Workers Compensation Premium File

State Insurance Fund (SIF) will send the Controller's Office a Policy Account Balance file (with the premium amount due for each agency based on the prior pay periods earnings) every payroll.

For questions regarding Workers Compensation please contact the State Insurance Fund at 800-334-2370 or http://www.idahosif.org

Workers' compensation premiums will be distributed by totaling the workers compensation rate for each employee paid in an agency, and then dividing that rate to get a pro-rated percent. The agency premium will be multiplied by the pro-rated percent which will then be the total amount applied to each employee.

 

Agency Premiums are withheld based on the following formula:

 

ProcessExample (Red indicates the calculation in each step)

1.   System looks up all employees paid on payroll. (STA record)

 

Employee A

Employee B

Employee C

Employee D

Employee E

2.   System then looks up each employees workers comp code with rate

 

Employee A - WC 8810    .0027

Employee B - WC 8810    .0027

Employee C - WC 8742    .0047

Employee D - WC 5506    .0640

Employee E -  WC 9410    .0146

3.   System summarizes each individual rate into an agency total 

 

Agency Total                    .0887
4.   System divides each individual rate by the summarized total to get the pro-rated rate for each employee

Employee A    .0027 / .0890 = .0304

Employee B    .0027 / .0890 = .0304

Employee C    .0047 / .0890 = .0530

Employee D    0640 / .0890 = .7215

Employee E    .0146 / .0890 = .1646

5.   System takes the premium due (received from SIF) and multiplies the amount due by the pro-rated rate and adds $.01 to get the actual premium that is withheld for each person.

Total Premium from SIF = $200.00

Employee A   .030 x 200 = $6.08 +.01 = $6.09

Employee B   .030 x 200 = $6.08 +.01 =$ 6.09

Employee C   .053 x 200 = $10.60 +.01 = $10.61

Employee D   .719 x 200 = $144.30 +.01 = $144.31

Employee E    (Complete on next step)

6.   The last person processed in the file will be calculated differently. Their premium is the balance remaining after all other premiums have been withheld.

 

Total Premium from SIF = $200.00

Employee A    $6.09

Employee B    $6.09

Employee C    $10.61

Employee D    $143.31

Total Premium withheld to this point = $167.10

Employee E    $200 – $167.10 = $32.90

 

For a list showing complete Workers Compensation Code descriptions and rates use this link

https://www.idahosif.org/info/rates