SB 510 - The act introduces new provisions for the repayment of Title XII loans incurred from 2003 through 2005 including a surcharge which shall expire in 2020. The act removes the language accounting for situations in which the unemployment compensation fund is not utilizing moneys advanced by the federal government.
The act also incorporates the temporary debt indebtedness surcharge into calculations as well as empowers the Director of Employment Security to grant a 10% reduction to employers with a positive experience calculated rate to be offset by levying a 10% increase on those with a negative experience calculated rate.
The fixed or variable rate affected by the board of Unemployment Security shall mature no later than 15 years after issuance. The act also changes numerous 2008 deadlines to 2020.