An important reminder to private employers: Don’t forget to “true-up” by Aug. 15.
“True-up” means to report your actual payroll for the policy year that just ended on June 30 and reconcile any difference in premium paid.
This important action allows BWC to calculate your premium accurately. Even if your payroll for the year matches the estimate it provided, or you had zero payroll, you must complete a true-up report. 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 and any additional premium owed by the due date.
The quickest and easiest way to true-up is online with a BWC e-account. Online true-up and payment also qualifies eligible employers for a 1% premium rebate, up to a $2,000 maximum.