State’s unemployment insurance trust fund deficit eliminated

Organizations:

The deficit in the state’s unemployment insurance trust fund, which was $1.4 billion in the red in January of 2011, has been eliminated, Gov. Scott Walker announced.

The fund’s positive balance will result in lower federal unemployment insurance taxes for Wisconsin employers, Walker’s office said. The unemployment insurance tax rate is expected to revert from 1.5 percent to the normal rate of 0.6 percent on the first $7,000 of an employee’s wages.

“A financially stable and growing UI trust fund helps to support the pro-business climate that Wisconsin’s job creators need to expand and create more opportunities for working families,” said Department of Workforce Development Secretary Reggie Newson, whose agency administers the state’s UI system. “The UI reforms that Governor Walker and the Legislature passed through the 2013-15 biennial budget and 2013 Wisconsin Act 36 are producing results, and there is more work to be done.”

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