Sec. 1400.1. Solvency Adjustments.
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Sec. 1400.1. Solvency Adjustments.
(I)As used in this Section, "prior year's trust fund balance" means the net amount standing to the credit of this State's account in the unemployment trust fund (less all outstanding advances to that account, including but not limited to advances pursuant to Title XII of the federal Social Security Act) as of June 30 of the immediately preceding calendar year.
The wage base adjustment, rate adjustment, and allowance adjustment applicable to any calendar year prior to 2023 shall be as determined pursuant to this Section as in effect prior to the effective date of this amendatory Act of the 102nd General Assembly.
The rate adjustment and allowance adjustment applicable to calendar year 2023 and each calendar year thereafter shall be as follows:
If the prior year's trust fund balance is less than $525,000,000, the rate adjustment
shall be 0.05%, and the allowance adjustment shall be -0.3% absolute.
If the prior year's trust fund balance is equal to or greater than $525,000,000 but less
than $1,225,000,000, the rate adjustment shall be 0.025%, and the allowance adjustment shall be -0.2% absolute.
If the prior year's trust fund balance is equal to or greater than $1,225,000,000 but
less than $1,750,000,000, the rate adjustment shall be 0, and the allowance adjustment shall be -0.1% absolute.
If the prior year's trust fund balance is equal to or greater than $1,750,000,000 but
less than $2,275,000,000, the rate adjustment shall be 0, and the allowance adjustment shall be 0.1% absolute.
If the prior year's trust fund balance is equal to or greater than $2,275,000,000 but
less than $2,975,000,000, the rate adjustment shall be -0.025%, and the allowance adjustment shall be 0.2% absolute.
If the prior year's trust fund balance is equal to or greater than $2,975,000,000, the
rate adjustment shall be -0.05%, and the allowance adjustment shall be 0.3% absolute.
(II)(Blank).