Federal unemployment compensation trust fund-adjustment.

Plain English Breakdown

The official summary does not provide details about the management of funds or specific impacts on unemployment benefit recipients, leaving these points as unknowns.

Adjusting Unemployment Compensation Trust Fund Distribution

This law changes how money collected for unemployment benefits is divided between federal and state funds, allocating a portion to a new fund.

What This Bill Does

• Changes the distribution of contributions from employers for noncharged and ineffectively charged unemployment benefits: now 20% goes to the federal Unemployment Compensation Fund, 60% to the state Employment Support Fund, and 20% to the Workforce Development Training Fund.
• Sets an effective date of January 1, 2025, for this change.

Who It Names or Affects

• The Department of Workforce Services which collects contributions for unemployment benefits.
• Employers who pay into the Unemployment Compensation Program.
• People receiving unemployment benefits and those managing these funds.

Terms To Know

Unemployment Compensation Fund

A fund that holds money collected from employers to provide unemployment benefits to workers.

Employment Support Fund

A state fund used for employment-related support and services.

Workforce Development Training Fund

A fund that supports training programs aimed at improving workforce skills.

Limits and Unknowns

• The bill does not specify how the funds will be managed or used beyond their allocation.
• It is unclear what impact this change will have on unemployment benefit recipients.

Official Summary Text

Bill Summary - 24LSO-0376

Bill No.:

SF0059

Effective:

1/1/2025

LSO No.:

24LSO-0376

Enrolled Act No.:

SEA No. 0011

Chapter No.:

44

Prime Sponsor:

Joint Appropriations Committee

Catch Title:

Federal unemployment compensation trust fund-adjustment.

Has Report:

No

Subject:

Distribution of unemployment compensation adjustment factor.

Summary/Major Elements:

Under existing law, revenue collected by the Department of Workforce Services for noncharged and ineffectively charged benefits through the Unemployment Compensation Program is distributed as follows: sixty percent (60%) to the federal Unemployment Compensation Fund and forty percent (40%) to the state Employment Support Fund.

This act changes the distribution to provide twenty percent (20%) to the federal Unemployment Compensation Fund, sixty percent (60%) to the state Employment Support Fund and twenty percent (20%) to the state Workforce Development Training Fund.

Comments:

Has a Delayed Effective Date.

The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent.

While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

24LSO-0376

ORIGINAL Senate

File No
.
SF0059

ENROLLED ACT NO. 11,

SENATE

SIXTY-SEVENTH LEGISLATURE OF THE STATE OF WYOMING
2024 Budget Session

AN ACT relating to unemployment compensation; amending the distribution of contributions collected for noncharged and ineffectively charged unemployment benefits; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1.

W.S. 27
‑
3
‑
505(a) is amended to read:

27
‑
3
‑
505.

Adjustment for noncharged and ineffectively charged benefits; adjustment for positive and negative fund balance; computations; exception; maximum rate.

(a)

An adjustment factor for noncharged and ineffectively charged benefits shall be computed to the fourth decimal by dividing the total noncharged and ineffectively charged benefits to all employers' experience rating accounts during the experience rating period ending June 30 by the total taxable wages payable during the experience period and added to the rate provided by W.S. 27
‑
3
‑
503. The total taxable wages payable under this subsection shall not include wages payable by employers electing payments instead of contributions under W.S. 27
‑
3
‑
509.
Sixty percent (60%)
O
f this adjustment factor
,

twenty percent (20%)
shall be allocated to the unemployment compensation fund
,
. Forty percent (40%) of this adjustment factor

sixty percent (60%)
shall be allocated to the employment support fund created by W.S. 27
‑
3
‑
211
and twenty percent (20%) shall be allocated to the workforce development training fund established in W.S. 9
‑
2
‑
2604
.

Section 2
.

This act is effective January 1, 2025
.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1