§ 28-43-8.3 - Rate where no experience.
SECTION 28-43-8.3
§ 28-43-8.3 Rate where no experience.– Notwithstanding any inconsistent provisions of chapters 42 – 44 of thistitle, each employer who has not been subject to this chapter for a sufficientperiod of time to be eligible for any experience rate under this chapter shallpay contributions at a rate not exceeding four and two tenths percent (4.2%)that is the higher of one percent (1%) or the state's five (5) year benefitcost rate for employers not eligible for any experience rate under thischapter. For the purposes of this section, the state's five (5) year benefitcost rate for employers not eligible for any experience rate under this chaptershall be computed annually and shall be derived by dividing the total dollaramount of benefits charged to employers not eligible for any experience rateunder chapters 42 – 44 of this title during the five (5) consecutiveexperience years immediately preceding the computation year by the total dollaramount of wages paid by employers not eligible for any experience rate underthis chapter and subject to contributions under chapters 42 – 44 of thistitle during the same period.