Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that authorizes repayment of unemployment debt to the federal government and amends the unemployment insurance program.

Highlights:

• Authorizes the state to sell bonds in order to pay off state debts to the federal government (Sec. 17).

• Limits bond revenue to 4.5 million dollars (Sec. 17).

• Limits bond terms to 20 years (Sec. 17).

• Specifies that bond revenues must be used for certain purposes including, but not limited to, the following (Sec. 17):
• Paying interest on the bonds;
• Repaying the principal and interest on loans from the federal government; and
• Depositing the remaining balance into the Unemployment Compensation Fund.

• Specifies that proceeds from bonds that are deposited into the Unemployment Compensation Fund may be used for certain purposes including, but not limited, to the following (Sec 17):
• Repaying the principal and interest on loans from the federal government; and
• Paying unemployment compensation benefits.

• Establishes a Reemployment Fund which is responsible for the following (Sec. 14):
• Programs and services to assist individuals in finding employment;
• Engaging in research to improve the Department of Labor's ability to provide employment services;
• Updating information technology; and
• Other departmental abilities regarding employment services.

• Requires employers to collect an amount, as determined by the Secretary of the Department of Labor, from the wages of their employees and distribute it into the Unemployment and Reemployment funds as follows (Sec. 3):
• From 2013-2017, 95 percent will be deposited into the Unemployment Fund, and 5 percent into the Reemployment Fund; and
• Beginning in 2017, 100 percent will be deposited into the Unemployment Fund.

Full Bill Text

Vote Smart's Synopsis:

Vote to concur with House amendments and adopt additional amendments to a bill that authorizes repayment of unemployment debt to the federal government and amends the unemployment insurance program.

Highlights:

• Authorizes the state to sell bonds in order to pay off state debts to the federal government (Sec. 17).

• Limits bond revenue to 4.5 million dollars (Sec. 17).

• Limits bond terms to 20 years (Sec. 17).

• Specifies that bond revenues must be used for certain purposes including, but not limited to, the following (Sec. 17):
• Paying interest on the bonds;
• Repaying the principal and interest on loans from the federal government; and
• Depositing the remaining balance into the Unemployment Compensation Fund.

• Specifies that proceeds from bonds that are deposited into the Unemployment Compensation Fund may be used for certain purposes including, but not limited, to the following (Sec 17):
• Repaying the principal and interest on loans from the federal government; and
• Paying unemployment compensation benefits.

• Establishes a Reemployment Fund which is responsible for the following (Sec. 14):
• Programs and services to assist individuals in finding employment;
• Engaging in research to improve the Department of Labor's ability to provide employment services;
• Updating information technology; and
• Other departmental abilities regarding employment services.

• Requires employers to collect an amount, as determined by the Secretary of the Department of Labor, from the wages of their employees and distribute it into the Unemployment and Reemployment funds as follows (Sec. 3):
• From 2013-2017, 95 percent will be deposited into the Unemployment Fund, and 5 percent into the Reemployment Fund; and
• Beginning in 2017, 100 percent will be deposited into the Unemployment Fund.

Full Bill Text