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DEW director says UI debt repaid; trust fund held at more than $590 million
Summary
Director Cheryl Stanton told the Labor, Commerce and Industry joint committee that DEW repaid federal UI debt and reported a trust fund balance of over $590,000,000 as of April 30, while outlining a five-year rebuild plan and ongoing monitoring of claims and payouts.
Cheryl Stanton, director of the South Carolina Department of Employment and Workforce, told the joint Labor, Commerce and Industry committee that DEW had repaid its federal unemployment insurance (UI) loan and "we are now at a point where we have a reserve as of April 30 of over $590,000,000 in the trust fund balance." Stanton said the agency is tracking collections and payouts weekly and will update the committee when April receipts are fully processed.
Stanton described a five-year rebuild plan tied to a statutorily based reserve formula that uses historic recession experience and the state's taxable wage base. She told senators and representatives the projected reserve target in 2020 is between $946,000,000 and $970,000,000, and that DEW expects to funnel about $140,000,000 into the reserve in the current plan year while monitoring benefit payouts of roughly $2.8–3.0 million per week. "If we start to see [payouts] creep up, that's when it's time for me to come talk to you all," she said.
