The memorandum provides an update on the Massachusetts Unemployment Insurance Trust Fund (UI Trust Fund) as of January 31, 2025. The preliminary ending balance of the fund is reported to be $1.98 billion, with year-to-date employer contributions totaling $90.89 million. Additionally, the Department of Unemployment Assistance (DUA) has disbursed $217.69 million in benefits for regular unemployment insurance, covering 84,977 claims. This report focuses solely on the actual financial transactions related to the fund.

Furthermore, the memorandum notes a significant agreement reached on January 17, 2025, between the Commonwealth and the U.S. Department of Labor, which resolves any outstanding liabilities concerning pandemic unemployment insurance overdraws from federal programs initiated during the COVID-19 pandemic. The implications of this agreement will be reflected in future Unemployment Insurance Trust Fund Quarterly Outlook Reports starting in April 2025, with the first payment due on December 1, 2025. The data related to the UI Trust Fund is accessible online at Mass.gov/UITrustFund, featuring visualizations from January 2024 to January 2025.