§ 1309. Reports; solvency of Trust Fund

(a)(1) On or before January 31 of each year, the Commissioner shall submit to the Governor and the Chairs of the Senate Committees on Economic Development, Housing and General Affairs and on Finance and the House Committees on Commerce and Economic Development and on Ways and Means a report covering the administration and operation of this chapter during the preceding calendar year.

(2) The report shall include:

(A) a balance sheet of the monies in the Fund and data as to probable reserve requirements based upon accepted actuarial principles, with respect to business activity, and other relevant factors for the longest available period;

(B) recommendations for amendments of this chapter as the Board considers proper; and

(C) an accounting of the amount of supplemental benefits paid to claimants pursuant to subdivision 1338(e)(2) of this chapter.

(b) Whenever the Commissioner believes that the solvency of the Fund is in danger or the balance of the Fund drops below $180,000,000.00, the Commissioner shall promptly inform the Governor and the Chairs of the Senate Committees on Economic Development, Housing and General Affairs and on Finance and the House Committees on Commerce and Economic Development and on Ways and Means and make recommendations for preserving an adequate level in the Trust Fund. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the report to be made under this section. (Amended 1959, No. 329 (Adj. Sess.), § 22, eff. March 1, 1961; 1961, No. 210, § 5, eff. July 11, 1961; 2009, No. 124 (Adj. Sess.), § 1; 2013, No. 142 (Adj. Sess.), § 36; 2021, No. 51, § 13, eff. June 1, 2021.)