Assessments for the trust fund for disability benefits

(a) Each employer shall, from July 1, 1969, to December 31, 1969, contribute to the establishment of the trust fund for disability benefits at the rate of .2 per cent of covered wages as defined in section 392-43. The employer shall pay such contributions to the director for a given month on or before the thirtieth day of the next succeeding month. (b) When the balance of the trust fund for disability benefits falls below $500,000 as of December 31 of any year after 1969, a levy shall be assessed and collected in the next calendar year from insurers of employers insured under section 392-41 and from all other employers not insured under section 392-41. Each year the director shall determine the amount of the levy to be paid by each insurer or employer and shall give notice of the levy to each such insurer or employer on or before May 1 of the year in which the levy is assessed. The amount of the levy shall be paid on or before June 30 following notification. The amount of the levy against each insurer or employer shall be determined as the product of the wages paid by the employer multiplied by a factor which is the ratio of the amount by which the balance in the [trust fund for disability benefits] was less than $500,000 on the preceding December 31 to total covered wages paid by all employers. For the purposes of this paragraph, "covered wages" means wages paid by employers during the preceding calendar year but not including wages paid to any employee in excess of the limit contained in section 392-43(b).