SB 276

EMPLOYMENT

Deposits into unemployment reserve fund

Current law provides four schedules of unemployment insurance contribution

(tax) rates, with Schedule D containing the lowest rates and Schedule A containing

the highest. Which schedule is in effect for a given calendar year depends on the cash

balance of the state's unemployment reserve fund as of the preceding June 30.

Schedule D, which is in effect in calendar year 2021, is otherwise in effect for any

calendar year whenever, as of the preceding June 30, the state's unemployment

reserve fund has a cash balance of at least $1,200,000,000. If the state's

unemployment reserve fund has a cash balance of less than $1,200,000,000, then one

of the three other schedules applies, depending on the fund's cash balance.

This bill requires the governor to allocate federal moneys provided to this state,

including moneys provided under the federal American Rescue Plan Act of 2021, for

one or more deposits into the state unemployment reserve fund, to the extent that

the deposits are needed to keep Schedule D of the unemployment insurance

contribution (tax) rates in effect through the end of calendar year 2023.