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This
bill will increase benefit costs to all employers beginning in fiscal year
2003-04 by approximately $6,000,000 per year based on the unemployment rate
assumptions of the Consensus Economic Forecasting Commission. Also, under the Omnibus Reconciliation
Act, the federal share of the cost of the first week of Extended Benefits
will be eliminated in any state which does not have a non-compensable waiting
week for regular benefits. This is
estimated to increase the State share of extended benefits by an additional
$1,000,000 to $2,000,000 depending on the duration of the extended
benefits. The cost increase would
move the unemployment contributions schedule from B to C for rate year 2005,
increasing collections by $12,200,000 in 2005 and an additional $1,500,000 in
2006. The State and all other direct
reimbursment employers will be required to repay the Unemployment
Compensation Trust Fund for the additional benefit payments. |
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