Full Text of SB1660 95th General Assembly
SB1660 95TH GENERAL ASSEMBLY
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 SB1660
Introduced 2/9/2007, by Sen. Randall "Randy" M. Hultgren - Dave Syverson - Dan Cronin - Matt Murphy - Kirk W. Dillard, et al. SYNOPSIS AS INTRODUCED: |
|
820 ILCS 405/1505 |
from Ch. 48, par. 575 |
|
Amends the Unemployment Insurance Act. Provides that the adjusted state experience factor shall be 100% for calendar years 2008 and 2009. Effective January 1, 2008.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
A BILL FOR
|
|
|
|
|
SB1660 |
|
LRB095 10900 WGH 31185 b |
|
| 1 |
| AN ACT concerning employment.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Unemployment Insurance Act is amended by | 5 |
| changing Section 1505 as follows: | 6 |
| (820 ILCS 405/1505) (from Ch. 48, par. 575)
| 7 |
| Sec. 1505. Adjustment of state experience factor. The state | 8 |
| experience
factor shall be adjusted in accordance with the | 9 |
| following provisions:
| 10 |
| A. This subsection shall apply to each calendar year prior | 11 |
| to 1980 for
which a state experience factor is being | 12 |
| determined.
| 13 |
| For every $7,000,000 (or fraction thereof) by which the | 14 |
| amount
standing to the credit of this State's account in the | 15 |
| unemployment trust
fund as of June 30 of the calendar year | 16 |
| immediately preceding the
calendar year for which the state | 17 |
| experience factor is being determined
falls below | 18 |
| $450,000,000, the state experience factor for the succeeding
| 19 |
| calendar year shall be increased 1 percent absolute.
| 20 |
| For every $7,000,000 (or fraction thereof) by which the | 21 |
| amount
standing to the credit of this State's account in the | 22 |
| unemployment trust
fund as of June 30 of the calendar year | 23 |
| immediately preceding the
calendar year for which the state |
|
|
|
SB1660 |
- 2 - |
LRB095 10900 WGH 31185 b |
|
| 1 |
| experience factor is being determined
exceeds $450,000,000, | 2 |
| the state experience factor for the succeeding
year shall be | 3 |
| reduced 1 percent absolute.
| 4 |
| B. This subsection shall apply to the calendar years 1980
| 5 |
| through 1987, for which the state experience factor is being | 6 |
| determined.
| 7 |
| For every $12,000,000 (or fraction thereof) by which the | 8 |
| amount
standing to the credit of this State's account in the | 9 |
| unemployment trust
fund as of June 30 of the calendar year | 10 |
| immediately preceding the
calendar year for which the state | 11 |
| experience factor is being determined
falls below | 12 |
| $750,000,000, the state experience factor for the succeeding
| 13 |
| calendar year shall be increased 1 percent absolute.
| 14 |
| For every $12,000,000 (or fraction thereof) by which the | 15 |
| amount
standing to the credit of this State's account in the | 16 |
| unemployment trust
fund as of June 30 of the calendar year | 17 |
| immediately preceding the
calendar year for which the state | 18 |
| experience factor is being determined
exceeds $750,000,000, | 19 |
| the state experience factor for the succeeding
year shall be | 20 |
| reduced 1 percent absolute.
| 21 |
| C. This subsection shall apply to the calendar year 1988
| 22 |
| and each calendar year thereafter, for which the state
| 23 |
| experience factor is being determined.
| 24 |
| 1. For every $50,000,000 (or fraction thereof) by which
| 25 |
| the adjusted trust fund balance falls below the target | 26 |
| balance set forth in
this subsection,
the state experience |
|
|
|
SB1660 |
- 3 - |
LRB095 10900 WGH 31185 b |
|
| 1 |
| factor for the succeeding year shall
be increased one | 2 |
| percent absolute.
| 3 |
| For every $50,000,000 (or fraction thereof) by which
| 4 |
| the adjusted trust fund balance exceeds the target balance | 5 |
| set forth in this
subsection, the
state experience factor | 6 |
| for the succeeding year shall be
decreased by one percent | 7 |
| absolute.
| 8 |
| The target balance in each calendar year prior to 2003 | 9 |
| is $750,000,000.
The
target balance in
calendar year 2003 | 10 |
| is $920,000,000. The target balance in calendar year 2004 | 11 |
| is
$960,000,000.
The target balance in calendar year 2005 | 12 |
| and each calendar year thereafter
is
$1,000,000,000.
| 13 |
| 2. For the purposes of this subsection:
| 14 |
| "Net trust fund balance" is the amount standing to the
| 15 |
| credit of this State's account in the unemployment trust
| 16 |
| fund as of June 30 of the calendar year immediately | 17 |
| preceding
the year for which a state experience factor is | 18 |
| being determined.
| 19 |
| "Adjusted trust fund balance" is the net trust fund | 20 |
| balance
minus the sum of the benefit reserves for fund | 21 |
| building
for July 1, 1987 through June 30 of the year prior | 22 |
| to the
year for which the state experience factor is being | 23 |
| determined.
