State unemployment insurance trust fund reaches $1 billion

Published: Feb. 9, 2023 at 11:13 AM PST
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CARSON CITY, Nev. (KOLO) - The Department of Employment, Training and Rehabilitation says it now has just over $1 billion in its Unemployment Insurance Trust Fund.

The state says this has been accomplished without raising tax rates, and is supported by the overall low levels of claims being filed.

The fund finances the cost of the state’s unemployment insurance programs and comes from contributions that employers make every quarter.

DETR now says it has enough money to pay benefits at the current rate through November 2025.

“Reaching $1 billion is another milestone as we continue to prepare for the future without increasing the tax rates employers are paying into the unemployment system. Keeping rates predictable for employers is one way we can help them feel confident in hiring workers,” said Employment Security Division Administrator Lynda Parven.