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 of the succeeding calendar year shall be increased by the percentage determined from the following table:
Tap any gold-underlined word to see what it means.
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)
Related Missouri laws
Employer's contribution rate, how determined
RSMo 288.120
If cash in fund exceeds certain amounts, contribution rate to decrease, amount
RSMo 288.122
Average annual payroll defined
RSMo 288.124
Voluntary payments by employer
RSMo 288.125
Ineligibility for rate calculation, rate used, positive and negative experience rate account balances
RSMo 288.126
Additional assessment for interest on federal advancements and proceeds of credit instruments, procedure
RSMo 288.128
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.