California's Other Budget Deficit: The Unemployment Insurance Fund Insolvency [Publication Details]

Oct 20, 2010 - California's Other Budget Deficit: The Unemployment Insurance Fund Insolvency [Publication Details] Video Description: California's Unemployment Insurance (UI) program became insolvent in 2009, ending that year with a shortfall of $6.2 billion.
https://lao.ca.gov/Publications/Detail/2357

Repaying the State’s Federal Unemployment Insurance Loan

May 26, 2021 - The schedules require higher rates, up to a maximum of 6.2  percent, when the condition of the UI trust fund is poor —meaning that it has a low level of reserves. Due to longstanding solvency issues, the state ’s UI tax rate has been at this maximum amount since 2004.
https://lao.ca.gov/Publications/Report/4442

MOU Fiscal Analysis: Bargaining Unit 5 (Highway Patrol)

Aug 23, 2024 - For example, at the time of the May Revision of the 2018-19 budget, the administration assumed that Unit 5 would receive a GSI of 5.8  percent when it ultimately came in at 6.2 percent . The level of pay increases provided to Unit 5 pursuant to the survey can vary significantly from one year to the next.
https://lao.ca.gov/Publications/Report/4920

Revisiting the Unemployment Insurance Trust Fund Insolvency

Sep 30, 2016 - State law requires that rate schedules with higher rates, up to a maximum of 6.2 percent, be used when the condition of the UI trust fund is poor, so that the fund’s reserve can be replenished. (The minimum state rate is 0.1 percent.)
https://lao.ca.gov/Publications/Report/3503/1

Revisiting the Unemployment Insurance Trust Fund Insolvency

Sep 30, 2016 - The schedules generally require higher rates, up to a statutory maximum of 6.2 percent of each employee’s first $7,000 in annual wages, when the condition of the UI trust fund is poor—meaning that it has a low level of reserves (as might occur following a recession).
https://lao.ca.gov/Publications/Report/3503

Federal Paid Leave for Workers Impacted by COVID-19

Mar 27, 2020 - (Employers are required to pay a federal tax of 6.2  percent of their payroll to fund Social Security.) 12 Weeks Emergency Paid Family and Medical Leave H.R. 6201 amends the federal Family and Medical Leave Act (FMLA) to require private employers with fewer than 500  employees, as well as all public employers, to provide 12  weeks of paid family and medical leave to employees who are unable to work (or telework) because their child ’s school or childcare is closed.
https://lao.ca.gov/Publications/Report/4212

Revisiting the Unemployment Insurance Trust Fund Insolvency

Sep 30, 2016 - State UI tax rates are determined in accordance with a series of rate schedules laid out in state law that generally require higher rates, up to a statutory maximum of 6.2 percent, when the condition of the UI trust fund is poor, meaning that it has a low level of reserves (as might occur following a recession), so that the fund’s reserves might be replenished.
https://lao.ca.gov/Publications/Report/3503/3

Revisiting the Unemployment Insurance Trust Fund Insolvency

Sep 30, 2016 - Experience rating in the UI program is incomplete, meaning that there is a cap (6.2 percent) on how high an employer’s state UI tax rate can be. Because the tax contributions of some employers that are assigned the maximum rate do not fully cover the UI benefits received by their former employees, the UI system increases the tax rates assigned to other employers to make up the difference.
https://lao.ca.gov/Publications/Report/3503/2

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

May 30, 2018 - Figure 2 Administration ’s Fiscal Estimates of Proposed Unit 6 Agreement (In Millions) 2019 ‑20 general salary increase —   2018 ‑19 leave cash out $95.3 Hourly pay increases for specified shifts 6.2 Business ‑related reimbursements or payments a,b — a The administration assumes some or all of these costs are paid using existing resources. b Costs less than $50,000 round to “0.0. ” Omits Some Costs Resulting From GSI in 2019-20.
https://lao.ca.gov/Publications/Report/3847

Savings Plus Program: An Optional Retirement Benefit for State Employees

Mar 14, 2017 - In 2017, both the employee and the state pay 6.2  percent of the employee ’s pay. Payroll taxes are not applied to earnings above a wage limit —$127,200 in 2017. When a worker retires, he or she receives monthly Social Security benefit payments based on how old they are when they begin receiving Social Security benefits and how much money they earned during their career (up to the wage limit mentioned above).
https://lao.ca.gov/Publications/Report/3616