Bill > S3858

Introduced Session

This bill allocates $2.5 billion in available federal assistance to the unemployment compensation fund (fund). The money shall be deposited into the fund in order to pay back the balance in federal unemployment insurance loan advances pursuant to Title XII of the Social Security Act, prior to the date when the first interest payment is due, and notwithstanding any other provision of law concerning the actual fund reserve ratio for purposes of employer contribution rate for fiscal years 2022, 2023, and 2024, to increase the unemployment compensation fund balance. Current law requires that unemployment contribution rates for employers, for fiscal year 2022, will be the rates set by column "C" of the of the experience rating table, for FY 2023 the rates in column "D", and for FY 2024 the rates in column "E". The bill modifies that provision of law to specify that notwithstanding any other provision of law concerning the actual fund reserve ratio, the contribution rate for employers liable to pay contributions for fiscal years 2022, 2023, and 2024, would be the rates set by column "B" of the table.

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Tony Bucco (R)*,  Holly Schepisi (R)*,  Kristin Corrado (R),  Michael Doherty (R),  Vin Gopal (D),  Declan O'Scanlon (R),  Steven Oroho (R),  Mike Testa (R),  Samuel Thompson (D), 

Introduced in the Senate, Referred to Senate Labor Committee (on 06/03/2021)