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Code · Missouri · Chapter 288

288.128.

642 words·~3 min read·/mo/chapter-288/288-128

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

288.128. Additional assessment for interest on federal advancements and proceeds of credit instruments, procedure — excess collections, use of — credit instrument and financing agreement repayment surcharge. — 1. If the fund is utilizing moneys advanced by the federal government under the provisions of 42 U.S.C.A., Section 1321, pursuant to section 288.330 , each employer may be assessed an amount solely for the payment of interest due on such federal advancements. The rate shall be determined by dividing the interest due on federal advancements by ninety-five percent of the total taxable wages paid by all Missouri employers in the preceding calendar year.
Each employer's proportionate share shall be the product obtained by multiplying such employer's total taxable wages for the preceding calendar year by the rate specified in this section. Each employer shall be notified of the amount due under this section by June thirtieth of each year and such amount shall be considered delinquent thirty days thereafter. The moneys collected from each employer for the payment of interest due on federal advances shall be deposited in the special employment security fund.
2. If on December thirty-first of any year the money collected under subsection 1 of this section exceeds the amount of interest due on federal advancements by one hundred thousand dollars or more, then each employer's experience rating account shall be credited with an amount which bears the same ratio to the excess moneys collected under this section as that employer's payment collected under this section bears to the total amount collected under this section. Further, if on December thirty-first of any year the moneys collected under this section exceed the amount of interest due on the federal advancements by less than one hundred thousand dollars, the balance shall be transferred from the special employment security fund to the Secretary of the Treasury of the United States to be credited to the account of this state in the unemployment trust fund.
3. If the fund is utilizing moneys from the proceeds of credit instruments issued under section 288.330 , or from the moneys advanced under financial agreements under subdivision
(17)of subsection 2 of section 288.330 , or a combination of credit instrument proceeds and moneys advanced under financial agreements each employer may be assessed a credit instrument and financing agreement repayment surcharge. The total of such surcharge shall be calculated as an amount up to one hundred fifty percent of the amount required in the twelve-month period following the due date for the payment of such surcharge for the payment of the principal, interest, and administrative expenses related to such credit instruments, or in the case of financial agreements for the payment of principal, interest, and administrative expenses related to such financial agreements, or in the case of a combination of credit instruments and financial agreements for the payment of principal, interest, and administrative expenses for both. The total annual surcharge to be collected shall be calculated by the division as a percentage of the total statewide contributions collected during the previous calendar year. Each employer's proportionate share shall be the product obtained by multiplying the percentage calculated under this subsection by each employer's contributions due under this chapter for each filing period during the preceding calendar year. Each employer shall be notified by the division of the amount due under this section by April thirtieth of each year and such amount shall be considered delinquent thirty days thereafter. Any moneys overcollected in excess of the actual administrative, interest, and principal repayments costs for the credit instruments or financial agreements used shall be deposited into the state unemployment insurance trust fund and credited to the employer's experience account.
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(L. 1984 H.B. 1251 & 1549 § 288.129 , A.L. 1994 S.B. 559, A.L. 2004 H.B. 1268 & 1211, A.L. 2006 H.B. 1456, A.L. 2018 S.B. 975 & 1024 Revision)
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