Minnesota's Troubled Trust Fund
Minnesota's last period of insolvency ended in 2005, but the state did not have time to accumulate sufficient reserves to weather the Great Recession. At the end of 2007, there were just over four months of reserves in the state's fund. The fund went insolvent in September 2009, and employers face a small average tax increase from $395 to $450 per employee for 2010.
This news application is no longer being updated as of February 3, 2011. The historical data is still accurate.
|Bankrupt and Borrowing: Minnesota's unemployment fund is currently bankrupt and Minnesota is borrowing from the federal government.|
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|Borrowed Amount||Unemployment Rate (November)||Net Income (December)||Avg. Weekly Benefit||% of Unemployed
|National: 9%||Rank: 42 of 51||Rank: 6 of 51||Rank: 13 of 51|
Unemployment Reserves (millions)
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Sources: Google Public Data, Department of Labor, Treasury Department.