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§ 8-312. Unemployment Insurance Fund

West's Annotated Code of MarylandLabor and Employment

West's Annotated Code of Maryland
Labor and Employment
Title 8. Unemployment Insurance (Refs & Annos)
Subtitle 3. Administration (Refs & Annos)
MD Code, Labor and Employment, § 8-312
§ 8-312. Unemployment Insurance Fund
Currentness
Reserve against future liability
(a)(1) The balance sheet for the Unemployment Insurance Fund that the Secretary includes in the annual report shall include, if possible, a reserve against liability in future years to pay benefits in excess of the then current contributions.
(2) A reserve under this subsection shall be set up by the Secretary in accordance with accepted actuarial principles on the basis of statistics of employment, business activity, and other relevant factors for the longest possible period.
Information and recommendations to protect fund
(b) Whenever the Secretary believes that a change in rates of contributions or benefits will become necessary to protect the solvency to the Unemployment Insurance Fund, the Secretary promptly shall inform the Governor and legislature and make recommendations with respect to the change.

Credits

Added by Acts 1991, c. 8, § 2, eff. Oct. 1, 1991.
Formerly Art. 95A, § 12.
MD Code, Labor and Employment, § 8-312, MD LABOR & EMPLY § 8-312
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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