As the Bureau of Workers’ Compensation (BWC) completes its transition to prospective billing of premium, here are some key dates and milestones to mark on your calendar:
May 1 – Policy year 2016 notice of estimated annual premium mailed
May 31 – Destination: Excellence enrollment deadline for July 1, 2016, program year
June 1 – Policy year 2016 premium invoice mailed
July 1 – Policy year 2016 first installment due
July 1 – Policy year 2015 payroll true-up notice sent
Aug. 15 – Policy year 2015 payroll true-up report due
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. You must complete the true-up report even if your payroll for the year matches the estimate you receive from BWC.