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Job Service reports trust fund near target and multiplier above 1.0; claims trend noted
Summary
Job Service North Dakota told the Budget Section the unemployment insurance trust fund held about $337.7 million as of Dec. 31, 2024, with a high‑cost multiplier of 1.09 and that the agency projects the fund to end 2025 close to target; Lawler said tax rate ranges remain 0.08% to 9.69% under state code.
Jamie Lawler, data and quality assurance manager for Job Service North Dakota, told the Budget Section the unemployment insurance trust fund balance was $337.7 million as of Dec. 31, 2024, above a target balance reported as $316.3 million. Lawler explained the high‑cost multiplier — an actuarial measure of how long the trust fund could sustain benefit payments without additional revenues — was 1.09 as of that date (target 1.0). "For example, a multiplier of 1 would signify that the fund could be able to cover benefits for 1 year solely based on the existing resources," Lawler explained.
Lawler said North Dakota filed more claims in 2024 and that the state has maintained a minimum tax rate of 0.08% and a maximum tax rate of 9.69% under North Dakota Century Code 52‑04‑05.3. She said projections indicate the trust fund is on track to end 2025 close to its target balance.
A committee member asked for no follow‑up questions and Lawler offered to answer additional technical questions offline.
