§ 28-43-1. Definitions.
The following words and phrases as used in this chapter have the following meanings,
unless the context clearly requires otherwise:
(1) "Balancing account� means a book account to be established within the employment security
fund, the initial balance of which shall be established by the director as of September
30, 1979, by transferring the balance of the solvency account on that date to the
balancing account.
(2) "Computation date� means September 30 of each year; provided, however, that in calendar
year 2024, for the purposes of establishing which schedule shall be in effect for
tax year 2025, "computation date� means any date between September 30 and December
31 in the discretion of the director of the department of labor and training.
(3) "Eligible employer� means an employer who has had three (3) consecutive experience
years during each of which contributions have been credited to the employer's account
and benefits have been chargeable to this account.
(4) "Employer's account� means a separate account to be established within the employment
security fund by the director as of September 30, 1958, for each employer subject
to chapters 42 — 44 of this title, out of the money remaining in that fund after the
solvency account has been established in the fund, by crediting to each employer an
initial credit balance bearing the same relation to the total fund balance so distributed,
as the employer's tax contributions to the fund during the period beginning October
1, 1955, and ending on September 30, 1958, have to aggregate tax contributions paid
by all employers during the same period; provided, that nothing contained in this
section shall be construed to grant to any employer prior claim or rights to the amount
contributed by the employer to the fund.
(5) "Experience rate� means the contribution rate assigned to an employer's account under
whichever is applicable of schedules A — I in § 28-43-8.
(6) "Experience year� means the period of twelve (12), consecutive calendar months ending
September 30 of each year.
(7) "Most recent employer� means the last base-period employer from whom an individual
was separated from employment and for whom the individual worked for at least four
(4) weeks, and in each of those four (4) weeks had earnings of at least twenty (20)
times the minimum hourly wage as defined in chapter 12 of this title.
(8) "Reserve percentage� means, in relation to an employer's account, the net balance
of that account on a computation date, including any voluntary contributions made
in accordance with § 28-43-5.1, stated as a percentage of the employer's twelve-month (12) average taxable payroll
for the last thirty-six (36) months ended on the immediately preceding June 30.
(9) "Reserve ratio of fund� means the ratio which the total amount available for the payment
of benefits in the employment security fund on September 30, 1979, or any computation
date thereafter, minus any outstanding federal loan balance, plus an amount equal
to funds transferred to the job development fund through the job development assessment
adjustment for the prior calendar year, bears to the aggregate of all total payrolls
subject to this chapter paid during the twelve-month (12) period ending on the immediately
preceding June 30, or the twelve-month (12) average of all total payrolls during the
thirty-six-month (36) period ending on that June 30, whichever percentage figure is
smaller.
(10) "Taxable payroll� means, for the purpose of this chapter, the total of all wages as
defined in § 28-42-3(29).
(11) "Tax year� means the calendar year.
(12) "Total payroll� means, for the purpose of this chapter, the total of all wages paid
by all employers who are required to pay contributions under the provisions of chapters
42 — 44 of this title.
(13) "Unadjusted reserve ratio of fund� means the ratio which the total amount available
for the payment of benefits in the employment security fund on September 30, 1979,
or any computation date thereafter, minus any outstanding federal loan balance, bears
to the aggregate of all total payrolls subject to this chapter paid during the twelve-month
(12) period ending on the immediately preceding June 30, or the twelve-month (12)
average of all total payrolls during the thirty-six-month (36) period ending on that
June 30, whichever percentage figure is smaller.
(14) "Voluntary contribution� means a contribution paid by an employer to his or her account
in accordance with § 28-43-5.1 to reduce the employer's experience rate for the ensuing tax year.