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The Unemployment Insurance Modernization Act and Colorado

Both the House and Senate economic recovery packages included the Unemployment Insurance Modernization Act (UIMA) and it will be a part of the package that is likely to reach President Obama’s desk by Monday, February 16th.

The UIMA provides a total of $7 billion in financial incentives to states to close major gaps in the unemployment insurance system. It also provides $500 million to aid states in improving administrative systems in order to better serve unemployed workers.

There are a limited number of improvements that are needed in Colorado in order to collect more than $127.5 million in UIMA financial incentives.

Released Feb. 11, 2009