Bill > SB1399

This bill establishes the Unemployment Administration Adjustment Fund, a new state treasury fund designed to support unemployment administration costs. The fund will be created and managed by the state treasurer, who can invest its money and ensure that any earned interest remains in the fund. Employers who are liable for unemployment contributions (except those with a zero contribution rate) will be required to pay an annual adjustment fee equal to 0.05% of their total taxable wages from the previous twelve-month period. The fund has specific conditions for collection and use: it cannot be used in a way that would reduce or substitute federal funding, and the unemployment administration adjustment will not be applied in a calendar year if the fund's September 30th balance is $40 million or more, or if the average unemployment compensation trust fund balance for the preceding four quarters is less than $450 million. Employers will be notified of their adjustment amount by March 31st each year, and any delinquent amounts can be collected through existing legal mechanisms. To offset this new adjustment, employers will receive a corresponding reduction in their first-quarter contribution amount, though their contributions cannot be reduced below zero.

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https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=694