Blog

2024 Group Rating & Group Retro Enrollment

If your business isn’t enrolled in a savings program for the coming 2024-2025 BWC policy year, you’ll want to get the ball rolling ASAP!

Two of the most highly-favored programs are Group Experience Rating (usually called Group Rating, or just “Group), and Group Retrospective Rating (often referred to as Group Retro or Retro). They’re both great programs that can boast savings over 50% for some policyholders, and the difference between them is fairly simple.

Group Rating is like a coupon – you receive the discount upfront, and pay lower premiums throughout the year. The maximum discount is 53% off of BWC’s base rates, which only applies to policies with zero or very few losses in their experience period.
Group Retrospective is more like a mail-in rebate. You pay the sticker price to BWC for premiums, and are rebated following the end of that policy year based on how your pool performed. Refunds can total close to 50% under the most optimal conditions.

Something to keep in mind: TPAs can advertise any Group Retro refund up to and including 63%, even if their pools have never achieved that. A maximum refund is uncommon, and nearly unheard of over the last couple of years due to eroding refunds due to changes within BWC. Recent changes have us hopeful that the program will begin yielding better refunds, but even still - a 63% refund in Group Retro is only achieved if there were no losses within that group.

Spooner is accepting enrollments for Group Rating through November 10, 2023 and Group Retro through January 26, 2024. If you’re an existing Spooner Group Rating client, you can renew online here, or reach out to your client services rep. For businesses interested in seeing what Spooner has to offer, complete this form (no later than ten days before the enrollment deadline), and we’d be happy to talk with you about the short and long game of keeping premiums low.

Both Group Rating and Group Retro are valuable programs, and if a policy is eligible for both – your TPA should break down the estimated savings difference, in dollars. If neither of these programs appeal to you or solve your issue of high premiums or a high EMR, it may be a great time to look into self-insured options like a PEO. SuretyHR is a PEO that operates within the Spooner Risk Control family of companies, and we’d be happy to discuss those alternative options with you further.

Most Recent

DOL Issues Final Rule on Independent Contractors

Posted By Brandy King
January 17, 2024 Category: DOL, Independent Contractors, Ohio Bwc, Workers' Comp

Who’s Really an Independent Contractor? DOL Finalizes New Rule Clarifying Classification Earlier this month, the U.S. Department of Labor (DOL) finalized its rules regarding classification of independent contractors. The organization hadn’t previously defined this by regulations, only by guidelines (which are as clear as OSHA “best practices”). The updated rule creates a six-factor “economic realities” test to determine whether or not a worker is truly an independent contractor under the Fair Labor Standards Act (FLSA). Among others, the test includes factors such as degree of permanence, amount of control the employer holds, and the worker’s skills. Since Ohio employers aren’t required to cover 1099 employees under their BWC policy, we have a lot of discussions with clients about whether or not a worker actually meets the qualifications of being an independent contractor. Understanding these qualifications is not only important for insurance purposes, but also for recordkeeping, and the application of minimum wage and overtime rules. Our friends at Roetzel & Andress have done a great job of explaining this new classification rule in a way that’s easy to digest and understand, so we’re deferring to their recent update for the details. For more info on how independent contractors can impact your Ohio BWC policy, check out this blog. This goes into effect March 11

A Guide to Submitting 2023 OSHA Logs

Posted By Brandy King
January 17, 2024 Category: OSHA, Electronic Recordkeeping, Form 301, Form 300, OSHA 300A, Safety, Incident Reporting, Compliance

It’s time to post and electronically submit your OSHA logs - and this year, submission requirements will impact far more U.S. employers. We discussed this in detail when the rule was finalized in July 2023. Effective January 1, 2024, OSHA will require employers with over 100 employees in certain high hazard industries to complete electronic records submissions of Forms 300 and 301, in addition to Form 300A. These are records that covered employers should already be keeping, but previously have not been required to submit. The impacted industries include (but aren’t limited to) retail, wholesale, performing arts, manufacturing, farming, and grocers. Our safety team agrees that the fastest, easiest way to find out your company’s submission requirements is to use this ITA Coverage Application. Enter your company’s NAICS code and employee count, and it will confirm which logs should be submitted. As a general guide: 20-249 employees and on this list must submit 300A 100 or more employees and on this list must submit the 300A, 301 and 300 log. Employee count is “per establishment,” not entire corporation size. So, what is OSHA’s definition of an “establishment?” An establishment is a single physical location where business is conducted, or where services or industrial operations are performed. For activities where employees do not work at a single physical location - such as construction, transportation, communication

Grading Payroll Providers on Enrollment and W-2 Performance

Posted By Brandy King
January 17, 2024 Category: Payroll, Overcharging, Additional Fees, Surety HR, SI PEO, Payroll Processing Fees, ADP Fees, Paychex Fees

With 2023 group health enrollments behind us, and W-2 season wrapping up – most employers have a strong opinion about the role their payroll provider played in both of those, good or bad. Let’s consider open enrollment first. If your payroll provider utilizes an electronic benefits module, and made an implementation plan with your broker – things should have gone smoothly. Benefits enrollment is always subject to hitting snags throughout the process. Here are some things to consider: • Was there communication between all parties if a timeline changed? • Was everyone pulling in the same direction, without making you (the employer) an unnecessary go-between? • Was every party involved invested in making sure things were done right the first time? • Have you considered an API connection or Data Bridge with your Carrier? (Fees may apply) It’s important not to over- or under-rely on technology. Let the electronic benefits modules do their job, but make sure you and your payroll provider have your eyes peeled for potential issues. W-2 season brings similar headaches. If the employer has done their best to ensure that all employee info is up-to-date and accurate, the prevention and resolution of those headaches’ rests heavily on your payroll provider. If employees have questions about W-2s, or there’s a potentia

Blog

2024 Group Rating & Group Retro Enrollment

DOL Issues Final Rule on Independent Contractors

A Guide to Submitting 2023 OSHA Logs

Grading Payroll Providers on Enrollment and W-2 Performance

Navigation

Contact

A Family of Companies