We are very pleased to deliver yet another overall Unemployment Insurance (UI) rate reduction to members for a fourth straight year! At its October meeting, the VERB Trust Board approved an average 3.3% overall reduction in rates for members for 2027. Note that while the overall rate is decreasing, some members may not see a reduction in their costs due to their specific claims experience and payroll exposures.
The board also voted to again return a total of $100,000 to members in the form of contribution credits – which will be subtracted from the billing statements of the members that qualify for credit.
In addition, this year the board adopted a new minimum rate of .4%! As rates have continued trending lower each year, the board decided it was time to reduce the minimum accordingly. This continued rate reduction, along with the Trust’s adoption of its own taxable wage base of $15,000 per employee last year, provides UI Trust members with far more cost stability than is experienced by employers who go directly to the Vermont Department of Labor for their unemployment insurance needs.
VLCT Finance staff and Kelley Avery, Senior Employee Benefits Program Administrator, plan to complete UI renewals and mail them with the initial billing statements by the Thanksgiving holiday. Anyone with questions or requiring any additional information can feel free to call or email Kelley Avery, kavery@vlct.org, at any time.