Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Vermont lawmakers told trust fund at about $310 million but benefits rise as contributions plateau
Summary
Department of Labor data presented April 17 shows the unemployment insurance trust fund at roughly $310 million at the end of 2024; rising benefit payments, a one-time federal reimbursement and flat contributions narrowed the fund's margin and prompted lawmakers to request additional data.
The Vermont House Committee on Commerce & Economic Development heard April 17 from Matthew Barowitz of the Vermont Department of Labor that the state's unemployment insurance (UI) trust fund held about $310,000,000 at the end of 2024, but rising benefit payouts and flattening contributions have narrowed the fund's cushion against a downturn.
"My name is Matthew Barowitz. I am the director of the economic and labor market information division at the Vermont Department of Labor," Barowitz said as he opened his presentation and reviewed weekly claims, employment and the trust fund's recent performance.
Barowitz told the committee that weekly regular UI claims remain at historic lows compared with pre-pandemic patterns, with current weekly claims near 4,000 and 2025 slightly higher than 2024 but still low by historical standards. He said Vermont's population and employment are at record levels — roughly 648,000 residents and record employment — while the labor force remains below its 2009 peak because of long-term demographic shifts.
Why it matters: the trust fund is meant to accumulate reserves in good times so…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
