(a) As used in this section, “administrator” means the Labor Commissioner in his capacity as administrator of unemployment compensation under this chapter.

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(b) Notwithstanding any provision of this chapter to the contrary, the administrator shall establish a voluntary shared work unemployment compensation program allowing participating employees to collect unemployment compensation benefits if the employees work a reduced number of hours per week with a corresponding reduction in wages under a shared work plan submitted by an employer subject to the provisions of this chapter and approved by the administrator.

(c) The administrator shall adopt regulations, in accordance with the provisions of chapter 54, to establish requirements for and administer the shared work unemployment compensation program.

(d) In the event of any conflict between any provision of this section, or of the regulations implemented pursuant to this section, and applicable federal law, the federal law shall prevail and such provision shall be deemed invalid or ineffective.