About: Benefit financing model

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The Benefit Financing Model (BFM), also known as Unemployment Insurance Benefit Financing Model (UIBFM), is an actuarial forecasting model designed to help analysts project the condition of Unemployment Trust Fund (UTF) a number of years into the future, and quickly assess the financial impact of various economic scenarios and possible law changes. This model was constructed to be highly comprehensive yet flexible enough to adapt to individual state needs. It is considered a useful tool in unemployment insurance (UI) benefit financing and trust fund forecasting.

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rdfs:label	Benefit financing model (en)
rdfs:comment	The Benefit Financing Model (BFM), also known as Unemployment Insurance Benefit Financing Model (UIBFM), is an actuarial forecasting model designed to help analysts project the condition of Unemployment Trust Fund (UTF) a number of years into the future, and quickly assess the financial impact of various economic scenarios and possible law changes. This model was constructed to be highly comprehensive yet flexible enough to adapt to individual state needs. It is considered a useful tool in unemployment insurance (UI) benefit financing and trust fund forecasting. (en)
dcterms:subject	Econometric models Unemployment in the United States Simulation
Wikipage page ID	31106243 (xsd:integer)
Wikipage revision ID	1112471625 (xsd:integer)
Link from a Wikipage to another Wikipage	Econometric models FUTA credit reduction Unemployment in the United States Simulation Average high cost multiple Unemployment insurance Simulation modeling Unemployment Trust Fund (UTF) U.S. Department of Labor William M. Mercer Inc. Econometric modeling
Link from a Wikipage to an external page	http://www.edd.ca.gov/About_EDD/pdf/edd-uisystemfinancingstudy.pdf https://labor.mo.gov/sites/labor/files/Trust-Fund-Projection-Model1-18-17.pdf https://www.urban.org/sites/default/files/publication/50876/411340-Report-on-Unemployment-Insurance-Benefits-and-Actuarial-Modeling-in-Washington.PDF http://legislature.vermont.gov/assets/Legislative-Reports/Unemployment-Trust-Fund-Report.pdf https://web.archive.org/web/20110225140348/http:/www.doleta.gov/grants/rfp/Benefit_Financing_Model.pdf https://web.archive.org/web/20111122020041/http:/scstatehouse.gov/citizensinterestpage/ESCAdHocSubComm/SouthCarolinaUITaxReportFINAL022310.pdf
sameAs	Benefit financing model Benefit financing model Benefit financing model Benefit financing model
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has abstract	The Benefit Financing Model (BFM), also known as Unemployment Insurance Benefit Financing Model (UIBFM), is an actuarial forecasting model designed to help analysts project the condition of Unemployment Trust Fund (UTF) a number of years into the future, and quickly assess the financial impact of various economic scenarios and possible law changes. This model was constructed to be highly comprehensive yet flexible enough to adapt to individual state needs. It is considered a useful tool in unemployment insurance (UI) benefit financing and trust fund forecasting. The Benefit Financing Model is composed of two programs. Program One, the Projection Program, is based on the methodology of empirical econometric modeling. It uses regressions to derive mathematical relationships between key UI variables, and projects UI benefits, taxable wages, as well as workload variables on quarterly basis twelve years into the future. Program Two, the Financial Forecast Program, is based on the methodology of simulation modeling. It estimates Unemployment Trust Fund (UTF) income by simulating the workings of the State's taxation system. Combined with the UTF outgo estimated by the Projection Program, the Financial Forecast Program is capable of projecting the dynamic flow of the Unemployment Trust Fund on quarterly basis under different economic and legislative scenarios. Furthermore, the Financial Forecast Program also assesses the adequacy level of the UTF under different scenarios and report solvency measures (such as Reserve Ratio, Average high cost multiple, etc.) on an annual basis. If the trust fund should become insolvent and borrowing from the Federal Government is projected, the Program is able to assess loan interests, any reduced FUTA credits (also known as FUTA credit reduction), and other key loan variables. Lastly, the Projection Program can also be run independently to perform benefit cost estimation as well as workload forecasting. The Benefit Financing Model does not forecast macroeconomic variables such as unemployment rate, labor force growth rate, or wage growth rate. Users are expected to enter these variables into the model as economic scenarios. (en)
gold:hypernym	Model
prov:wasDerivedFrom	wikipedia-en:Benefit_financing_model?oldid=1112471625&ns=0
page length (characters) of wiki page	4122 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Benefit_financing_model
is Link from a Wikipage to another Wikipage of	Benefit Financing Model Econometric model Financial modeling Mercer Model
is Wikipage redirect of	Benefit Financing Model Mercer Model
is foaf:primaryTopic of	wikipedia-en:Benefit_financing_model

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