New Mexico needs HB 482 to help protect the Unemployment Insurance (UI) Fund and employers hurting from higher UI rates. We need to know these higher taxes are going to those who need help the most.
URGENT CALL TO ACTION: HB 482 is scheduled to be heard – again – by the House Business and Employment Committee (HBEC) tomorrow, Tuesday, 3-3-15, at 8:30 am. We have made it easy to Contact Governor Martinez and Representative Powdrell Culbert, encouraging their support to pass HB 482:
SEND AN EMAIL TO GOV MARTINEZ & REP POWDRELL CULBERT.
The NM Unemployment Insurance (UI) Trust Fund does not meet the adequacy requirements of the U.S. Department of Labor nor is it projected to be adequate by the end of 2015. That’s not good for New Mexicans out of work OR for employers who have increased UI tax payments to fund unemployment benefits. HB 482 will strengthen the UI Trust Fund for those who need it most by getting New Mexico more in line with other states for unemployment benefits.
Why is There Trouble for New Mexico’s UI Trust Fund? In 2013, to address the impending insolvency of the Unemployment Insurance trust fund, the legislature reformed the way Unemployment Insurance contribution rates are calculated in New Mexico. The new rate calculation methodology became effective January 2015. That means many businesses have seen increases in their payments – some drastically. Now that the new formula has been implemented, it’s time to make changes to the other half of the equation by getting Unemployment Insurance benefits in line with other states around the country.
Please contact the NMBC at nmbiz@nmbizcoalition.org or 505-836-4223 with any questions or comments.