The adjusted trust fund balance shall not be | 24 |
| less than
zero. If the preceding calculation results in a | 25 |
| number
which is less than zero, the amount by which it is | 26 |
| less
than zero shall reduce the sum of the benefit reserves
|
|
|
|
SB1660 |
- 4 - |
LRB095 10900 WGH 31185 b |
|
| 1 |
| for fund building for subsequent years.
| 2 |
| For the purpose of determining the state experience | 3 |
| factor
for 1989 and for each calendar year thereafter, the | 4 |
| following
"benefit reserves for fund building" shall apply | 5 |
| for each
state experience factor calculation in which that | 6 |
| 12 month
period is applicable:
| 7 |
| a. For the 12 month period ending on June 30, 1988, | 8 |
| the
"benefit reserve for fund building" shall be | 9 |
| 8/104th of
the total benefits paid from January 1, 1988 | 10 |
| through June 30, 1988.
| 11 |
| b. For the 12 month period ending on June 30, 1989, | 12 |
| the
"benefit reserve for fund building" shall be the | 13 |
| sum of:
| 14 |
| i. 8/104ths of the total benefits paid from | 15 |
| July 1,
1988 through December 31, 1988, plus
| 16 |
| ii. 4/108ths of the total benefits paid from | 17 |
| January
1, 1989 through June 30, 1989.
| 18 |
| c. For the 12 month period ending on June 30, 1990, | 19 |
| the
"benefit reserve for fund building" shall be | 20 |
| 4/108ths of
the total benefits paid from July 1, 1989 | 21 |
| through December 31, 1989.
| 22 |
| d. For 1992 and for each calendar year thereafter, | 23 |
| the
"benefit reserve for fund building" for the 12 | 24 |
| month period
ending on June 30, 1991 and for each | 25 |
| subsequent 12 month
period shall be zero.
| 26 |
| 3. Notwithstanding the preceding provisions of this |
|
|
|
SB1660 |
- 5 - |
LRB095 10900 WGH 31185 b |
|
| 1 |
| subsection,
for calendar years 1988 through 2003, the state | 2 |
| experience factor shall not
be increased or decreased
by | 3 |
| more than 15 percent absolute.
| 4 |
| D. Notwithstanding the provisions of subsection C, the
| 5 |
| adjusted state experience factor:
| 6 |
| 1. Shall be 111 percent for calendar year 1988;
| 7 |
| 2. Shall not be less than 75 percent nor greater than
| 8 |
| 135 percent for calendar years 1989 through 2003; and shall | 9 |
| not
be less than 75% nor greater than 150% for calendar | 10 |
| year 2004 and each
calendar year
thereafter;
| 11 |
| 3. Shall not be decreased by more than 5 percent | 12 |
| absolute for any
calendar year, beginning in calendar year | 13 |
| 1989 and through calendar year
1992, by more than 6% | 14 |
| absolute for calendar years 1993
through 1995, by more than | 15 |
| 10% absolute for calendar years
1999 through 2003 and by | 16 |
| more than 12% absolute for calendar years
year 2004 through | 17 |
| 2007 and calendar year 2010 and
each calendar year | 18 |
| thereafter, from the adjusted state
experience factor of | 19 |
| the calendar year preceding the calendar year for which
the | 20 |
| adjusted state experience factor is being determined;
| 21 |
| 4. Shall not be increased by more than 15% absolute for | 22 |
| calendar year
1993, by more than 14% absolute for calendar | 23 |
| years 1994 and
1995, by more than 10% absolute for calendar | 24 |
| years 1999
through 2003 and by more than 16% absolute for | 25 |
| calendar years
year 2004 through 2007 and calendar year | 26 |
| 2010 and each
calendar
year
thereafter, from the adjusted |
|
|
|
SB1660 |
- 6 - |
LRB095 10900 WGH 31185 b |
|
| 1 |
| state experience factor for the calendar year
preceding the | 2 |
| calendar year for which the adjusted state experience | 3 |
| factor
is being determined;
| 4 |
| 5. Shall be 100% for calendar years 1996, 1997, and | 5 |
| 1998 ;
| 6 |
| 6. Shall be 100% for calendar years 2008 and 2009 .
| 7 |
| E. The amount standing to the credit of this State's | 8 |
| account in the
unemployment trust fund as of June 30 shall be | 9 |
| deemed to include as part
thereof (a) any amount receivable on | 10 |
| that date from any Federal
governmental agency, or as a payment | 11 |
| in lieu of contributions under the
provisions of Sections 1403 | 12 |
| and 1405 B and paragraph 2 of Section 302C,
in reimbursement of | 13 |
| benefits paid to individuals, and (b) amounts
credited by the | 14 |
| Secretary of the Treasury of the United States to this
State's | 15 |
| account in the unemployment trust fund pursuant to Section 903
| 16 |
| of the Federal Social Security Act, as amended, including any | 17 |
| such
amounts which have been appropriated by the General | 18 |
| Assembly in
accordance with the provisions of Section 2100 B | 19 |
| for expenses of
administration, except any amounts which have | 20 |
| been obligated on or
before that date pursuant to such | 21 |
| appropriation.
| 22 |
| (Source: P.A. 93-634, eff. 1-1-04.)
| 23 |
| Section 99. Effective date. This Act takes effect January | 24 |
| 1, 2008.
|
|