Originally established by SJR 133 in 1977, the Joint Subcommittee Studying the Funding Requirements of the Virginia Unemployment Compensation Act ("the Act") was continued for another two years in 1996 by SJR 29 (Appendix A). As an ongoing function, the subcommittee hears the Virginia Employment Commission's (VEC) annual briefing on the Unemployment Trust Fund's current and projected adequacy. In addition, the subcommittee reviews and recommends major revisions to the Act, as proposed from time to time by the VEC, business, and organized labor representatives.

The following General Assembly members were appointed to the joint subcommittee: Senators Reasor from Bluefield, Benedetti from Richmond, Chichester from Fredericksburg, R.J. Holland from Windsor, and Y. B. Miller from Norfolk, together with Delegates Croshaw from Virginia Beach, Hull from Falls Church, D. C. Jones from Richmond, J. C. Jones from Norfolk, and Nelms from Suffolk. Senator Reasor and Delegate Croshaw served as chairman and vice chairman, respectively.

The joint subcommittee met in Richmond on October 9, 1997, to receive the VEC's trust fund briefing, presented by VEC Commissioner Dr. Thomas J. Towberman. The subcommittee also considered and recommended a proposal to study in further detail the subject matter contained in SJR 380 (1997) and adopted legislative recommendations for the 1998 session of the General Assembly.