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The Maine School Management Association Unemployment Compensation Trust Fund was founded in 1981 after the Maine Unemployment Security Law was amended to make unemployment compensation coverage mandatory for all Maine school departments. The operation of the Fund is overseen by the MSMA Unemployment Compensation Trust Fund Committee and the Fund Trustees. The committee consists of members including superintendents, school board members and a school business manager. The committee is the policy making body for the Fund and the trustees approve the expenditures and oversees the investments.
The Fund currently covers over 28,000 school employees employed by 169 school units.