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1997 SESSION

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SB 1018 Unemployment compensation; fund balance factor.

Introduced by: Jackson E. Reasor, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Unemployment compensation; fund balance factor. Modifies the unemployment compensation trust fund adequacy formula by (i) reducing from 25 to 20 the number of years (immediately preceding the year of calculation) from which the highest recorded benefit ratios are drawn and (ii) reducing from 1.5 to 1.3 the preliminary multiplier utilized in calculating the fund adequacy multiplier. Changes in employer tax rates resulting from fund adequacy multiplier and adequate fund balance recalculations will become effective on July 1, 1997. The Commission is required to immediately notify employers of their recomputed tax rates for wages paid during the final two quarters of 1997.


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