West Virginia legislation · 2025 Regular Session
West Virginia HB3392: Maintaining the solvency of the Unemployment Compensation Fund
Status: Introduced, March 17, 2025
The purpose of this bill is to authorize the Governor to borrow money from the Revenue Shortfall Reserve Fund to fund the Unemployment Compensation Fund when federal layoffs deplete the Unemployment Compensation Fund.
What the bill says
To amend and reenact §21A-8-16 of the Code of West Virginia, 1931, as amended, all relating to maintaining the solvency of the Unemployment Compensation Fund; providing a mechanism for the Governor to borrow funds from the Revenue Shortfall Reserve Fund for a limited period and deposit those funds into the Unemployment Compensation Fund if the balance of the Unemployment Compensation Fund drops below $50 million. ARTICLE 8. UNEMPLOYMENT COMPENSATION FUND. §21A-8-16. Loans to Unemployment Compensation Fund from Revenue Shortfall Reserve Fund. (a) Notwithstanding any provision of this cod.
From the introduced text, March 17, 2025:
A BILL to amend and reenact §21A-8-16 of the Code of West Virginia, 1931, as amended, all relating to maintaining the solvency of the Unemployment Compensation Fund; providing a mechanism for the Governor to borrow funds from the Revenue Shortfall Reserve Fund for a limited period and deposit those funds into the Unemployment Compensation Fund if the balance of the Unemployment Compensation Fund drops below $50 million. ARTICLE 8. UNEMPLOYMENT COMPENSATION FUND. §21A-8-16. Loans to Unemployment Compensation Fund from Revenue Shortfall Reserve Fund. (a) Notwithstanding any provision of this code to the contrary and subject to the provisions of this section, the Governor may, by executive order, after first notifying the presiding officers of both houses of the Legislature in writing, borrow funds from the Revenue Shortfall Reserve Fund created in §11B-2-20 of this code for deposit into the Unemployment Compensation Fund, created in section one of this article, to be expended in accordance with this code. The amount of funds borrowed and outstanding under this section may not exceed $50 million at any one time, or the amount the Governor determines is necessary to adequately sustain the balance in the Unemployment Compensation Fund at a minimum of $50 million, whichever is less. (b) Notwithstanding the provisions of subsection (a) of this section, the Governor may not borrow funds from …