Bill > SB143

This bill modifies how unemployment insurance tax rates are calculated and how funds are managed in Oregon's Employment Department. Specifically, the bill changes two key aspects of the existing law: First, it increases from 109 to 135 one-thousandths of a percentage point the portion of an employer's tax rate that goes into the Supplemental Employment Department Administration Fund. Second, it revises how excess funds in this account are calculated for transfer to the Unemployment Compensation Trust Fund, replacing the previous method of comparing funds to the first quarter's collection with a new calculation based on one-eighth of the department's total budgeted moneys. The bill defines "budgeted moneys" as the total limited funds authorized for the Employment Department's budget, excluding certain specific program budgets. These changes will apply to calendar quarters beginning on or after April 1, 2025, and to fund transfers for biennia ending on or after June 30, 2025. The bill takes effect 91 days after the 2025 legislative session adjourns, which is part of a standard process to give state agencies time to implement new laws.