If cash in fund exceeds certain amounts, contribution rate to decrease, amount
Each October 1st, the state checks how much money is in the unemployment fund. If the average amount in the fund over the last four quarters is more than $720 million dollars, employers pay a smaller percentage into the fund the following year. The exact decrease depends on a table in the law.
*288.122. If cash in exceeds certain amounts, to decrease, amount — table. — 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 more than seven hundred twenty million dollars, then each employer's contribution rate calculated for the four quarters of the succeeding calendar year shall be decreased by the percentage determined from the following table:
Tap any gold-underlined word to see what it means.
Source & history notes
(L. 1982 H.B. 1521, A.L. 1984 H.B. 1251 & 1549, A.L. 1988 H.B. 1485, A.L. 1992 S.B. 626, A.L. 1994 S.B. 559, A.L. 2004 H.B. 1268 & 1211, A.L. 2006 H.B. 1456, A.L. 2015 H.B. 150) *Effective 10-16-15, see § 21.250. H.B. 150 was vetoed on May 5, 2015. The veto was overridden by the House on May 12, 2015, and by the Senate on September 16, 2015. *Revisor's Note: This section was declared unconstitutional in Pestka et al. v. State, see 2016 annotation below. (2016) Only bills returned by the Governor on or after the fifth day before the end of the regular legislative session can be taken up during September veto session, thus Senate veto session vote to override the Governor's veto of HB 150 was untimely. Pestka et al. v. State, No. SC95369 (Mo.).
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.