OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

sHB-5369

AN ACT CONCERNING AN ADJUSTMENT TO THE METHOD FOR DETERMINING THE MAXIMUM WEEKLY UNEMPLOYMENT BENEFIT RATE.

AMENDMENT

LCO No.: 4797

File Copy No.: 232

House Calendar No.: 175

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 17 $

FY 18 $

Labor Dept.

UCF - Savings

Significant

Significant

Note: UCF=Unemployment Compensation Fund

Municipal Impact: None

Explanation

The amendment alters the formula for determining weekly unemployment benefits based on an average of three quarters of earnings, and freezes the maximum unemployment benefit rate at the current value of $598 through 2018. This results in a significant savings to the Unemployment Compensation Fund.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.