Bill > SB911

This bill modifies the Employment Security Act of 1980, focusing on unemployment compensation and employer contribution rates. The legislation makes several key changes to how unemployment compensation fund contributions are calculated. Specifically, it reduces the percentage of the state's average annual wage used to determine taxable wages across different fund conditions, with percentages dropping from a range of 40-50% to 41.25-45%. The bill introduces a new Conditional Factor Rate table that provides more granular contribution rates based on an employer's benefit wage ratio and the current financial condition of the unemployment compensation fund. Additionally, the bill increases the minimum balance required in the fund from $25 million to $50 million, which would trigger surcharge assessments or emergency measures when the fund falls below this threshold. The changes aim to provide more flexibility in managing the unemployment compensation fund and adjust contribution rates more precisely based on the fund's financial status. The bill is set to become effective on November 1, 2025, giving employers and the Oklahoma Employment Security Commission time to prepare for the new calculation methods.

Budget and Finance, Labor and Employment

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb911&Session=2600