With regard to the family and medical leave insurance program (program), the act 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.
The act also changes the premiums financing the 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) is required set the premium on or before September 1 of the preceding year, 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 enacted.)