The Senate Bill 22-234 has received the assent of Governor. The legislation is intended to update the notice requirements regarding unemployment insurance that employers must provide to employees upon termination.
- Division of unemployment insurance is required to issue revenue bonds, power to levy bond assessments and the state treasurer, as the advisor to the division to issue the bonds.
- The requirement that an individual wait at least one week before becoming eligible for unemployment compensation has been repealed. It will take effect when the unemployment compensation fund reaches a balance of at least $1 billion.
- The Division is required to study how to implement a dependent allowance for individuals receiving unemployment compensation.
- Section 4 and 10 deals with employment support fund. The Department of Labor and Employment requires the state treasurer to credit .00035 of the premium each employer and to submit to the division and require to grants to one or more third-party administrators for the purpose of providing recovery benefits to eligible individuals.
- Employer is required to provide an employee with certain information about unemployment compensation upon the employee’s separation from employment.Employers hold on solvency surcharge has been extended and sub-section (7)(c) of Section 6 is repealed, effective 01-01-2024.
- Section 8 requires the transfer from money received by the State under the federal “American Rescue Plan Act 2021”. The money in fund is only used to repay the outstanding balance of federal advances.
- Section 11 deals with the waive in the division which determines such repayment to be inequitable.
- Section 12 requires the State Treasurer to transfer $ 600 million from the revenue loss restoration cash fund.
*Disha Srivastava, Publication Assistant has reported this brief.