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2001 SESSION
010012924WHEREAS, each year since 1977 a joint subcommittee consisting of five members of the Senate Commerce and Labor Committee and seven members of the House Labor and Commerce Committee has met to study the funding requirements of the Virginia Unemployment Trust Fund; and
WHEREAS, such joint subcommittee met in 2000 pursuant to House Joint Resolution No. 249 (2000) to review the current status of, and long-term projections for, the Virginia Unemployment Trust Fund; and
WHEREAS, the Unemployment Trust Fund is financed by Virginia’s employers to provide benefits to Virginians with a firm attachment to the workforce who become unemployed through no fault of their own; and
WHEREAS, the current formula determining the adequacy of the Unemployment Trust Fund was enacted following a 1980 study of the unemployment compensation system; and
WHEREAS, the 1980 study of the unemployment compensation system was conducted in response to high levels of benefit payments in the recession years of the late 1970s; and
WHEREAS, since 1980, the Commonwealth's economy has changed, most recently enjoying considerable economic growth; and
WHEREAS, the solvency level of the Unemployment Trust Fund is projected to decline by 2003; and
WHEREAS, legislative examination of the unemployment compensation system is warranted to ensure its adequacy to meet the changing needs of a growing economy; now, therefore, be it
RESOLVED by the House of Delegates, the Senate concurring, That the Joint Subcommittee Studying the Funding Requirements of the Virginia Unemployment Trust Fund be hereby continued. The scope of the study shall be expanded to address, but shall not be limited to, (i) the current formula for determining solvency of the Unemployment Trust Fund, (ii) employee benefit eligibility criteria, (iii) the rationale for benefit levels, (iv) the propriety of regional or extended benefit features, (v) the appropriateness and sufficiency of pool charges, (vi) the propriety of diversion of revenue to job training or economic development programs, and (vii) the current tax schedules for employers. The joint subcommittee shall be composed of 12 members to be appointed as follows: seven members of the House of Delegates to be appointed by the Speaker, in accordance with Rule 16 of the Rules of the House of Delegates; and five members of the Senate, to be appointed by the Senate Committee on Privileges and Elections.
The direct costs of this study shall not exceed $115,000. An estimated $100,000 is allocated for consulting or actuarial services. Such expenses shall be funded by an appropriation of the General Assembly.
The Division of Legislative Services shall provide staff support for the study. All agencies of the Commonwealth shall provide assistance to the joint subcommittee, upon request.
The joint subcommittee shall complete its work in time to submit its findings and recommendations to the Governor and the 2003 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for processing legislative documents.
Implementation of this resolution is subject to subsequent approval and certification by the Joint Rules Committee. The Committee may withhold expenditures or delay the period for the conduct of the study.