Each year, the Ohio Bureau of Workers’ Compensation (BWC) requires employers to complete a process known as the true-up. Because workers’ compensation coverage is based on estimated payroll, the BWC asks employers at the end of the policy year to report actual payroll figures and either pay any outstanding premium balance or receive a refund for any overpayment.
Timely completion of the true-up is critical. Employers who fail to complete the process risk losing eligibility for prior year rebates and incentives, being removed from current year programs, and becoming ineligible for participation in future programs until all outstanding true-ups are resolved.
Read the full article from Sedgwick, a valued LeadingAge Ohio partner.