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Renewal News from the Trusts

VERB 2019 Renewal

In its October 3, 2018 meeting, the VERB Trust Board of Directors made several decisions that add up to substantial savings for Unemployment Insurance (UI) Program members in 2019. Specifically, the board:

  1. Approved a UI rate reduction of 5.5 percent overall for 2019. Individual groups’ rates will vary from this amount in accordance with their specific claims experience and payroll exposure. Member contributions for 2019 are based on the reduced Vermont state taxable wage base of $15,600 per employee.
  2. Decided to return $350,000 as credits toward current members’ 2019 UI contributions.
  3. Reduced from $250 to $100 the UI Program’s 2019 annual management fee. 

The VERB Trust continues to provide unemployment insurance services at affordable rates for our members. Initial invoices, along with the 2019 renewal cover memo and a report showing member annual assessments and breakdowns, will be mailed to members by mid-November. If you have any questions regarding the VERB Trust’s UI program, please contact Kelley Avery (kavery@vlct.org) at VLCT at 800-649-7915, ext. 1965.

PACIF Members in 2019: $1.7M in Credits and Grants

The PACIF Board of Directors voted unanimously at its October 12, 2018, meeting to allocate $1.5 million for distribution to members as credits toward their 2019 contributions. This is not only triple the annual amount that has been allocated in recent years, it is also the largest single distribution since 2012. Each member will see their specific credit in their annual renewal mailing, right above the bottom line of their 2019 invoice. 

In the same meeting, the board allocated an additional $200,000 to be distributed to members through the PACIF Grant Program. This program awards 50/50 matching funds to help members make large purchases that will enhance their safety and security efforts. Since the program’s inception in 2010, PACIF grants have provided members with a total of $1,663,871 to help them purchase worthwhile equipment and systems valued at more than $3,327,000.

Most members should expect to see a significant increase in their contribution credit compared to last year. This should serve to provide noticeable cost savings to members – particularly when coupled with the board-approved 2.8 percent overall rate reduction. It is important to note that the distribution amount and rates are still subject to approval from the Vermont Department of Financial Regulation.