Section 70. Annual assessment

A. The commission shall calculate the annual assessment for a PEO required by § 65.2-803.1 I of the Code of Virginia using the following formula:

(a/b) x c where,

a = payroll of the PEO for which assessment is being calculated;

b = aggregate annual payroll; and

c = sums necessary for registration and supervision of all PEOs.

B. Each PEO shall report payroll on the form prescribed by the commission as provided in 16VAC30-100-30.

C. The commission shall calculate the assessment for each PEO and send an appropriate invoice. The PEO shall pay the assessment to the commission no later than 60 days from the date of the invoice. Payment shall be made in the manner prescribed by the commission in the invoice.

D. The assessment shall be nonrefundable, in whole or in part.

E. Failure of a PEO to pay the assessment shall subject the PEO to the penalties provided in §§ 65.2-803.1 H and 65.2-902 of the Code of Virginia.

Historical Notes

Derived from Volume 17, Issue 09, eff. February 14, 2001.

Statutory Authority

§§ 65.2-201 and 65.2-803.1 of the Code of Virginia.