The New Jersey Department of Labor and Workforce Development (Department) was required to borrow funds from the United States Treasury in order to pay Unemployment Insurance benefits. Payment of the interest on the outstanding loan balance starting on January 1, 2011, is due September 30 2011.
As required by N.J.S.A. 43:21-14.3, The Department must assess all employers for the interest due. Each employer’s assessment amount is determined by multiplying the employer’s unemployment contributions paid and payable for the preceding calendar year (2010) by the ratio calculated in accordance with the section of the law cited above. The minimum assessment is $5.00.
The calculation of the Federal Loan Interest Assessment for 2011 is shown on the notice. The payment of the assessment is due 30 days from the mailing date of of the notice. Payments received after the due date will be assessed interest at the prevailing rate from the due date to the date the payment is remitted. The Federal Loan Interest Assessment for 2011 is tentatively scheduled to be mailed on July 15, 2011, and the payment due date for the assessment is August 14, 2011.