SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

  • | print version

HB 794 Unemployment compensation fund; holding account refunds.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Unemployment compensation fund; holding account refunds. Establishes a process to limit the growth of the Unemployment Trust Fund balance above $1 billion. A holding account is established, into which moneys in the clearing account shall be deposited. Such funds currently are credited directly from the clearing account directly into Virginia's account in the federal Unemployment Trust Fund. If Virginia's balance in the Trust Fund is less than $1 billion, the moneys will be paid into the Trust Fund as is currently required. However, if the Trust Fund balance exceeds $1 billion, the moneys will stay in the holding account until the Trust Fund balance falls below $1 billion or the balance in the holding account reaches $50 million. If the Trust Fund balance falls below $1 billion first, money from the holding account will be transferred to the Trust Fund to restore the balance to such level. If the balance in the holding account reaches $50 million first, that amount, less the costs of administering the refund, shall be refunded to the employers who paid into the fund during the period the Trust Fund balance topped $1 billion, on a pro rata basis.


FULL TEXT

HISTORY