TRENTON, N.J. (AP) — The simple process of cross-checking unemployment insurance recipients against a national directory of new hires has saved New Jersey hundreds of millions of dollars.
The Christie administration says the anti-fraud measure adopted in 2010 has also helped get the Unemployment Insurance Trust Fund out of the red.
The Labor Department reports Thursday that the fund is fully solvent, which will spare employers from paying additional taxes.
The fund was forced to begin borrowing from the federal government to meet weekly unemployment claims at the height of recession in 2009.
Republican and Democratic administrations had previously raided the fund when it was flush with cash and unemployment rates were low.
But unemployment remained above 9 percent through 2012.
The fund is largely financed through employer taxes that are adjusted yearly.