HI SB2370

Applies contribution rate schedule D for calendar year 2010 and schedule F for calendar year 2011, regardless of the actual ratio between the unemployment compensation fund balance and the adequate reserve fund.

Sets the taxable wage base at 90% of the average annual wage for calendar year 2010 and thereafter, reducing the amount of wages subject to unemployment insurance contributions.

Permanently retains the adequate reserve fund at one times (rather than one and one-half times) the product of the benefit cost rate multiplied by total remuneration paid.

Authorizes the director of labor to assess all employers to repay interest on loans from the U.S. Secretary of Labor when the state has an outstanding loan balance for two consecutive years, using penalties, interest collections, and dedicated employer assessments.

Applies retroactively to January 1, 2010 for employer contribution rate determinations and takes effect upon approval.