As a member of the VLCT Unemployment Insurance Trust, how is my contribution calculated?
Each year we collect payroll figures for each municipality’s full-time, part-time and seasonal employees for the prior year. (Example, in 2003 we collect 2002 figures). Only the first $8,000 of each employee’s salary is figured. Employees earning less than $8,000 are figured at their actual salary. Salary information plus total claims are given to our actuary, who then issues a report estimating each municipality’s payroll for the following year. Estimated payroll, claims and distribution credits are input into a report to figure each member’s contribution plus the $150.00 management fee.
