OMA Supports Bonding Potential Unemployment Compensation Debt

This week, the OMA provided proponent testimony on Senate Joint Resolution 4. The resolution proposes to enact Section 18 of Article VIII of the Ohio Constitution, which would allow the General Assembly to ask Ohioans in the Nov. 3, 2020 General Election to approve obligations to repay a loan from the federal government to the Ohio unemployment compensation fund.

While not a silver bullet in solving Ohio’s unemployment insurance insolvency woes, the resolution would provide a second option for Ohio to repay the federal government. Bonding would only be used if it proves to be the most cost effective option for employers. 6/4/2020