The South Dakota Unemployment Insurance Advisory Council met last week to get an update on the financial status of the trust fund used to pay unemployment benefits. The fund ended last year with a balance of thirty six million dollars, and is projected to grow to fifty two million dollars by the end of this year. Employers pay a certain percentage into the fund, based on their lay off history. A surcharge was paid by businesses when the fund dropped under eleven million dollars in 2009. Shawn Lyons, executive director of the South Dakota Retailers Association, and a member of the U.I. council says change made in reaction to the recession have stabilized the fund…
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The retail sector has a surplus of over fifteen million dollars in the fund, and Lyons says they are ok with it at the moment…
[audio:http://prprt.itmwpb.com/wp-content/uploads/sites/688/2012/05/Shawn-Lyons-502b.mp3|titles=Shawn Lyons 502b]Lyons says it can be difficult for some businesses to pay into a fund when their employees are not using it, but they have to take the long view…
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(courtesy WNAX Yankton)