SB 2958 Summary

• Reduces newly subject employer unemployment insurance contribution rate by 0.03% for calendar year 2014 only.

• Establishes Mississippi Workforce Enhancement Training Fund and State Workforce Investment Board bank account, with contributions distributed at 94.75% and 5.25% respectively for 2014, then 93.75% and 6.25% for subsequent years.

• Sets Mississippi Workforce Enhancement Training and State Workforce Investment contribution rates at 0.19% for 2014 and 0.16% for subsequent years, collected in addition to unemployment insurance contributions.

• Requires State Workforce Investment Board to prepare workforce development needs analysis by February 1, 2015, including identification of training needs, assessment of current service delivery structure, and recommendations for future fund use.

• Establishes general experience rate for unemployment insurance contributions at minimum 0.2%, with employer's total unemployment insurance rate not to exceed 5.4% for 2014; establishes procedures for fund management, transfers, and collections.