State-fund employers: True-up by August 15!
August is here, which means that the Bureau of Workers' Compensation (BWC) deadline for the annual true-up process is right around the corner. True-up means reporting your actual payroll for the prior policy year that ended June 30 so that the BWC can reconcile any differences in premium paid.
Do I need to true-up?
YES! All state-funded employers must true-up. Even if your payroll for the year matches the estimate BWC provided to you or if you had zero payroll, you must true-up. This is an important and necessary step for BWC to calculate your workers’ compensation premiums.
What happens if I fail to true-up by August 15, 2017?
- You will be removed from your current rating plan.
- You will not be permitted to participate in group-rating.
- You will not be permitted to participate in discount programs.
- You will not be eligible for the potential Go-Green rebate.
- You will not be permitted to participate in group-rating programs in future years.
SO, don’t miss the deadline! The process is simple. Follow this link to complete your true-up today.