CT SB00258

Increases the maximum allowable Unemployment Compensation Trust Fund balance starting January 1, 2013, measured by an "average high cost multiple" instead of a fixed percentage of wages.

Sets the initial average high cost multiple at 0.5 for calendar year 2013, then increases incrementally by 0.1 each year from 2014-2018, reaching 1.0 in 2019 and thereafter.

Defines average high cost multiple as the fund balance divided by the average of the three highest benefit cost rates from either the last twenty years or a period including the last three recessions, whichever is longer.

Maintains the existing 1.4% maximum tax rate cap on assessments levied during calendar years beginning January 1, 1999 or later, effective through 2012, with the same cap continuing for years 2013 onward.

Repeals the prior requirement to maintain a fund balance equal to eight-tenths of one percent of total covered wages, replacing it with the new average high cost multiple formula effective October 1, 2012.