Change Paid Family Medical Leave Insurance Prog

With regard to the family and medical leave insurance program (program), section 1 of the bill extends the duration of paid family and medical leave, up to an additional 12 weeks, for a parent who has a child receiving inpatient care in a neonatal intensive care unit. Section 2 changes the premiums financing the payment of program benefits by extending the current premium amount, 0.9% of wages per employee, through 2025 and setting the premium amount for the 2026 calendar year at 0.88% of wages per employee. For each subsequent calendar year, the director of the division of family and medical leave insurance (director) in the department of labor and employment is required set the premium on or before November 1 of the preceding year. The director is required to set the premium in a manner such that:

• At the end of the year, the balance of the family and medical leave insurance fund (fund) is not less than 6 months' worth of projected expenditures from the fund required for performance of the functions and duties of the director;
• The volatility of the premium rate is minimized; and
• The premium amount does not exceed 1.2% of wages per employee.
  (Note: This summary applies to this bill as introduced.)