This bill proposes the repeal of the Minnesota Paid Leave Law, which includes the elimination of sections 268B.001 through 268B.30 of Minnesota Statutes that govern paid family and medical leave. It mandates the transfer of unspent funds from the family medical leave account to the general fund, redirecting financial resources to the state's budget. The effective date for both the repeal and the fund transfer is set for July 1, 2025, indicating a significant shift in the state's approach to family and medical leave, which will impact the availability of paid leave benefits for Minnesota workers.

In place of the repealed law, the bill establishes a new Family and Medical Benefit Insurance Program, administered by a newly created division within the department. It outlines eligibility requirements, application processes, and the conditions under which benefits can be claimed, including a maximum of 12 weeks of benefits for qualifying events. The bill also introduces provisions for private plans, penalties for employer misconduct, and guidelines for the repayment of overpaid benefits. Additionally, it emphasizes employee protections against retaliation and mandates that employers maintain group insurance coverage during leave. Overall, the bill aims to streamline the administration of family and medical leave benefits while enhancing employee rights and ensuring compliance with new regulations.