VA Unemployment Insurance program running "record deficit," say officials

The fund that supports the Virginia Employment Commission’s Unemployment Insurance program, supported by taxes paid by employers, is on track to "run a record deficit," says the VEC in a statement today.

"The solvency of the Unemployment Insurance Trust Fund and conformity with federal law is very important for the many benefits recipients and businesses that must pay into the program. We want to work together to ensure the public is fully aware of this situation," the statement said.

The VEC plans to hold a virtual briefing for credentialed media only to "discuss the implications of the deficit on benefits payments, employer tax rates and Virginia’s budget; the end of Federal Pandemic Unemployment Compensation (FPUC) on July 25; and the latest claims data in Virginia."

Strangely enough, the briefing, says the VEC, "is offered in the spirit of cooperation and on background only to help members of the media understand the complex nature of these programs and processes."

To the media: "If you need a comment on the record, arrangements can be made at the end of the briefing to provide an on-the-record comment from an authorized representative via video conference."

Planned video conference for media only:

When: Thursday, July 23, 12:30 p.m. – 1:30 p.m.

Where: Register in advance for this meeting: https://zoom.us/meeting/register/tJctceupqzouH9ffl1Z-h4kDHQlY_vljYexm