Rate increased when average balance in fund is less than certain amount, how
Each year on October 1st, officials check the average balance of Missouri's unemployment money fund over the last four quarters. If that average is less than $450 million dollars, then every employer's payment rate into the fund gets bumped up by a certain percentage for the next year. The bump-up amount depends on a table that says how much to raise the rate based on how low the balance is.
288.121. Rate increased when average balance in is less than certain amount, how — rate calculations for certain years. — On October first of each , if the average balance, less any , of the of the four preceding quarters (September thirtieth, June thirtieth, March thirty-first and December thirty-first of the preceding calendar year) is less than four hundred fifty million dollars, then each employer's calculated for the four quarters of the succeeding calendar year shall be increased by the percentage determined from the following table:
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Source & history notes
(L. 1984 H.B. 1251 & 1549, A.L. 1988 H.B. 1485, A.L. 1992 S.B. 626, A.L. 1993 H.B. 502, A.L. 1994 S.B. 559, A.L. 2004 H.B. 1268 & 1211, A.L. 2006 H.B. 1456, A.L. 2018 S.B. 975 & 1024 Revision)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.