Senate Bill 2457 Summary

• Creates the Mississippi Works Fund within the Mississippi Employment Security Law to fund strategic and targeted workforce training investments focused on high-growth industries and in-demand jobs for calendar years 2015 and 2016.

• Establishes contribution rates of 0.2% of taxable wages for the Mississippi Works Fund (in addition to existing Workforce Enhancement Training and State Workforce Investment contributions totaling 0.16%) for 2015-2016, with funds distributed 55.6% to Mississippi Works Fund, 41.7% to Workforce Enhancement Training Fund, and 2.7% to State Workforce Investment Fund.

• Sets the general experience (unemployment insurance) rate at 0% for rate years 2015 and 2016, with suspension provisions if the insured unemployment rate exceeds 5.5% for three consecutive months, reverting to a minimum 0.2% rate during suspension.

• Grants the State Workforce Investment Executive Committee sole authority to allocate Mississippi Works Fund contributions and requires the State Workforce Investment Board to create performance metrics and submit annual reports to the Governor, Lieutenant Governor, and Speaker of the House on fund performance and economic impact.

• Increases the State Workforce Investment Board membership from 39 to 41 voting members and requires compliance with federal Workforce Investment Act and Workforce Innovation and Opportunity Act requirements.