SS/SB 673 - Under current law, the maximum duration for an individual to receive unemployment benefits is 20 weeks. This act bases the duration on the Missouri unemployment rate as follows:• 20 weeks if the Missouri average unemployment rate is nine percent or higher;• 19 weeks if the Missouri average unemployment rate is between 8 1/2% and 9%;
• 18 weeks if the Missouri average unemployment rate is 8% up to and including 8 1/2%;
• 17 weeks if the Missouri average unemployment rate is between 7 1/2% and 8%;
• 16 weeks if the Missouri average unemployment rate is 7% up to and including 7 1/2%;
• 15 weeks if the Missouri average unemployment rate is between 6 1/2% and 7%;
• 14 weeks if the Missouri average unemployment rate is 6% up to and including 6 1/2%; and
• 13 weeks if the Missouri average unemployment rate is below 6%.
Under current law, when the average balance of the unemployment compensation trust fund rises from between six hundred million and seven hundred twenty million dollars, an employer's contribution rate is reduced by 7% for the following year. This amendment changes that threshold to between seven hundred twenty million and eight hundred seventy million.
Under current law, when the average balance of the unemployment compensation trust fund exceeds seven hundred fifty million dollars, an employer's contribution rate is reduced by 12% for the following year unless the employer's calculated contribution rate is 6% or greater, in which case, the reduction may be no more than 10%. This amendment changes that threshold to eight hundred seventy million.
Under current law, the Board of Unemployment Fund Financing may issue credit instruments with a simple majority vote authorizing such issuance. This act requires the board to meet and consider the issuance of credit instruments when the amount owed to the federal government for advancements exceeds $300 million.
Under current law, interest is charged to employers when the state has an outstanding balance for federal advancements. Under the act, when credit instruments are issued to pay off the balance of the federal advancement, employers are required to continue to pay the interest assessment to fully finance the credit instruments.
CHRIS HOGERTY