SB1698: ACCESS TO JUSTICE FUND

Legislative Summary

Amends the Unemployment Insurance Act. Modifies provisions concerning what the term "wages" does not include for calendar years 2023 through 2027. Removes specified provisions regarding remuneration paid to an individual for calendar years 2005 through 2020. Provides that, with respect to any benefit year beginning on or after January 1, 2025 (rather than 2023) and before January 1, 2026 (rather than 2024), "maximum weekly benefit amount" with respect to each week beginning within a benefit period means 40.6% (rather than 42.4%) of the statewide average weekly wage, rounded to the next higher dollar. Provides that, with respect to any benefit year beginning on or after January 1, 2025 (rather than 2023) and before January 1, 2026 (rather than 2024), any otherwise eligible individual shall be entitled, during such benefit year, to a maximum total amount of benefits equal to 23 (rather than 24) times his or her weekly benefit amount plus dependents' allowances, or to the total wages for insured work paid to such individual during the individual's base period, whichever is smaller. In provisions concerning solvency adjustments, makes specified changes to what balance the trust fund needs to meet for the rate adjustments to apply. Provides that the target balance in calendar year 2023 and each calendar year thereafter is $1,750,000,000. Provides that if an appropriation is made in calendar year 2023 to this State's account in the Unemployment Trust Fund, as a loan solely for purposes of paying unemployment insurance benefits under this Act and without the accrual of interest, from a fund of the State treasury, the Director shall take all necessary action to transfer 10% of the total amount of the appropriation from this State's account in the Unemployment Trust Fund to the State's Budget Stabilization Fund prior to July 1 of each year or as soon thereafter as practical. Makes other changes. Provides that if funds from the State treasury are not appropriated on or before January 31, 2023, then previously described provisions are inoperative. Instead, reinserts certain provisions previously described but changes the benefit years described to 2024 and 2025. Makes other changes. Effective January 1, 2023.