs until the all outstanding payroll true-ups are complete.
Sheakley is dedicated to continuously recognizing clients’ challenges and evolving to provide solutions. We are proud to now offer payroll service package options of either full service payment and true-up filing program or a less comprehensive program focused just on meeting the true-up process requirements.
Please note you must complete the true-up report even if your payroll for the year matches the estimate you receive from BWC. BWC will send out notification July 1 and the true-up will be due August 15.
Ohio employers can click here to request more information about the payroll true-up service, or click here to request a free workers’ comp and safety savings analysis. With options beyond just the standard Third Party Administrative (TPA) services, Sheakley has more ways to help your business than any other TPA.