HB 1550

Abstract

Amends the Unemployment Insurance Act. Changes employer contribution rates of each employer who has incurred liability for the payment of contributions within each of the 3 calendar years immediately preceding the calendar year for which a rate is being determined. Creates the Unemployment Insurance Task Force to study and make recommendations regarding ideas to reform unemployment insurance in Illinois in a way which encourages business growth while ensuring protection of workers who become involuntarily unemployed. Provides that reform ideas may include, but are not limited to, altering employer contribution rates to place a greater burden upon those employers with greater employment loss experience, allowing for and developing a private unemployment insurance market, and privatizing unemployment insurance through the establishment of employee-owned accounts similar to retirement accounts to be funded by contributions from the employer and employee to be used at the discretion of the employee if he or she becomes unemployed. Provides that the Task Force members shall serve voluntarily and without compensation. Provides that the Task Force shall submit a final report of its findings and recommendations to the Governor and the General Assembly on or before December 31, 2012. Provides that the final report shall include estimated costs and savings data for the State, Illinois businesses, and Illinois workers related to any recommendations. Provides that the Task Force is abolished on January 1, 2013. Effective immediately.