The following words and phrases as used in this chapter have the following meanings, unless the context clearly requires otherwise:

(1)  “Balancing account” means a book account to be established within the employment security fund, the initial balance of which shall be established by the director as of September 30, 1979, by transferring the balance of the solvency account on that date to the balancing account.

(2)  “Computation date” means September 30 of each year.

(3)  “Eligible employer” means an employer who has had three (3) consecutive experience years during each of which contributions have been credited to the employer’s account and benefits have been chargeable to this account.

(4)  “Employer’s account” means a separate account to be established within the employment security fund by the director as of September 30, 1958, for each employer subject to chapters 42 — 44 of this title, out of the money remaining in that fund after the solvency account has been established in the fund, by crediting to each employer an initial credit balance bearing the same relation to the total fund balance so distributed, as his or her tax contributions to the fund during the period beginning October 1, 1955, and ending on September 30, 1958, have to aggregate tax contributions paid by all employers during the same period; provided, that nothing contained in this section shall be construed to grant to any employer prior claim or rights to the amount contributed by him or her to the fund.

(5)  “Experience rate” means the contribution rate assigned to an employer’s account under whichever is applicable of schedules A — I in § 28-43-8.

(6)  “Experience year” means the period of twelve (12), consecutive calendar months ending September 30 of each year.

(7)  “Most recent employer” means the last base-period employer from whom an individual was separated from employment and for whom the individual worked for at least four (4) weeks, and in each of those four (4) weeks had earnings of at least twenty (20) times the minimum hourly wage as defined in chapter 12 of this title.

(8)  “Reserve percentage” means, in relation to an employer’s account, the net balance of that account on a computation date, including any voluntary contributions made in accordance with § 28-43-5.1, stated as a percentage of the employer’s twelve-month (12) average taxable payroll for the last thirty-six (36) months ended on the immediately preceding June 30.

(9)  “Reserve ratio of fund” means the ratio which the total amount available for the payment of benefits in the employment security fund on September 30, 1979, or any computation date thereafter, minus any outstanding federal loan balance, plus an amount equal to funds transferred to the job development fund through the job development assessment adjustment for the prior calendar year, bears to the aggregate of all total payrolls subject to this chapter paid during the twelve-month (12) period ending on the immediately preceding June 30, or the twelve-month (12) average of all total payrolls during the thirty-six-month (36) period ending on that June 30, whichever percentage figure is smaller.

(10)  “Taxable payroll” means, for the purpose of this chapter, the total of all wages as defined in § 28-42-3(29).

(11)  “Tax year” means the calendar year.

(12)  “Total payroll” means, for the purpose of this chapter, the total of all wages paid by all employers who are required to pay contributions under the provisions of chapters 42 — 44 of this title.

(13)  “Unadjusted reserve ratio of fund” means the ratio which the total amount available for the payment of benefits in the employment security fund on September 30, 1979, or any computation date thereafter, minus any outstanding federal loan balance, bears to the aggregate of all total payrolls subject to this chapter paid during the twelve-month (12) period ending on the immediately preceding June 30, or the twelve-month (12) average of all total payrolls during the thirty-six-month (36) period ending on that June 30, whichever percentage figure is smaller.

(14)  “Voluntary contribution” means a contribution paid by an employer to his or her account in accordance with § 28-43-5.1 to reduce the employer’s experience rate for the ensuing tax year.