(A) Private employers.
(1) The early payment discount shall be available to any private state fund employer with active coverage. An employer reporting zero payroll is not eligible for the discount. For an employer participating in retrospective rating, the early payment discount shall be applied only to the minimum experience-rated premium as defined in rule 4123-17-44 of the Administrative Code.
(3) The early payment discount is available only for an employer that reports its payroll and pays its premiums through electronic submission on the bureau's website.
(a) An employer participating in the early payment discount program may submit to the bureau the employer's payroll, actual or estimated, with payment, at any time during the current reporting period. The actual discount will depend upon the time of payment as provided in paragraph (C) of this rule.
(b) For the early payment discount, the bureau will accept the employer's payment without the employer's payroll, but will not accept the employer's payroll without the employer's premium payment.
(c) An employer is eligible for the appropriate early payment discount if the employer reports the payroll and pays the complete premium for the payroll reporting period by the first month of the two month grace period for payment; that is, by the end of January for payments due by the end of February, or by the end of July for payments due by the end of August.
(i) The bureau will not refund an overpayment of early premium payments made by the employer until the employer files the completed payroll report for the reporting period.
(ii) Standard penalties will apply to any net balance due from the employer, i.e., total premium due less discounts, dividends, and early payments made.
(B) Public employers.
(1) Any public employer taxing district employer may qualify for the early payment discount.
(2) In order to qualify for the early payment discount, the employer must pay its total premium due to the bureau on or before May fifteenth of each year.
(3) The administrator may provide the discount through a refund or an offset against future contributions due.
(C) Calculation of discount.
(1) The bureau will determine the discount rate for private and public employers for each calendar year based on the prior year's actuarial audit's discount rate. The amount of the discount for early payment will be incremental and will decline based upon the date the employer makes the payment to the bureau.
(2) The early payment discount shall apply to the total blended premium paid by the employer.