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June 21, 2013
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Nevada employers billed to refill unemployment fund

Nevada employers will soon be billed an average of $25 per employee per year to cover interest on loans taken to pay out jobless benefits.

The temporary fees come after the Legislature approved a plan to pay about $17 million in interest owed on loans from the federal government.

Administrator Renee Olson of the Department of Employment, Training and Rehabilitation says the current balance on those loans is about $560 million.

Employers contribute to the state’s unemployment trust fund, which is used to pay regular unemployment benefits. But when Nevada’s economy tanked during the recession, the estimated $800 million in the account was quickly depleted.

Olson says Nevada has been borrowing money from the federal government since October 2009 to help pay regular unemployment benefits.


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The Nevada Appeal Updated Jun 21, 2013 12:43AM Published Jun 21, 2013 12:43AM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.