With the state’s new fiscal year now underway, the Bureau of Workers’ Compensation (BWC) is calling on employers to participate in the final step of the agency’s transition to prospective billing.
The “True-up” window opened July 1 and closes at the close of business Aug. 15. Employers are required to report their actual payroll for the policy year ended June 30, 2016 and reconcile any differences in premium paid.
BWC began its switch to a prospective billing last year and now collects premiums upfront, an insurance industry standard practice.
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 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.
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% rebate up to $2,000.