LAS VEGAS (KTNV) — The Department of Employment, Training and Rehabilitation announced on Thursday that the organization has sufficient funds to pay benefits at the current rate through November 2025.
In a news release, DETR says the Unemployment Insurance Trust Fund has reached a balance of just over $1 billion, which means "unemployment benefit payment reserves are continuing to build toward recommended levels."
DETR officials say this is "being accomplished without raising employers' tax rates" and is supported by "overall low levels of claims being filed."
The unemployment insurance trust fund is maintained with UI contributions that employers pay every quarter, and is used to finance the costs of unemployment insurance programs and benefits.
“Reaching $1 billion is another milestone as we continue to prepare for the future without increasing the tax rates employers are paying into the unemployment system. Keeping rates predictable for employers is one way we can help them feel confident in hiring workers,” Employment Security Division Administrator Lynda Parven said in a statement.
You can find more information on the Trust Fund balance at treasurydirect.gov.
