This report was written in response to a legislative directive specified by the Virginia General Assembly in House Joint Resolution (HJR) 611 to undertake a comprehensive review of the state's unemployment compensation system. Enacted during Virginia's 2001 legislative session, HJR 611 identified eight topics to be studied covering aspects of Unemployment Insurance (UI) benefit payments, financing and trust fund solvency. The analysis was to be undertaken in close consultation with the Virginia Employment Commission. This final report, a revision of an earlier draft report, responds to the HJR 611 legislative directive.