Serious financial consequences can impact the employer that misses the True-Up payroll report deadline for the Ohio Bureau of Workers Compensation (BWC). That annual deadline passed on August 15th. If your firm missed the deadline for whatever reason, Surety HR, the professional employer organization, can help mitigate the consequences to save you time and money.
The True-Up Premium
In Ohio, the Bureau of Workers’ Compensation establishes employer premiums for the worker’s compensation program based on payroll, setting an estimated annual premium (EAP) calculated for the time period between July 1 to June 30th of the following year.
Many employers find this estimate can vary wildly from the actual amount owed because it is based on an estimated payroll from the previous year. Particularly within the past 18 months, employers know their employment figures have been anything but stable or predictable. These fluctuating numbers make it all too easy to either over- or under estimate the amount owed to the BWC. Worse yet, for some companies, this True-Up deadline slips past unnoticed, for any number of reasons.
The Ohio BWC will remove an employer from a discount program if they do not file properly and in time to meet the August 15 deadline for true up payments. In addition, companies are also ineligible to reapply for a discount for the following policy year. The expense can easily mount up to tens of thousands of dollars.
Through our self-insured PEO, the need to complete the BWC true up is eliminated, so there are no surprises—no over or under payments. We help companies lower their workers’ comp premiums, increase cash flow and eliminate the Ohio BWC red tape that can entangle the best of companies. We relieve the financial burden and take on an arduous task that frees up your financial team to focus on day-to-day business operations.
Why Choose Surety HR?
Many PEO companies don’t allow clients any flexibility in their service offerings. Most have all-or-nothing packages for workers compensation plus 401K contributions, healthcare and more, bundled into a single program. Surety HR uniquely offers its expertise handling only those issues our clients require, for a tailored approach that gets results. Need help with navigating the maze of true-up payments? We can handle that and that alone.
Whether you’re a controller, payroll coordinator, company treasurer or accountant, we can discuss your payroll situation and your relationship with the Ohio BWC.