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ODJFS warns trust fund could go negative by 2032 absent policy changes, outlines options to shore up solvency
Summary
Ohio Department of Job and Family Services Director Matt Damschroder told the Public Insurance and Pensions Committee the unemployment trust fund holds about $1.7 billion and, assuming no recession, could become insolvent by 2032; he outlined policy levers (reducing maximum weeks, raising taxable wage base, adjusting experience rates, or one‑time infusions) and described plans to modernize IT and strengthen fraud controls.
Matt Damschroder, director of the Ohio Department of Job and Family Services, told the Public Insurance and Pensions Committee that Ohio’s unemployment trust fund balance is about $1.7 billion and — on current policy settings and absent a recession — is projected to become insolvent around 2032.
Damschroder explained how the system is funded (federal FUTA taxes and state SUTA taxes), noted that employers are split between contributory and reimbursing types, and said Ohio supplements federal administrative funding with about $20 million from the General Revenue Fund. He described the taxable wage base ($9,000), the dependent add‑on (costing roughly $27.8 million…
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