Annual Schedule

Annual Calendar of Events

The Annual Calendar of Events is performed on behalf of the Builders & Contractors Workers’ Compensation Fund by The Board of Directors and Mackinaw Administrators, LLC.
Each year these activities are recorded and documented and the results are shared with current members and their agents at the Annual Board Meeting
held in May or June each year.

1st Quarter – January, February, March

First quarterly WCRA premium installment is due.

  • January: Preparation for annual actuarial and financial audits. Submission of year-end Fund data to actuary by 1-15.
  • February: Annual actuarial reserve study completed by 2-15 and forwarded to the Department of Commerce and to financial auditors.
  • First Special Compensation Fund installment due (50% of assessments on second prior year indemnity payments)
  • March: On-site financial audit completed and due to the Department of Commerce by 4-1. Adjustment (if any) to a declared dividend
    to be provided to the auditor for incorporation in results.
  • Prior year paid indemnity information report filed with Department of Labor & Industry for calculation of SCF assessment. Due date 3-15.

2nd Quarter – April, May, June

  • April: Begin collection of prior year review/audit financial statements from members. All statements must be collected and provided
    to the auditor for preparation of the Combining Statement of Net Worth. Final report due to Department of Commerce 8-1.
  • Annual Status Report due to Department of Commerce 4-1. Report updates the Board members, the membership of the Fund,
    the contracted service providers and other Fund information.
  • Second WCRA premium installment due.
  • May: Annual membership meeting must be held no later than 5-31. Agenda for meeting outlined in Fund bylaws to include Board elections,
    election of officers, report on Fund results and performance of contracted service providers.
  • First installment of updated security posting due to be filed with Department of Commerce. Due date is 5-1.
  • Submission of prior year payroll by class code data due to the WCRA. Due date is 5-1
  • June: Submit material to support renewal of surety bond to support security posting.
  • Prior year claim data report due WCRA. Due date 6-15.

3rd Quarter – July, August, September

Renewal of surety bond as part of security posting.

Provide claim, premium, and payroll data to actuary for use in preparing rate study for the upcoming year.

Third installment of WCRA premium due. Due date 7-1.

  • July: Second installment of security posting due to Department of Commerce. Due date 7-1.
  • August: Actuary rate review completed and presented to Board for selection of rates for the upcoming year.
  • Combining Statement of Net Worth report due to Department of Commerce 8-1.
  • Second SCF installment (50% of assessment on prior-year indemnity payments) due 8-1.
  • September: Execute engagement letters for annual actuarial and financial audit services.

4th Quarter – October, November, December

  • October: Finalize rates for upcoming year policy renewals.
  • Fourth and final WCRA installment due including audit of prior year premium.
  • Final installment on security posting due 10-31
  • November: Claim department to complete case reserving review to confirm open/close and reserve status on all files prior to year-end.
  • On-site claim review component of upcoming year financial audit performed by the auditor.
  • December: Prepare interim year-end financials to support dividend analysis. Material circulated to Board for decision by 12-15.
    Board request for dividend submitted to Department of Commerce by 12-28.