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    Document Summary
    - Report Published -

    House Document No. 64
    PUBLICATION YEAR 2001

    Document Title
    Funding Requirements of the Virginia Unemployment Trust Fund

    Author
    General Assembly; Joint Subcommittee

    Enabling Authority
    HJR 249 (Regular Session, 2000)

    Executive Summary
    The Joint Subcommittee Studying the Funding Requirements of the Virginia Unemployment Trust Fund continued its work in 2000 pursuant to House Joint Resolution 249 (Appendix A). The resolution recites that continued oversight of the Unemployment Trust Fund is warranted to ensure its adequacy to meet current and projected benefit payments.

    HJR 249 increased the size of the joint subcommittee from 10 to 12 members. Delegate John H. Rust. Jr., of Fairfax was elected chairman, and Senator John Watkins of Chesterfield was elected vice chairman. The other members appointed to the joint subcommittee were Senator Chichester of Stafford, Senator Y. B. Miller of Norfolk, Senator Puckett of Buchanan, Senator Wampler of Bristol, Delegate Cranwell of Vinton, Delegate Hull of Falls Church, Delegate Katzen of Fauquier, Delegate Kilgore of Scott, Delegate Purkey of Virginia Beach, and Delegate Spruill of Chesapeake. Delegate Cranwell resigned from the joint subcommittee mid-year and was replaced by Delegate Armstrong of Martinsville prior to the joint subcommittee's October meeting.

    Since its establishment in 1977, the joint subcommittee has met and received an annual report on the status of the Unemployment Trust Fund from the Virginia Employment Commission (VEC). The joint subcommittee's duties also include reviewing and recommending major revisions to the Unemployment Compensation Act that may be proposed from time to time by the VEC and by representatives of business and organized labor. In 2000, the scope of the joint subcommittee's study was expanded from examining the current and projected funding levels of the Trust Fund to include studying adequacy of Virginia's formula for determining Trust Fund solvency in light of the Commonwealth's current and future economic conditions. This report summarizes the joint subcommittee's work during the 2000 interim, during which it held two meetings.