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Vermont labor officials say UI trust fund holds about $307M but growth is slowing
Summary
Department of Labor officials told the Commerce & Economic Development committee the state unemployment insurance trust fund stood near $307 million as of mid‑April and remains on the lowest tax schedule, but rising claims and benefit payments have slowed fund growth. A system modernization is expected this summer.
The Commerce & Economic Development committee heard an annual briefing on the state unemployment insurance trust fund Wednesday, where Department of Labor officials said the fund remains solvent but is growing more slowly as claims and benefits tick up.
Matthew Bierwitz, director of the Economic and Labor Market Information Division at the Vermont Department of Labor, told the committee that “as of week ending, April 18, we have $307,000,000,” and that subsequent weekly reporting pushed the balance nearer $309,000,000. He said the department calculates it needs about $290,000,000 to remain on tax‑rate schedule 1, the lowest employer rate class.
Bierwitz outlined how the trust is funded by quarterly employer contributions, interest earnings and benefit outlays. He reported about $71,000,000 in employer contributions in 2025 and roughly $67,700,000 in benefits paid last year — a year‑over‑year benefits increase of about 14.9…
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