SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

1996 SESSION

  • | print version

SB 297 Unemployment compensation; fund balance factor.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY:

Unemployment compensation; fund balance factor. Expands the net assets considered in determining trust fund adequacy. Current law takes into account the Commonwealth's trust fund account in the U.S. Treasury plus amounts withdrawn from that account, but not expended. The amendment would include those amounts plus (i) employer payments not yet transferred to such account, (ii) net employer taxes receivable, and (iii) amounts due from claimants and from other states. From that amount would be deducted payables due to claimants, employers, other funds of the Virginia Employment Commission, and other states. The bill effectively changes the fund's accounting basis from cash to a modified accrual.


FULL TEXT

HISTORY