A Colonie, N.Y.-based trucking company will pay $315,600 in restitution to the New York State Insurance Fund for underreporting its payroll to bring down the cost of its workers’ compensation coverage.

Eagle River Inc. pleaded guilty Feb. 17 to a misdemeanor charge of falsifying business records and has already paid $150,000 in restitution, according to the New York State Insurance Department. Officials said the company has agreed to pay the balance over the next three years.

The company was accused of underreporting its payroll by $2.2 million over a three-year period, ending in November 2006, according to prosecutors.

The NYSID said the discrepancy was found during an audit of the company’s records by investigators with its frauds bureau and the State Insurance Fund. By underreporting wages, Eagle River’s workers’ compensation premiums cost less than they would have had its payroll been reported correctly.