On Mar. 4, ORE LEG passed bill re family and medical leave, time off.
ORE LEG passed Bill SB 1514 to require Employment Department to conduct periodic assessments to determine solvency of paid family and medical leave insurance fund.
Amends Section 51, Chapter 700, Oregon Laws 2019, at ORE LEG 700-51.
Bill Provisions
Provides definitions for family leave for parental bonding; projected expenses; others.
The Director of the Employment Department shall periodically assess paid family and medical leave insurance fund established to determinations the solvency of the fund.
Director will use actuarial calculations and may consider any relevant information.
Provides actions Director may take to restore solvency of fund, including adjust max weekly benefit as indicated; as a last resort reduce the number of weeks available.
Such actions taken by the Director to benefits will be effective for 5 years maximum.
Legislative History
On Feb. 5, 2024, bill introduced in Senate; on Feb. 14, 2024, bill passed in Senate.
On Feb. 14, 2024, bill delivered to House; on Feb. 22, 2024, bill was passed in House.
On Mar. 4, 2024, bill was signed by the House speaker; pending governor action.
Effectiveness
Act would take effect on its passage.
Mar. 2024 ORE LEG Governor Approval
On Mar. 25, 2024, ORE LEG reported that bill SB 1514 was approved by governor on Mar. 20, 2024, and assigned Chapter 19; becomes effective on Jan. 1, 2025.
Document dated Mar. 25, 2024, was received on Apr. 16, due to a fixed feed.
Regulators
ORE LEG
Entity Types
CNSM; Ins
Reference
Ch. 19, 3/25/2024; Bill SB1514, 3/4/2024; Citation: ORE LEG 700;
Functions
Actuarial and Valuation; Compliance; HR; Legal; Operations
