H.B. 467 Summary

• Establishes a loan mechanism from the Budget Stabilization Fund to the Unemployment Compensation Fund for paying unemployment benefits, with the Director of Budget and Management and Director of Job and Family Services cooperating on repayment terms.

• Permits the offering and issuance of private unemployment insurance, with the Superintendent of Insurance adopting rules in consultation with the Director of Job and Family Services to regulate such insurance.

• Requires the Director of Job and Family Services to recommend programs within six months to incentivize employers and individuals to purchase private unemployment insurance while maintaining Ohio's compliance with Federal Unemployment Tax Act requirements.

• Transfers cash from the Budget Stabilization Fund as a loan to the Unemployment Compensation Fund upon enactment in an amount equal to federal advances received, with no charges to the mutualized account for such payments.

• Directs the Legislative Service Commission to contract with an independent actuary to study the solvency of the Unemployment Compensation Fund and submit findings to the General Assembly and Governor by November 15, 2016.