Senator Steve Oroho and Assembly members Parker Space and Alison Littell McHose, all R-Sussex, Warren and Morris, lauded today’s announcement by Gov. Christie that New Jersey’s state’s unemployment insurance (UI) trust fund will return to solvency by the end of next week.
The District 24 legislators are sponsors of legislation which was signed into law this year that helped with the turnaround. All three are sponsors of S-2404, which eliminated the 10 percent surcharge on employer unemployment taxes during Fiscal Year 2014. Space is a primary sponsor of S-2738 that assesses a penalty against an individual who fraudulently obtains unemployment benefits at 25 percent of the amount obtained by deception.
“Returning the UI fund to solvency is excellent news for New Jersey,” said Oroho. “Making that happen as quickly as the administration did is outstanding and no doubt will aid our state’s continued economic recovery.”
“Returning the unemployment insurance fund to solvency is not only good news for the business community, but for employees as well,” said McHose. “When companies can reduce costs such as exorbitant UI taxes, those kinds of savings benefit employees, future employees and consumers. Our focus on reducing this expense will help to continue the economic turnaround our state is experiencing.”
It is estimated that because of the anti-fraud reforms and improved fiscal management, New Jersey employers will save $211 million.
“The unanimous legislative support for S-2738 and S-2404 shows how a growing problem was made a priority and resolved,” said Space. “In order for our economy to keep growing and creating jobs, we need to eliminate all types of fraud, waste and abuse. In three years we have been able to work in a bipartisan manner to fix a problem that persisted for too long.”