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Lawmakers probe rebuild timeline as DEW projects reserve up to $970M by 2020
Summary
Committee members pressed Director Stanton on the statutory reserve formula and employer tax impacts after Stanton said the 5-year rebuild target could reach between $946 million and $970 million by 2020; members asked whether law revisions or timing adjustments are needed.
Lawmakers pressed the Department of Employment and Workforce director over the pace and fairness of the five-year rebuild of the unemployment insurance trust fund. Stanton told the committee the statutory formula and growth in the taxable wage base raised the reserve target, saying the agency's "current projections of where we will need to be in 2020 ... is somewhere between 946,000,000 and 970,000,000."
Members questioned whether the timing of collections and employer tax relief is appropriate given strong employment growth, saying private employers could face unnecessarily high rates if the formula is not revisited. Stanton said the agency consults with federal and budget analysts each year and will brief the legislature if collections or benefit payouts change materially.
