Tag: Unemployment Insurance Trust Fund

Lawmakers announce bipartisan plan to pay down remaining unemployment debt

SPRINGFIELD – Lawmakers on Tuesday announced a bipartisan plan to use state revenues to pay down the remaining $1.4 billion in debt taken on by the state’s Unemployment Insurance Trust Fund amid the COVID-19 pandemic. Part of the agreement is expected to move through the General Assembly this week before lawmakers adjourn for the year.

State to reduce $1.8 billion federal unemployment debt by $450 million

Low unemployment has allowed for payment from trust fund balance, Pritzker says SPRINGFIELD – Gov. JB Pritzker announced a plan Tuesday to reduce a $1.8 billion Unemployment Insurance Trust Fund deficit by $450 million through an infusion of unemployment-related revenues. The trust fund is the pool of money paid into by employers to provide a