| Old | New | Differences | |
|---|---|---|---|
| 1 | - | General Assembly Substitute Bill No. 988 | |
| 2 | - | January Session, 2011 *_____SB00988LAB___031111____* | |
| 1 | + | General Assembly Raised Bill No. 988 | |
| 2 | + | January Session, 2011 LCO No. 3593 | |
| 3 | + | *03593_______LAB* | |
| 4 | + | Referred to Committee on Labor and Public Employees | |
| 5 | + | Introduced by: | |
| 6 | + | (LAB) | |
| 3 | 7 | ||
| 4 | 8 | General Assembly | |
| 5 | 9 | ||
| 6 | - | ||
| 10 | + | Raised Bill No. 988 | |
| 7 | 11 | ||
| 8 | 12 | January Session, 2011 | |
| 9 | 13 | ||
| 10 | - | *_____SB00988LAB___031111____* | |
| 14 | + | LCO No. 3593 | |
| 15 | + | ||
| 16 | + | *03593_______LAB* | |
| 17 | + | ||
| 18 | + | Referred to Committee on Labor and Public Employees | |
| 19 | + | ||
| 20 | + | Introduced by: | |
| 21 | + | ||
| 22 | + | (LAB) | |
| 11 | 23 | ||
| 12 | 24 | AN ACT CONCERNING THE SOLVENCY OF THE UNEMPLOYMENT COMPENSATION TRUST FUND. | |
| 13 | 25 | ||
| 14 | 26 | Be it enacted by the Senate and House of Representatives in General Assembly convened: | |
| 15 | 27 | ||
| 16 | 28 | Section 1. Subsection (f) of section 31-225a of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2011): | |
| 17 | 29 | ||
| 18 | 30 | (f) (1) For each calendar year commencing with calendar year 1994 but prior to calendar year 2012, the administrator shall establish a fund balance tax rate sufficient to maintain a balance in the Unemployment Compensation Trust Fund equal to eight-tenths of one per cent of the total wages paid to workers covered under this chapter by contributing employers during the year ending the last preceding June thirtieth. If the fund balance tax rate established by the administrator results in a fund balance in excess of said per cent as of December thirtieth of any year, the administrator shall, in the year next following, establish a fund balance tax rate sufficient to eliminate the fund balance in excess of said per cent. For each calendar year commencing with calendar year 2012, the administrator shall establish a fund balance tax rate sufficient to maintain a balance in the Unemployment Compensation Trust Fund that results in an average high cost multiple greater than or equal to 1.0. If the fund balance tax rate established by the administrator results in a fund balance in excess of said amount as of December thirtieth of any year, the administrator shall, in the year next following, establish a fund balance rate sufficient to eliminate the fund balance in excess of said amount. The assessment levied by the administrator at any time (A) during a calendar year commencing on or after January 1, 1994, but prior to January 1, 1999, shall not exceed one and five-tenths per cent, (B) during a calendar year commencing on or after January 1, 1999, shall not exceed one and four-tenths per cent, and [(C)] shall not be calculated to result in a fund balance in excess of eight-tenths of one per cent of such total wages, and (C) during a calendar year commencing on or after January 1, 2012, shall not exceed one and four-tenths per cent and shall not be calculated to result in a fund balance in excess of the amounts prescribed in this subdivision. | |
| 19 | 31 | ||
| 20 | - | (2) The average high cost multiple shall be computed as follows: The result of the balance of the Unemployment Compensation Trust Fund on December thirtieth immediately preceding the new rate year divided by the total wages paid to workers covered under this chapter by contributing employers for the twelve months ending on the December thirtieth immediately preceding the new rate year shall be the numerator and the average of the three highest calendar benefit cost rates in | |
| 32 | + | (2) The average high cost multiple shall be computed as follows: The result of the balance of the Unemployment Compensation Trust Fund on December thirtieth immediately preceding the new rate year divided by the total wages paid to workers covered under this chapter by contributing employers for the twelve months ending on the December thirtieth immediately preceding the new rate year shall be the numerator and shall be divided by the average of the three highest calendar benefit cost rates in the last twenty years, or a period including the last three recessions, whichever is longer. Benefit cost rates are computed as benefits paid including the state's share of extended benefits but excluding reimbursable benefits as a per cent of total wages in covered employment. The results rounded to the next lower one decimal place will be the average high cost multiple. | |
| 21 | 33 | ||
| 22 | 34 | ||
| 23 | 35 | ||
| 24 | 36 | ||
| 25 | 37 | This act shall take effect as follows and shall amend the following sections: | |
| 26 | 38 | Section 1 October 1, 2011 31-225a(f) | |
| 27 | 39 | ||
| 28 | 40 | This act shall take effect as follows and shall amend the following sections: | |
| 29 | 41 | ||
| 30 | 42 | Section 1 | |
| 31 | 43 | ||
| 32 | 44 | October 1, 2011 | |
| 33 | 45 | ||
| 34 | 46 | 31-225a(f) | |
| 35 | 47 | ||
| 36 | - | Statement of | |
| 48 | + | Statement of Purpose: | |
| 37 | 49 | ||
| 38 | - | ||
| 50 | + | To change the method of calculating the unemployment compensation fund tax rate in order to achieve a rate sufficient to eliminate the fund balance. | |
| 39 | 51 | ||
| 40 | - | ||
| 41 | - | ||
| 42 | - | LAB Joint Favorable Subst.-LCO | |
| 43 | - | ||
| 44 | - | LAB | |
| 45 | - | ||
| 46 | - | Joint Favorable Subst.-LCO | |
| 52 | + | [Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.] |