Today, the Board of Directors of the KACo Unemployment Compensation Self-Insurance Fund (UI) announced that it has voted to return 100 percent of the prior year premiums to members.
"We were thrilled to be able to unanimously vote to direct premiums back to our members,” said Phil Sammons, Chair of the KACo Unemployment Compensation Self-Insurance Fund Board. “KACo is a member-led organization that serves to assist counties across the Commonwealth. We are honored to be in a position to give back.”
The KACo UI Board was able to designate funding back to members in part due to Governor Andy Beshear’s decision to utilize federal COVID-19 relief funding to underwrite the cost of unemployment insurance payments made by employers during the pandemic. Combined with the cost-effective management strategies employed by the Board, this funding provided the opportunity to return premiums.
This move comes on the heels of a decision by the Board to lower rates for all members, continuing the mission of maintaining a county-centered mindset for this program.
Since 1979, county governments and their subdivisions have been required to provide unemployment insurance coverage for their non-elected employees. At that time the only options for coverage were to self-insure or to participate in the state's program.
The KACo Unemployment Insurance Fund was created in that same year to help local governments comply with the mandate for coverage at the lowest possible cost.
KACo UI Board of Directors:
- Chair Phil Sammons, Boyle County Magistrate
- Vice-Chair Larry Foxworthy, Fleming County Judge/Executive
- David Fields, Pendleton County Judge/Executive
- David Livingston, Scott County Magistrate
- David Nicholson, Jefferson County Circuit Court Clerk
- Jacqalynn Riley, Grant County Magistrate
- John Ward, Hardin County Sheriff
