The Unemployment Trust Fund (UTF): State Insolvency and Federal Loans to States
During some recessions, current taxes and reserve balances were insufficient to cover state expenditures for unemployment compensation (UC) benefits. UC benefits are an entitlement, and states are legally required to pay benefits even if the state account is insolvent. Some states may borrow funds from the Federal Unemployment Account (FUA) within the Unemployment Trust Fund (UTF) to meet UC benefit obligations. The 2009 stimulus package (the American Recovery and Reinvestment Act of 2009, P.L. 111-5 Â§2004) temporarily waived interest payments and the accrual of interest on these loans to states from the FUA. As of the date of this report, no relevant legislation in the 113th Congress has been introduced. This report will be updated to reflect major changes in state UTF account solvency.
THE DOCUMENT INCLUDES FOLLOWING FILES:
|#||FILE NAME||Document Date||Order ID:||Number of Pages||PRICE|
|1||RS22954.pdf||Jan 24, 2013||RS22954||14||$19.95||ADD TO CART|