The bill proposes to amend Section 61-5-29 of South Dakota law regarding the employer's investment in South Dakota's future fee. It maintains the requirement for employers to pay this fee on wages, with specific rates outlined for those not eligible for experience rating and those who are. The bill clarifies that the proceeds from the investment fee will be deposited into the unemployment compensation fund's clearing account and subsequently into the employer's investment in South Dakota's future fund, while also stipulating that these payments cannot be credited to the employer's experience-rating account or deducted from employee wages.

Additionally, the bill includes a significant change by inserting a provision that will repeal Section 61-5-29 on July 1, 2026. This indicates a move towards the eventual elimination of the employer's investment fee, reflecting a shift in policy regarding employer contributions to the unemployment compensation system in South Dakota.

Statutes affected:
Introduced, 01/30/2025: 61-5-29