The last step in the Bureau of Workers’ Compensation transition to prospective billing of premium is the payroll true-up coming in July.
True-up is a new process that requires employers to report their actual payroll for the previous policy year and reconcile any differences in premium paid. This is an important step that is necessary for BWC to accurately calculate your premium. It’s also critical to maintaining your policy and your participation in your current rating plan or discount programs.
BWC will remove employers from their current rating plan or discount program if it does not receive a payroll true-up by the due date. 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.
Employers must complete the true-up report even if their payroll for the year matches the estimate received from BWC.
Your policy year 2015 payroll true-up notice will be sent July 1 and your report will be due by August 15. Reports must be submitted online or by phone at 1-800-644-6292.
The BWC encourages you to create an e-account that allows you to manage your policy, pay bills and complete the payroll true-up. Learn how to create an e-account here.