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Virginia Employment Commission says trust fund is solvent and agency is prepared for federal-related claims
Summary
The Virginia Employment Commission told House members the state’s UI Trust Fund held about $1.485 billion and that the agency had prepared processes and digital tools to handle federal employee and contractor claims.
Mitch Melas, commissioner of the Virginia Employment Commission, told the committee that the Unemployment Insurance Trust Fund balance was $1,485,000,000 and that VEC’s solvency measure (the fund balance factor) was about 58%.
Melas explained that unemployment insurance (UI) is intended to provide temporary financial assistance to workers who lose their jobs through no fault of their own and that the Trust Fund is financed by employer taxes. He said federal employers are…
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