§2765.220. Determination of Benefit Ratio

In determining the benefit wage or benefit ratio referred to in Section 1503.1 of the Act for any calendar year, the resulting percentage shall be increased or reduced, as the case may be, to the nearer multiple of one-ten thousandth of one percent.  If the number is equally near to 2 multiples of one-ten thousandth of one percent, it shall be increased to the higher multiple of one-ten thousandth of one percent.

 

EXAMPLE:  An employer has incurred liability for the payment of contributions within each of the three calendar years immediately preceding calendar year 1991.  Its benefit charges for the 12 consecutive month period ending on June 30, 1990 are $1,659.00.  The benefit conversion factor for this period is 139%.  The product of its benefit charges times the benefit conversion factor for this period is $2,306.01.  Its taxable wages for this period are $340,590.00.  Its benefit ratio determined by dividing $2,306.01 by $340,590.00 equals .67706% when calculated to one-hundred thousandths of one percent.  Under the rounding rule set forth in this section, its benefit ratio is increased to .6771%.

 

(Source:  Amended at 43 Ill. Reg. 6480, effective May 14, 2019)