ALBANY, N.Y.- The New York State Unemployment Insurance Trust Fund is no longer in the red, achieving its first positive balance since 2009, according to Governor Andrew Cuomo’s office.
For seven years, Cuomo’s office says, the fund did not have enough money to pay for claims filed by unemployed workers, causing New York to borrow more than $3.5 billion from the federal government.
Reforms to the trust fund were signed into law by Cuomo in 2013. The measures included increasing benefits for workers, and decreasing costs to employers. The law also included a mechanism to accelerate the payment of federal loans to stabilize the trust fund, making it more sustainable.
“This is one more example of how this administration’s focus on rebuilding the state’s economy and making government work more efficiently is delivering results,” Cuomo said.
Cuomo’s office also attributes an improving economy to the positive trust fund balance.