Md. Code, Labor and Employment § 8-312
This is the official text of Md. Code, Labor and Employment § 8-312, part of Maryland’s Code, Labor and Employment — governs wages, workplace safety, and employee rights.
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§8–312.
Official statutory text
(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.
(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.
(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.
(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.
Status: in_force · Read it on the official government site
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