MD Unemployment Insurance Fund Faces Challenges
Maryland’s unemployment insurance trust fund is currently stable. However, the system could fall below federal solvency standards within the next two years. As reported in a Maryland Matters article, Maryland Labor Secretary Portia Wu warned lawmakers that the state’s $2 billion unemployment insurance trust fund is under increasing pressure at a recent Joint Committee on Unemployment Oversight hearing. While it currently meets federal solvency standards, that could change if unemployment rises or large-scale layoffs occur.…