This bill proposes the repeal of the Minnesota Paid Leave Law, specifically eliminating sections 268B.001 through 268B.30 of the Minnesota Statutes, which govern paid family and medical leave benefits. It mandates that any unspent funds from the family medical leave account be transferred back to the general fund, with an effective date for these changes set for July 1, 2025. The repeal aims to dismantle the existing framework for paid leave benefits, significantly impacting employees' access to such benefits in Minnesota.

In place of the repealed law, the bill establishes a new Family and Medical Benefit Insurance Program, which will be administered by a newly created division within the department. This program outlines eligibility requirements, application processes, and benefit calculations for individuals taking leave for various reasons, including serious health conditions and military-related exigencies. The bill also introduces provisions for private plans, ensuring they meet specific criteria, and emphasizes employee protections against employer retaliation for taking leave. Overall, the legislation aims to streamline the leave process while enhancing accountability and protecting employees' rights.