A. As of January 1 of each year, to all experience rating tax ratesestablished pursuant to § 60.2-531, to all assigned tax rates establishedpursuant to §§ 60.2-515, 60.2-526, 60.2-527 and 60.2-538, there shall beadded the pool cost charges as determined in subsection B of this section.
B. The pool cost charge rate rounded to the nearest one-hundredth of apercent shall be determined as follows:
1. Pool costs for a given calendar year shall be those costs defined insubdivision 2 of this subsection for the thirty-six consecutive calendarmonth period ending on June 30 immediately preceding that calendar year. Thepool cost charge rate shall be pool costs divided by payrolls for such period.
2. Pool costs shall consist of (i) benefit charges which cannot be assignedto an individual employer pursuant to §§ 60.2-210, 60.2-212 through 60.2-219,or subsection C of § 60.2-528, or cannot be charged to an individual employerdue to his becoming an inactive account pursuant to § 60.2-210 or § 60.2-509,(ii) the difference in the amount the Commission pays pursuant to subdivision2 of subsection A of § 60.2-609 and the amount the Commission receivespursuant to subdivision 3 of subsection A of § 60.2-609, and (iii) thedifference between the benefit charges of all employers with a maximumexperience rating tax rate and the amount of the taxes resulting fromapplying the maximum experience rating tax rate against the payrolls of thesame employers. The term "payrolls" as used in this section shall mean thetaxable payroll on which taxes have been paid on or before September 30immediately following such June 30.
3. When the fund balance factor for the most recent twelve-month periodending on June 30 of the immediately preceding calendar year is greater thanfifty percent, interest earned on the balance which shall stand to the creditof the account of the Commonwealth of Virginia in the Unemployment Trust Fundin the treasury of the United States shall be subtracted from pool costs,except that in no instance shall pool costs be less than zero.
(1981, c. 606, § 60.1-84.2; 1984, c. 458; 1986, c. 480; 1987, c. 114; 1990,c. 908; 1993, c. 249.)
A. As of January 1 of each year, to all experience rating tax ratesestablished pursuant to § 60.2-531, to all assigned tax rates establishedpursuant to §§ 60.2-515, 60.2-526, 60.2-527 and 60.2-538, there shall beadded the pool cost charges as determined in subsection B of this section.
B. The pool cost charge rate rounded to the nearest one-hundredth of apercent shall be determined as follows:
1. Pool costs for a given calendar year shall be those costs defined insubdivision 2 of this subsection for the thirty-six consecutive calendarmonth period ending on June 30 immediately preceding that calendar year. Thepool cost charge rate shall be pool costs divided by payrolls for such period.
2. Pool costs shall consist of (i) benefit charges which cannot be assignedto an individual employer pursuant to §§ 60.2-210, 60.2-212 through 60.2-219,or subsection C of § 60.2-528, or cannot be charged to an individual employerdue to his becoming an inactive account pursuant to § 60.2-210 or § 60.2-509,(ii) the difference in the amount the Commission pays pursuant to subdivision2 of subsection A of § 60.2-609 and the amount the Commission receivespursuant to subdivision 3 of subsection A of § 60.2-609, and (iii) thedifference between the benefit charges of all employers with a maximumexperience rating tax rate and the amount of the taxes resulting fromapplying the maximum experience rating tax rate against the payrolls of thesame employers. The term "payrolls" as used in this section shall mean thetaxable payroll on which taxes have been paid on or before September 30immediately following such June 30.
3. When the fund balance factor for the most recent twelve-month periodending on June 30 of the immediately preceding calendar year is greater thanfifty percent, interest earned on the balance which shall stand to the creditof the account of the Commonwealth of Virginia in the Unemployment Trust Fundin the treasury of the United States shall be subtracted from pool costs,except that in no instance shall pool costs be less than zero.
(1981, c. 606, § 60.1-84.2; 1984, c. 458; 1986, c. 480; 1987, c. 114; 1990,c. 908; 1993, c. 249.)
A. As of January 1 of each year, to all experience rating tax ratesestablished pursuant to § 60.2-531, to all assigned tax rates establishedpursuant to §§ 60.2-515, 60.2-526, 60.2-527 and 60.2-538, there shall beadded the pool cost charges as determined in subsection B of this section.
B. The pool cost charge rate rounded to the nearest one-hundredth of apercent shall be determined as follows:
1. Pool costs for a given calendar year shall be those costs defined insubdivision 2 of this subsection for the thirty-six consecutive calendarmonth period ending on June 30 immediately preceding that calendar year. Thepool cost charge rate shall be pool costs divided by payrolls for such period.
2. Pool costs shall consist of (i) benefit charges which cannot be assignedto an individual employer pursuant to §§ 60.2-210, 60.2-212 through 60.2-219,or subsection C of § 60.2-528, or cannot be charged to an individual employerdue to his becoming an inactive account pursuant to § 60.2-210 or § 60.2-509,(ii) the difference in the amount the Commission pays pursuant to subdivision2 of subsection A of § 60.2-609 and the amount the Commission receivespursuant to subdivision 3 of subsection A of § 60.2-609, and (iii) thedifference between the benefit charges of all employers with a maximumexperience rating tax rate and the amount of the taxes resulting fromapplying the maximum experience rating tax rate against the payrolls of thesame employers. The term "payrolls" as used in this section shall mean thetaxable payroll on which taxes have been paid on or before September 30immediately following such June 30.
3. When the fund balance factor for the most recent twelve-month periodending on June 30 of the immediately preceding calendar year is greater thanfifty percent, interest earned on the balance which shall stand to the creditof the account of the Commonwealth of Virginia in the Unemployment Trust Fundin the treasury of the United States shall be subtracted from pool costs,except that in no instance shall pool costs be less than zero.
(1981, c. 606, § 60.1-84.2; 1984, c. 458; 1986, c. 480; 1987, c. 114; 1990,c. 908; 1993, c. 249.)
