288.121. Rate increased when average balance in fund is less than certain amount, how--rate calculations for certain years. - Missouri Statutes

Rate increased when average balance in fund is less than certainamount, how--rate calculations for certain years.

288.121. 1. On October first of each calendar year, if the averagebalance, less any federal advances, of the unemployment compensation trustfund of the four preceding quarters (September thirtieth, June thirtieth,March thirty-first and December thirty-first of the preceding calendaryear) is less than four hundred fifty million dollars, then each employer'scontribution rate calculated for the four calendar quarters of thesucceeding calendar year shall be increased by the percentage determinedfrom the following table:

Balance in Trust Fund

Percentage Less Than Equals or Exceeds of Increase $450,000,000 $400,000,000 10% $400,000,000 $350,000,000 20% $350,000,000 30%

For calendar years 2005, 2006, and 2007, the contribution rate of anyemployer who is paying the maximum contribution rate shall be increased byforty percent, instead of thirty percent as previously indicated in thetable in this section.

2. For calendar year 2007 and each year thereafter, an employer'stotal contribution rate shall equal the employer's contribution rate plus atemporary debt indebtedness assessment equal to the amount to be determinedin subdivision (6) of subsection 2 of section 288.330 added to thecontribution rate plus the increase authorized under subsection 1 of thissection. Any moneys overcollected beyond the actual administrative,interest and principal repayment costs for the credit instruments usedshall be deposited into the state unemployment insurance trust fund andcredited to the employer's experience account.

(L. 1984 H.B. 1251 & 1549, A.L. 1988 H.B. 1485, A.L. 1992 S.B. 626, A.L. 1993 H.B. 502, A.L. 1994 S.B. 559, A.L. 2004 H.B. 1268 & 1211, A.L. 2006 H.B. 1456)

Effective 10-01-06