Bill Summary: Raised Bill No. 1237

• Implements a phase-in of maximum unemployment insurance charged rates for employers, with maximum rates increasing from 6.4% (2024) to 10% (2028 and beyond).

• Caps annual employer rate increases at 25% of the prior year's charged rate for calendar years 2024-2027 to limit sudden premium increases.

• Divides individual employer benefit charges by 1.471, 1.269, 1.125, and 1.053 for calendar years 2024-2027 respectively to moderate rate calculations during the phase-in period.

• Reduces the state's five-year benefit cost rate calculation by 0.2% for 2023 and modifies assessment rate caps to not exceed 1.2% (2023) and 1% (2024 and after).

• Requires employers with 100+ employees to report expanded workforce demographic and occupational data starting in Q3 2024, with phased implementation for smaller employers by Q3 2026-2028.