CHARLESTON, WV – Acting Senate President Jeff Kessler (D – Marshall) announced today that the West Virginia State Senate passed Committee for S.B 219; relating to maintaining solvency of the Unemployment Compensation Fund.
The bill amends the State code to authorize the loan of funds from the Revenue Shortfall Reserve Fund (Rainy Day Fund) to the Unemployment Compensation Fund when funds are necessary to ensure that the Fund contains at least $20 million to pay all unemployment claims.
“This legislation, although only a temporary loan to the Unemployment Compensation Fund, ensures that our citizens will receive the benefits of their unemployment insurance at a time when people are often most vulnerable,” says Kessler. “The monies will be repaid to the Rainy Day Fund within 180 days.”
The bill passed in the Senate with no opposition on a roll call vote and was made effective from passage. It was passed in the House of Delegate on the final day of the legislative session and is now awaiting the signature of Senator Earl Ray Tomblin, who is acting as Governor.
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