Bill > SB129

This bill modifies how employers contribute to the service capacity upgrade fund, which is a special fund used to improve technology, program integrity, and service delivery for unemployment insurance programs. Specifically, it changes the rate employers subtract from their unemployment insurance contributions. From October 1, 2018, until December 31, 2026, employers will subtract 0.075% from their rates, provided the unemployment insurance trust fund has a sufficient balance. Beginning January 1, 2027, this subtraction will change to 0.0115%, and the Secretary of the Education and Labor Cabinet will annually determine this adjustment percentage, which cannot exceed 0.025% (note: the government summary states 1.025%, but the bill text indicates 0.025%). Employers will pay into the fund an amount equal to the percentage reduction multiplied by their taxable wages. The bill also grants the secretary discretion to reduce or suspend these payments at any time.

Business and Industry

https://apps.legislature.ky.gov/record/26RS/sb129.html