HB 3392
Maintaining the solvency of the Unemployment Compensation Fund
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill allows the Governor of West Virginia to temporarily borrow money from the Revenue Shortfall Reserve Fund to cover shortfalls in the Unemployment Compensation Fund. Specifically, if the Unemployment Compensation Fund balance drops below $50 million, the Governor can borrow up to $50 million, subject to notification of the legislature and repayment within 180 days. The borrowing is intended to ensure the fund’s solvency, particularly when federal unemployment benefits decrease.
Key provisions
- The Governor can borrow funds from the Revenue Shortfall Reserve Fund.
- Borrowing is limited to $50 million at any one time.
- Borrowing requires a projection of a fund balance below $50 million within 30 days.
- Borrowed funds can only be used to pay unemployment benefits.
- Repayment must occur within 180 days from withdrawal.
- Repayment comes from excess funds in the Unemployment Trust Fund or other legally available funds.
- The Governor must notify the legislature before borrowing funds.
- The borrowing authority expires September 1, 2027.
Who is affected
- State of West Virginia
- Unemployment Compensation Fund recipients
- Governor of West Virginia
- Legislature of West Virginia
- Workforce West Virginia
Notable changes
- Authorizes the Governor to borrow funds to address Unemployment Compensation Fund shortfalls.
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