POA Decision – 1999/09/21-02 – Premium Modification Systems Delays: A Plan to Implement Experience Rating and the Net Rate Transition Rules
As of January 1, 2000, the Board will have new classification and experience rating systems which will affect all assessment rates, except for deposit classes. The Finance Division is now able to calculate the new base assessment rates for the year 2000, but it is not able to calculate the experience rated adjustments until mid-year 2000. The Panel of Administrators passed a resolution to allow the Board to set provisional assessment rates for employers for the first and second quarters of 2000 and advise them of those rates in the fall of 1999, and then calculate the final net (experience-rated) assessment rates for 2000 in mid-2000 and advise employers of those rates at that time. The total annual remittance for all firms for the year 2000 will be based on their final net assessment rate.