Oregon’s UI Trust Fund weathered the Great Recession without the balance dropping below zero, even though we paid the most UI benefits in state history. During this same time, 36 states borrowed money from the federal government to pay UI benefits. Those states also faced interest charges and federal credit reductions, which resulted in higher payroll taxes and surcharges for employers.
In March 2020, before the COVID-19-induced recession, Oregon’s UI Trust Fund balance was $5.1 billion. As of Oct. 21, 2020, our reserves are $4.1 billion. This positive balance stands in comparison to the 21 other states and territories that have borrowed $38.1 billion from the federal government to pay UI benefits*. Oregon has not borrowed any money and does not expect to do so.