Originally established by SJR 133 in 1977 and regularly continued since then, the Joint Subcommittee Studying the Funding Requirements of the Virginia Unemployment Compensation Act (the Act) was continued for another year in 1998 by SJR 77 (Appendix A). As an ongoing function, the subcommittee hears an annual briefing on the Unemployment Trust Fund's current and projected adequacy presented by the Virginia Employment Commission (VEC). In addition, the subcommittee reviews and recommends major revisions to the Act, as proposed from time to time by the VEC and by representatives of business and organized labor.

The following General Assembly members were appointed to the joint subcommittee: Senators Reasor from Bluefield, Chichester from Fredericksburg, R. J. Holland from Windsor, Y. B. Miller from Norfolk and Watkins from Chesterfield, together with Delegates Rust from Fairfax, Hull from Falls Church, D. C. Jones from Richmond, J. C. Jones from Norfolk, and Kilgore from Suffolk, Spruill from Chesapeake. Senator Reasor and Delegate Rust served as chairman and vice chairman, respectively.

The joint subcommittee met in Richmond on November 18, 1998, to receive the VEC's trust fund briefing, presented by VEC Commissioner Dr. Thomas J. Towberman. The subcommittee also considered the subject matter contained in SJR 380 (1997) and HB 776 (1998), and adopted legislative recommendations for the 1999 Session of the General Assembly.