288.128. Additional assessment for interest on federal advancements and proceeds of credit instruments, procedure--excess collections, use of--credit instrument and financing agreement repayment surch

MISSOURI STATUTES AND CODES

288.128. Additional assessment for interest on federal advancements and proceeds of credit instruments, procedure--excess collections, use of--credit instrument and financing agreement repayment surch

Additional assessment for interest on federal advancements andproceeds of credit instruments, procedure--excess collections,use of--credit instrument and financing agreement repaymentsurcharge.

288.128. 1. If the fund is utilizing moneys advanced by the federalgovernment under the provisions of 42 U.S.C.A., Section 1321, pursuant tosection 288.330, each employer may be assessed an amount solely for thepayment of interest due on such federal advancements. The rate shall bedetermined by dividing the interest due on federal advancements byninety-five percent of the total taxable wages paid by all Missouriemployers in the preceding calendar year. Each employer's proportionateshare shall be the product obtained by multiplying such employer's totaltaxable wages for the preceding calendar year by the rate specified in thissection. Each employer shall be notified of the amount due under thissection by June thirtieth of each year and such amount shall be considereddelinquent thirty days thereafter. The moneys collected from each employerfor the payment of interest due on federal advances shall be deposited inthe special employment security fund.

2. If on December thirty-first of any year the money collected undersubsection 1 of this section exceeds the amount of interest due on federaladvancements by one hundred thousand dollars or more, then each employer'sexperience rating account shall be credited with an amount which bears thesame ratio to the excess moneys collected under this section as thatemployer's payment collected under this section bears to the total amountcollected under this section. Further, if on December thirty-first of anyyear the moneys collected under this section exceed the amount of interestdue on the federal advancements by less than one hundred thousand dollars,the balance shall be transferred from the special employment security fundto the Secretary of the Treasury of the United States to be credited to theaccount of this state in the unemployment trust fund.

3. If the fund is utilizing moneys from the proceeds of creditinstruments issued under section 288.330, or from the moneys advanced underfinancial agreements under subdivision (17) of subsection 2 of section288.330, or a combination of credit instrument proceeds and moneys advancedunder financial agreements each employer may be assessed a creditinstrument and financing agreement repayment surcharge. The total of suchsurcharge shall be calculated as an amount up to one hundred fifty percentof the amount required in the twelve-month period following the due datefor the payment of such surcharge for the payment of the principal,interest, and administrative expenses related to such credit instruments,or in the case of financial agreements for the payment of principal,interest, and administrative expenses related to such financial agreements,or in the case of a combination of credit instruments and financialagreements for the payment of principal, interest, and administrativeexpenses for both. The total annual surcharge to be collected shall becalculated by the division as a percentage of the total statewidecontributions collected during the previous calendar year. Each employer'sproportionate share shall be the product obtained by multiplying thepercentage calculated under this subsection by each employer'scontributions due under this chapter for each filing period during thepreceding calendar year. Each employer shall be notified by the divisionof the amount due under this section by April thirtieth of each year andsuch amount shall be considered delinquent thirty days thereafter.