House Bill 2411 Summary

• Establishes a minimum unemployment insurance contribution rate of 1.5% of taxable wages for all Oklahoma employers effective January 1, 2015

• Requires new employers to maintain the 1.5% minimum rate for eight consecutive calendar quarters before qualifying for an earned rate based on their experience rating

• If an employer with an earned rate subsequently ceases employment, they revert to the 1.5% minimum rate if no claims could have been filed in each quarter of the preceding year

• Repeals existing Sections 3-110 and 3-112 of Title 40 relating to previous contribution rate structures

• Effective date: November 1, 2014