Establishes the "Unemployment Administration Adjustment Fund" in Missouri to manage contributions from employers.
The bill creates the "Unemployment Administration Adjustment Fund" in Missouri, funded by contributions from employers. Employers liable for contributions, except those with a zero rate, must pay an annual adjustment. The fund's money is used solely for administering unemployment laws and cannot be substituted for federal funds. The state treasurer manages the fund and may invest its money. If the fund balance reaches $40 million, no adjustment is applied the next year.
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