Unemployment Insurance Fund is in trouble
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Unemployment Insurance Fund is in trouble

Date: February 2, 2009
By: Abby Grimmett
State Capitol Bureau

Intro: Missouri is experiencing the highest unemployment rates since 1984, and now the state's unemployment benefit fund is dwindling.

Abigail Grimmett (GRIMM-it) has more from Jefferson City.

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The State is asking for a federal bailout of more than a quarter of a billion dollars in order to supplement the fund. Kansas City Democratic Representative John Burnett said the depleted funds can be explained by applying simple rules of arithmetic.
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Description: If we don't put money in the fund, we won't have money to pay the benefits. And, that's what the majority did in 2003. They stopped contributing to the fund and now they've thrown up their hands and said, "Oh my goodness, the fund is bankrupt."

The fund is expected to be drained by the end of next week. However, a spokesperson for the Missouri Department of Labor said unemployed Missourians will still receive their scheduled unemployment benefits.
Reporting from the State Capitol, I'm Abigail Grimmett, 1120 KMOX News.

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