2006 Code of Virginia § 60.2-111 - Duties and powers of Commission

60.2-111. Duties and powers of Commission.

A. It shall be the duty of the Commission to administer this title. It shallhave power and authority to adopt, amend, or rescind such rules andregulations, to employ such persons, make such expenditures, require suchreports, make such investigations, and take such other action, including theappointment of advisory groups, as it deems necessary or suitable to thatend. Such rules and regulations shall be subject to the provisions of Chapter40 ( 2.2-4000 et seq.) of Title 2.2, except as to the subject matter ofsubdivisions 2 and 3 of 60.2-515, which shall become effective in themanner prescribed by 2.2-4103. The Commission shall determine its ownorganization and methods of procedure in accordance with provisions of thistitle, and shall have an official seal which shall be judicially noticed.

B. The Commission shall prepare an annual balance sheet of the moneys in thefund and in the Unemployment Trust Fund to the credit of the Commonwealth inwhich there shall be provided, if possible, a reserve against the liabilityin future years to pay benefits in excess of the then current taxes. Thatreserve shall be set up by the Commission in accordance with acceptedactuarial principles on the basis of statistics of employment, businessactivity, and other relevant factors for the longest possible period.Whenever the Commission believes that a change in tax or benefit rates isnecessary to protect the solvency of the Fund, it shall promptly so informthe Governor and the General Assembly and make recommendations with respectthereto.

(Code 1950, 60-29; 1968, c. 738, 60.1-34; 1977, c. 445; 1984, c. 734;1986, c. 480.)