People wait in line for help with unemployment benefits at the One-Stop Career Center in Las Vegas on March 17, 2020. (Associated Press photo)
With a combination of employer contributions and federal American Rescue Plan money, Nevada’s Unemployment Insurance Trust Fund is already recovering from the pandemic.
Shutting down the economy last year emptied the trust fund that pays unemployment benefits to out of work Nevadans. At the start of the pandemic, that fund had about $2 billion in it.
Officials of the Employment Security Division said November’s quarterly contributions totaling $190 million increased the reserve to $300 million. That leaves the agency enough money to pay normal benefits through May 2022 when the next quarter’s contributions will arrive.
But they point out the trust fund is still well below the federally recommended minimum balance.
The fund got a significant boost from the federal funds and is also earning interest on the cash in the fund.