§ 11-10-706 — Future rates - Administrative assessment

Arkansas § 11-10-706

• Jurisdiction: Arkansas
• Title: 11

Text

(a) (1) Effective July 1, 2023, each employer shall be required to pay an administrative assessment on wages paid by the employer with respect to employment. (2) This administrative assessment shall not be credited to the separate account of each employer. (b) (1) For the period July 1, 2023, through June 30, 2024, the administrative assessment shall be twelve and one-half hundredths of one percent (0.125%). (2) For the period beginning on and after July 1, 2024, the administrative assessment shall be one-tenth of one percent (0.1%). (c) (1) Each fiscal year, sixty percent (60%) of the proceeds of the administrative assessment, up to six million dollars ($6,000,000), shall be deposited and credited to the Division of Workforce Services Unemployment Insurance Administration Fund, there to be used for personal services and operating expenses of the unemployment insurance program necessary for the proper administration of the Division of Workforce Services Law, § 11-10-101 et seq., as determined by the Director of the Division of Workforce Services. (2) (A) After collection of the proceeds of the administrative assessment specified in subdivision (c)(1) of this section, only for the period from July 1, 2023, through June 30, 2024, the remaining proceeds, if any, of the administrative assessment shall be deposited and credited to the Division of Workforce Services Unemployment Insurance Administration Fund, there to be used solely for the purpose of modernizing information technology systems and hardware utilized in the administration of the unemployment insurance program. (B) The maximum amount to be deposited and credited under subdivision (c)(2)(A) of this section shall not exceed the difference between thirty-five million dollars ($35,000,000) and the amounts deposited and credited in previous state fiscal years to the Division of Workforce Services Unemployment Insurance Administration Fund for the purpose of modernizing information technology systems and hardware utilized in the administration of the unemployment insurance program. (3) Each fiscal year, after collection of the proceeds of the administrative assessment specified in subdivisions (c)(1) and (2) of this section, the remaining proceeds, if any, of the administrative assessment in an amount up to two million five hundred thousand dollars ($2,500,000) shall be deposited and credited to the Division of Workforce Services Training Trust Fund, there to be used for worker training. (4) Each fiscal year, after collection of the proceeds of the administrative assessment specified under subdivisions (c)(1)-(3) of this section, the remaining proceeds, if any, of the administrative assessment shall be deposited and credited to the Unemployment Compensation Fund. (5) The director shall report to the Legislative Council on a quarterly basis as to any uses of the Division of Workforce Services Training Trust Fund and the Division of Workforce Services Unemployment Insurance Administration Fund.

Legislative History

Amended by Act 2023, No. 196,§ 7, eff. 3/6/2023. Amended by Act 2021, No. 369,§ 1, eff. 7/28/2021. Amended by Act 2021, No. 667,§ 2, eff. 4/1/2021. Amended by Act 2019, No. 910,§ 288, eff. 7/1/2019. Amended by Act 2019, No. 454,§ 2, eff. 3/13/2019. Amended by Act 2019, No. 454,§ 1, eff. 3/13/2019. Amended by Act 2017, No. 1038,§ 1, eff. 8/1/2017. Amended by Act 2017, No. 540,§ 11, eff. 8/1/2017. Amended by Act 2015, No. 690,§ 5, eff. 7/1/2015. Amended by Act 2015, No. 690,§ 4, eff. 7/1/2015. Amended by Act 2015, No. 892,§ 3, eff. 4/1/2015. Amended by Act 2015, No. 892,§ 2, eff. 4/1/2015. Acts 1941, No. 391, § 7; 1963, No. 93, § 9; 1971, No. 35, § 12; 1973, No. 329, §§ 10, 11; 1975, No. 609, § 6; 1975 (Extended Sess., 1976), No. 1083, § 8; 1981, No. 43, §§ 11-13; 1983, No. 482, § 27; 1985, No. 8, § 8; 1985, No. 9, § 8; A.S.A. 1947, § 81-1108; reen. Acts 1987, No. 672, § 7; Acts 1989, No. 420, § 10; 1991, No. 48, § 8; 1993, No. 6, §§ 13, 14; 1997, No. 234, § 24; 2001, No. 1628, § 1; 2007, No. 551, § 3; 2011, No. 1040, § 4.