Kentucky Statutes 341.127 – Reports by cabinet
Current as of: 2024 | Check for updates
|
Other versions
(1) By December 1, 2021, and annually thereafter until December 1, 2025, the cabinet shall report to the Governor and the Interim Joint Committee on Economic Development and Workforce Investment:
(a) The status of the unemployment trust fund, including any federal advances required for trust fund solvency;
(b) The average claim duration for individuals receiving unemployment benefits;
and
(c) The average weekly wage for individuals receiving unemployment benefits.
(2) By December 1, 2021, the cabinet shall report to the Governor and the Interim Joint Committee on Economic Development and Workforce Investment a review of the amount of wages subject to tax. The review shall include:
(a) An analysis of the equitable treatment of employers based on the amount of wages subject to tax;
(b) A comparison of the percentage of wages subject to tax for small, medium, and large businesses; and
(c) Examples of how changes to the amount of wages subject to tax would impact trust fund balances and employer contributions.
(3) By December 1, 2022, and annually thereafter until December 1, 2025, the cabinet shall report to the Governor and the Interim Joint Committee on Economic Development and Workforce Investment and provide analysis of the impact of the shared work benefits described in KRS § 341.4161 to KRS § 341.4173, the unemployment trust fund, and unemployment insurance taxes paid by employers.
(4) By December 1, 2023, the cabinet shall report to the Governor and the Interim Joint Committee on Economic Development and Workforce Investment a review of potential changes to the computation of employer contribution rates and how these changes could affect employer contribution rates and the unemployment insurance trust fund. Potential changes considered in the analysis shall include:
(a) Setting the number of consecutive calendar quarters for a new employer to receive his or her own unique experience rating at four (4) consecutive calendar quarters under KRS § 341.270 and KRS § 341.272;
(b) Changing the computation of the “reserve ratio” formula in KRS
341.270(5)(c) to include an annual average of taxable payrolls of twelve (12)
consecutive calendar quarters;
(c) Making any amendments to the rate schedule table in KRS § 341.270 based on changes listed in paragraphs (a) and (b) of this subsection to ensure unemployment insurance trust fund sustainability;
(d) Charging benefits to employers in proportion to base period wages rather than that of the most recent employer;
(e) Indexing the unemployment insurance trust fund balance computations in
KRS § 341.270(3) to inflation and making annual adjustments thereafter; and
(f) Indexing the taxable wage base to inflation and making annual adjustments thereafter, pursuant to KRS § 341.030.
(5) This section expires on January 31, 2026.
Effective: July 1, 2023
History: Amended 2023 Ky. Acts ch. 80, sec. 5, effective July 1, 2023. — Amended
2022 Ky. Acts ch. 21, sec. 21, effective January 1, 2023. — Created 2021 Ky. Acts ch. 177, sec. 1, effective April 1, 2021.
Legislative Research Commission Note (1/1/2023). 2022 Ky. Acts ch. 21, sec. 26, provides that the Act, which amended this statute, may be cited as the Unemployment Insurance Sustainability Act of 2022.
(a) The status of the unemployment trust fund, including any federal advances required for trust fund solvency;
Terms Used In Kentucky Statutes 341.127
- Benefits: means the money payments payable to a worker under this chapter and under any previous unemployment compensation law of this state with respect to his unemployment. See Kentucky Statutes 341.020
- Cabinet: means the Education and Labor Cabinet. See Kentucky Statutes 341.005
- Commission: means the Unemployment Insurance Commission. See Kentucky Statutes 341.005
- Contributions: means the money payments, exclusive of interest and penalties, to the unemployment insurance fund required by this chapter and by any previous unemployment compensation law of this state. See Kentucky Statutes 341.020
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Fund: means the unemployment insurance fund established by KRS §. See Kentucky Statutes 341.020
- Joint committee: Committees including membership from both houses of teh legislature. Joint committees are usually established with narrow jurisdictions and normally lack authority to report legislation.
- Shared work benefits: means the unemployment compensation benefits payable to employees in an affected group under an approved plan as distinguished from the unemployment benefits otherwise payable under other provisions of this chapter. See Kentucky Statutes 341.096
- Statute: A law passed by a legislature.
- Treatment: when used in a criminal justice context, means targeted interventions
that focus on criminal risk factors in order to reduce the likelihood of criminal behavior. See Kentucky Statutes 446.010 - wages: includes tips which are: (a) Received while performing services which constitute employment. See Kentucky Statutes 341.030
(b) The average claim duration for individuals receiving unemployment benefits;
and
(c) The average weekly wage for individuals receiving unemployment benefits.
(2) By December 1, 2021, the cabinet shall report to the Governor and the Interim Joint Committee on Economic Development and Workforce Investment a review of the amount of wages subject to tax. The review shall include:
(a) An analysis of the equitable treatment of employers based on the amount of wages subject to tax;
(b) A comparison of the percentage of wages subject to tax for small, medium, and large businesses; and
(c) Examples of how changes to the amount of wages subject to tax would impact trust fund balances and employer contributions.
(3) By December 1, 2022, and annually thereafter until December 1, 2025, the cabinet shall report to the Governor and the Interim Joint Committee on Economic Development and Workforce Investment and provide analysis of the impact of the shared work benefits described in KRS § 341.4161 to KRS § 341.4173, the unemployment trust fund, and unemployment insurance taxes paid by employers.
(4) By December 1, 2023, the cabinet shall report to the Governor and the Interim Joint Committee on Economic Development and Workforce Investment a review of potential changes to the computation of employer contribution rates and how these changes could affect employer contribution rates and the unemployment insurance trust fund. Potential changes considered in the analysis shall include:
(a) Setting the number of consecutive calendar quarters for a new employer to receive his or her own unique experience rating at four (4) consecutive calendar quarters under KRS § 341.270 and KRS § 341.272;
(b) Changing the computation of the “reserve ratio” formula in KRS
341.270(5)(c) to include an annual average of taxable payrolls of twelve (12)
consecutive calendar quarters;
(c) Making any amendments to the rate schedule table in KRS § 341.270 based on changes listed in paragraphs (a) and (b) of this subsection to ensure unemployment insurance trust fund sustainability;
(d) Charging benefits to employers in proportion to base period wages rather than that of the most recent employer;
(e) Indexing the unemployment insurance trust fund balance computations in
KRS § 341.270(3) to inflation and making annual adjustments thereafter; and
(f) Indexing the taxable wage base to inflation and making annual adjustments thereafter, pursuant to KRS § 341.030.
(5) This section expires on January 31, 2026.
Effective: July 1, 2023
History: Amended 2023 Ky. Acts ch. 80, sec. 5, effective July 1, 2023. — Amended
2022 Ky. Acts ch. 21, sec. 21, effective January 1, 2023. — Created 2021 Ky. Acts ch. 177, sec. 1, effective April 1, 2021.
Legislative Research Commission Note (1/1/2023). 2022 Ky. Acts ch. 21, sec. 26, provides that the Act, which amended this statute, may be cited as the Unemployment Insurance Sustainability Act of 2022.