New York Assembly Bill A04657 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 4657 2023-2024 Regular Sessions  IN ASSEMBLY February 21, 2023 ___________ Introduced by M. of A. MCGOWAN -- read once and referred to the Commit- tee on Labor AN ACT to amend the labor law and the state finance law, in relation to employer contributions to the unemployment insurance fund and estab- lishing the unemployment insurance solvency reserve fund The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 581-a of the labor law is amended by adding a new 2 subdivision 3-a to read as follows: 3 3-a. Notwithstanding the provisions of section five hundred eighty-one 4 of this title to the contrary and notwithstanding the actual size of the 5 fund index, the rate of contribution for a qualified employer in the two 6 thousand twenty-four fiscal year shall be the percentage shown in the 7 column headed by the size of the fund index at five percent or more and 8 on the same line with his or her negative or positive employer's account 9 percentage pursuant to subdivision two of section five hundred eighty- 10 one of this title, unless using the actual size of the fund index would 11 result in a lower rate of contribution for an employer, in which case 12 such employer shall be liable for such lower rate of contribution. 13 § 2. The state finance law is amended by adding a new section 92-kk to 14 read as follows: 15 § 92-kk. Unemployment insurance solvency reserve fund. 1. There is 16 hereby established in the state treasury a fund to be known as the 17 "unemployment insurance solvency reserve fund". Such fund shall consist 18 of moneys deposited there and moneys shall be withdrawn from such fund 19 only for the purposes as provided therein. 20 2. Such fund may consist of but not be limited to, discretionary 21 federal funds designated as recovery funds during a period of economic 22 downturn and non-recurring state funds derived from settlement proceeds 23 and other sources. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09103-01-3 
 A. 4657 2 1 3. Such fund may also consist of amounts appropriated or transferred 2 pursuant to statute. 3 4. The amounts available in such reserve may be used if the following 4 conditions are met: 5 (a) The unemployment insurance fund has borrowed money from the feder- 6 al government for the purpose of paying benefits to claimants; 7 (b) The federal government has imposed an interest assessment 8 surcharge on the state of New York for loans to the unemployment insur- 9 ance fund; and 10 (c) The federal government is recovering the principal on money loaned 11 to the unemployment insurance fund for the payment of benefit to claim- 12 ants. 13 § 3. This act shall take effect immediately.