Jobless Benefits Fund Could Near Insolvency in '10

By: Associated Press Email
By: Associated Press Email

Denver (AP) Legislative economists predict Colorado's unemployment benefits fund will be close to insolvency next year.

There is no danger of jobless benefits going unpaid because the state can borrow money to keep paying them. But Colorado may have to issue bonds or join states like Michigan that are borrowing from the federal government to pay benefits.

The council expects payouts from the fund to total $834 million in the current fiscal year. The fund is financed by assessments on employers and earns interest.

Colorado's jobless rate hit 6.6 percent in January.

Yesterday, a state Senate committee approved a bill that would make Colorado eligible for $127 million in federal stimulus money for the fund by expanding who qualifies for jobless benefits.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:
KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 41916467 -
Gray Television, Inc.