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DEPARTMENT OF LABOR

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INTEREST ASSESSMENT SURCHARGE

What Businesses Need to Know

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Interest Assessment Surcharge


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OVERVIEW

In March 2020, the federal government passed the CARES Act, creating several
pandemic unemployment programs to support out-of-work Americans impacted by the
COVID-19 pandemic. As New York State hit unemployment levels not seen since the
Great Depression, the Department of Labor would go on to pay more than $105
billion dollars in unemployment and pandemic unemployment benefits between March
2020 and September 2021. As a result of this unexpected emergency, the
Unemployment Insurance (UI) Trust Fund was depleted. Like dozens of states
around the country, New York State borrowed funds from the federal government to
maintain UI and pandemic benefits while the pandemic programs were in effect.

New York State and the Department of Labor are working to rapidly reduce its
federal debt by reducing the principal balance both aggressively and
intentionally. In fact, NYS DOL has paid back more than $1 billion, or 11%, of
its $9.2 billion UI Trust Fund loan.

While New York State prioritizes reducing its federal debt, State law requires
contributing employers to pay an annual Interest Assessment Surcharge, or IAS,
on the federal loan. Beginning in July 2022, employers who make unemployment
insurance contributions will be notified of the 2022 IAS rate (.23%) along with
information about how to pay this annual charge (about $27.60 per employee).
Unless the Federal government chooses to abate all or part of the interest
incurred or the principal balance amount is repaid with no more interest
accrued, businesses will be required to make annual IAS payments until all
interest has been fully paid off.

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Frequently Asked Questions


FREQUENTLY ASKED QUESTIONS

What is the interest assessment surcharge and why is it being assessed?
Due to the global COVID-19 Pandemic, the Unemployment Insurance (UI) Trust Fund
ran out of funds to pay claims filed by unemployed workers. As a result, New
York State borrowed funds from the federal government to maintain unemployment
insurance benefits while the pandemic unemployment programs were in effect. The
current balance of this loan is $8.1 billion. While the debt from these federal
loans is being reduced at a rapid rate, State law requires that New York State
businesses pay the interest on the federal loan – this payment is the Interest
Assessment Surcharge (IAS). New York State businesses owe the federal government
$162 million in interest for 2022, which must be paid by September 30, 2022.
Unless the Federal government chooses to abate all or part of the interest
incurred, businesses will be required to make IAS payments until all interest
has been fully paid off.  

 

Are all businesses required to pay the IAS?
All businesses that pay unemployment insurance (UI) contributions to the State
are liable for the IAS. If a business owes less than $1.00, they will not
receive an IAS bill.

 

How is IAS calculated?
The IAS for businesses is calculated using the wages subject to contributions
for the current payroll year (the fourth quarter of 2020 through the third
quarter of 2021) and multiplying those wages by the IAS rate of .23%. That
amounts to about $27.60 per employee. The IAS will vary from year to year
depending on the outstanding loan balance, wages subject to contributions, and
the federally prescribed interest rate.

 

Will a business’s UI experience rating increase as a result of IAS?
No. The IAS does not affect a business’s experience rating.

 

When are IAS payments due?
Federal interest payments are due annually on September 30, unless the federal
government suspends the accrual of interest, or the principal balance amount is
repaid with no additional interest accrued. IAS is subject to the same
collection processes as normal contributions, including, but not limited to,
legal actions to enforce a debt. No extensions can be granted as the payment due
to the federal government must be on time.

 

What if I did not receive an IAS bill or have questions regarding the IAS bill?
Businesses with questions about IAS may call NYS DOL’s Employer Hotline at
1-888-899-8810. Select Option One for the Main Menu, and then Option One for the
Employer Accounts Adjustment Section of the Unemployment Insurance Division.
Additional information is available at on.ny.gov/ias.  

 

How can businesses pay their IAS?

Businesses may pay the IAS electronically when e-Filing their 2Q22 NYS-45
return.

To create or access your UI Online Services account, go to
https://on.ny.gov/employersonlineservices. If you don’t pay the IAS with your
second quarter e-File return, you can write a check payable to “NYS Unemployment
Insurance” and send it to “NYS Unemployment Insurance, P.O. Box 4301,
Binghamton, New York 13902-4301.
 

 

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