Employers Pay Interest Assessments for Funds Borrowed from Federal Government

States are passing interest assessments to employers to pay for interest on funds borrowed from the federal government to fund depleted state unemployment fund levels.

Florida notified employers of this assessment through a notice dated 1/22/2011 detailing why this interest assessment is needed and how the assessment is calculated along with applicable due dates.

Delaware will be sending out notices to their employers no later than June 30, 2011.

Missouri will include this interest assessment on their 2nd quarter unemployment returns. Paycor will obtain this information directly from Missouri to impound and pay this assessment.

Connecticut plans to send notices in August 2011.

Paycor will continue to monitor all states and will send communication to those clients affected.