Oklahoma § 40-3-114 Estimate of Financial Condition of Fund - Surcharge.

Oklahoma Statutes

§ 40-3-114 — Estimate of Financial Condition of Fund - Surcharge.

Oklahoma § 40-3-114

Title 40Labor

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Bluebook

Okla. Stat. tit. 40, § 40-3-114 (2026).

Text

ESTIMATE OF FINANCIAL CONDITION OF FUND - SURCHARGE. Prior to the beginning of each calendar quarter, the Oklahoma Employment Security Commission shall prepare an estimate of the financial condition of the fund for the quarter. If the estimate for any quarter shows a balance at any time during the quarter of less than Fifty Million Dollars ($50,000,000.00), the Commission shall assess and collect a surcharge for that calendar quarter in an amount sufficient to keep the balance at Fifty Million Dollars ($50,000,000.00), except as otherwise provided in this section. The surcharge shall be charged to each employer in proportion to the employer’s total tax liability as of the last completed quarter for the current calendar year and shall not exceed thirty-three and one-third percent (33 1/3%) 

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ESTIMATE OF FINANCIAL CONDITION OF FUND - SURCHARGE. Prior to the beginning of each calendar quarter, the Oklahoma Employment Security Commission shall prepare an estimate of the financial condition of the fund for the quarter. If the estimate for any quarter shows a balance at any time during the quarter of less than Fifty Million Dollars ($50,000,000.00), the Commission shall assess and collect a surcharge for that calendar quarter in an amount sufficient to keep the balance at Fifty Million Dollars ($50,000,000.00), except as otherwise provided in this section. The surcharge shall be charged to each employer in proportion to the employer’s total tax liability as of the last completed quarter for the current calendar year and shall not exceed thirty-three and one-third percent (33 1/3%) per taxable year. In a state of emergency declared by the Governor, the Oklahoma Legislature, the United States President or the U.S. Congress, the Commission shall have the following authority: 1. If a state of emergency directly and adversely impacts the fund and if the estimate for any quarter in a declared state of emergency shows a balance at any time during the quarter of less than Fifty Million Dollars ($50,000,000.00), the Commission shall have authority to: a. claim up to twenty-five percent (25%) of the federal emergency relief funds made available to the state, if any, b. decrease the surcharge to be charged to each employer to a percentage rate that is sufficient to bring the balance of the fund to Fifty Million Dollars ($50,000,000.00), c. borrow federal funds in amounts determined necessary by the Commission, d. allow the balance of the fund to remain less than Fifty Million Dollars ($50,000,000.00) but not less than Ten Million Dollars ($10,000,000.00), or e. use any combination of the provisions of subparagraph a, b, c or d of this subsection to supplement the fund; and 2. When a state of emergency does not directly impact the fund, the Commission shall adhere to the required duty to assess and collect a surcharge for that calendar quarter in an amount sufficient to keep the fund balance at Fifty Million Dollars ($50,000,000.00).

Legislative History

Added by Laws 1983, c. 270, § 14, emerg. eff. June 23, 1983. Amended by Laws 1986, c. 205, § 9, emerg. eff. June 6, 1986; Laws 1992, c. 318, § 4, eff. July 1, 1992; Laws 2021, c. 56, § 2, eff. July 1, 2021; Laws 2025, c. 140, § 4, eff. Nov. 1, 2025.