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Payroll Reporting & Billing for State Fund Policyholders

Your premium rates are based on the type of work performed in your operations and your payroll. We offer a few ways to report payroll and make premium payments.

Choices for Payroll Reporting and Premium Payment
Your options for reporting payroll and paying premium are determined by the amount of premium for your policy. The lowest premium required for a policy is called ‘minimum premium’.

  • MINIMUM PREMIUM POLICIES: (1) requires a deposit equal to the minimum premium; and, (2) submission of one payroll report with premium at the end of each policy term.
    If your premium is higher than the minimum premium, then the ‘base premium’ determines your payroll reporting and payment options:
  • POLICYHOLDERS WITH BASE PREMIUM LESS THAN $5000: (1) pay stipulated bills quarterly (stipulated bills are based on Estimated Annual Premium (EAP) at the beginning of the policy year); and, (2) submit a payroll report after the first 6 months and at the end of the policy term.
  • POLICYHOLDERS WITH BASE PREMIUM OF $5000 OR MORE: Choose the billing plan that’s best for your business:
    1. Monthly Payroll Reporting (preferable if your payroll fluctuates throughout the year).
      • With this option, you’ll pay premium and submit your payroll report monthly
    1. Stipulated Billing (preferable if your payroll is consistent month to month).
      • With this option, you’ll pay your premium in monthly installments and report payroll after the first 6 months and at the end of the policy term.

Report Payroll and Pay Premium electronically when you enroll at State Fund Online.

PAYROLL REPORTING AND BILLING OVERVIEW
Minimum Premium
Annual Payroll Reporting and Payment
Pay 100% deposit equal to the minimum premium
Report Payroll and Pay Premium at end of policy term
Annual premium payment is based on payroll
Base Premium less than $5000
Stipulated Billing
Report payroll twice per policy term
Pay quarterly premium upon receipt of stipulated bill
Quarterly premium is calculated based on estimated annual premium
Base Premium of $5000 or More
Two Options
Monthly Payroll Reporting and Payment Option Stipulated Billing Option
Report payroll monthly Report payroll twice per policy term
Pay monthly premium with the payroll report Pay monthly premium upon receipt of stipulated bill
Monthly premium is based on payroll Monthly premium is calculated based on estimated annual premium

 

Read our Payroll Reporting FAQ to find out more about reporting payroll, and read our Stipulated Billing FAQ to learn more about stipulated billing options.

* All policies are subject to final billing which determines your premium for the policy term. Your final bill may result in additional premium due. If an audit is required, State Fund will contact you.

** If your business is a Temporary Staffing Agency, Professional Employment Organization (PEO) or Farm Labor Contractor, you are eligible only for the Monthly Payroll Reporting and Payment plan.

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