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 PO Box 66699; Albany, NY 12206 Nysif ComAssignment 2023-2025

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annually each State Insurance Fund policy holder has to complete their payroll audits in order to reconcile the actual payroll incurred for the policy period versus the estimated payrolls on the policy this process is required by the insurance carrier as it ensures premiums are calculated correctly and that any overpayments or underpayments are processed ingly firstly gather all necessary payroll records for the audit period this includes wage reports tax returns and any other documentation related to employee compensation next classify employees correctly ing to their job functions workers compensation class codes are based on the work the employee performs so it is very important to have a strong understanding of the class codes available misclassification can lead to errors in your audit affecting your workers compensation premiums include overtime pay retro and other applicable fringe benefits in your calculations these additional payments must be accurately reported to avoid discr

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