HB1173

This bill updates how South Dakota calculates unemployment insurance fees that employers pay based on their "reserve ratio" (how much they've contributed to the unemployment fund relative to benefits paid). Starting in 2024, employers with higher reserve ratios will pay lower investment fees, ranging from 0.53% for those with very low reserves down to 0% for those with reserves of 1.60% or higher. The change replaces the previous fee calculation method and rewards employers who have contributed more to the unemployment fund by reducing their annual fees.