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Workforce Services reports trust fund health, ABLE enrollments and low error rates
Summary
DWS told the committee its unemployment insurance trust fund stands at an adequacy ratio of 1.21, the ABLE enrollment has grown to about 1,700 accounts (avg balance ~$7,000), and error rates for benefit programs remain below national averages.
Kevin Burt, representing the Department of Workforce Services, gave the committee an overview of DWS programs and performance measures.
Burt said Utah's unemployment insurance trust fund adequacy standard is 1.0 (a one-year solvency standard) and reported the state is at about 1.21 today — a buffer intended to help weather a recession without federal…
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