This bill amends the Employment Security Act of 1980 by adjusting the employer contribution rates to the Unemployment Compensation Fund. It decreases the applicable percentages for various conditional factors, changing them from 42.5% to 41.25%, 45% to 42.5%, 47.5% to 43.75%, and 50% to 45%. The bill introduces a new rate table for these conditional factors and removes the existing formula for benefit wage ratio increases. Additionally, it raises the minimum balance required for the fund's financial condition and updates statutory references, aiming to create a more sustainable financial structure for the Unemployment Compensation Fund.

Moreover, the bill deletes specific percentage increases for employers based on their benefit wage ratios and establishes a new Conditional Factor Rate table to determine contribution rates. It also increases the threshold for the fund's balance that triggers a surcharge from $25 million to $50 million, promoting a healthier reserve. In times of state emergency, the Oklahoma Employment Security Commission gains more flexibility in managing the fund, including the ability to borrow federal funds and adjust surcharges. The bill is scheduled to take effect on November 1, 2025.