|Date Requested:February 11, 2005
Time Requested:02:35 PM
| FUND(S) |
UI Trust Fund - Federal
Sources of Revenue
|Other Fund UI Trust Fund- Federal|
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| Calendar Year 2004:
Claimants who are 62 or older and draw Benefits.
1,137 Claimants 62 or Older
361 Of total 62 or older 361 are 65 or older
UI Data Summary 11/04:
-Average Duration of unemployment benefit is 15.4 weeks.
-Average Weekly Benefit is $219.26.
65 or older
15.4 weeks * 219.26 wkly benefit = $3,376.60 per employee
$3,376.60 * 361= $1,218,953 increase of unemployment checks
62 to 65 years
776 claiments * 10% say they would draw benefits = 78 claiments
3,376.6 * 78 claiments = $236,375.00
1,218,953 + 236,375 = 1,455328 impact to trust fund given worst case scenario.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||0||0|
3. Explanation of above estimates (including long-range effect):
An increase of five percent per year was used to estimate the following years.
The Bureau of Employment Services has no data available upon which to base an estimated number of additional claims that would occur if this bill became law. These individuals who would benefit from the bill are aware of SSI offset provisions of the UC law. Therefore, they normally do not file a claim.
The estimated number of claims is based upon the program managers best estimate and is not supported by statistical data. The average weeks claimed and the average weekly benefit are based on FY 2004 Actual experience.