Oregon Statutes 657B.430 – Paid Family and Medical Leave Insurance Fund
(1) The Paid Family and Medical Leave Insurance Fund is established in the State Treasury, separate and distinct from the General Fund. The Paid Family and Medical Leave Insurance Fund is declared to be a trust fund.
Terms Used In Oregon Statutes 657B.430
- Benefits: means family and medical leave insurance benefits. See Oregon Statutes 657B.010
- contributions: means the money payments made by any of the following under ORS § 657B. See Oregon Statutes 657B.010
- Medical leave: means leave from work taken by a covered individual that is made necessary by the individual's own serious health condition. See Oregon Statutes 657B.010
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
(2) The fund consists of moneys deposited in the fund from contributions made under ORS § 657B.150 and from penalties, fees, revenues and all other amounts deposited in or credited to the fund. Interest earned by the fund shall be credited to the fund.
(3) Moneys in the fund are continuously appropriated to the Director of the Employment Department and may be used solely to carry out the purposes set forth in this chapter, including the payment of administrative costs and expenses that the director incurs in carrying out the provisions of this chapter. [2019 c.700 § 39]
Sections 1 to 3, chapter 66, Oregon Laws 2023, provide:
Section 2 of this 2023 Act is added to and made a part of ORS Chapter 657B. [2023 c.66 § 1]
(1) As used in this section:
(a) ‘Grant’ means a grant awarded under ORS § 657B.200.
(b) ‘Solvency of the fund’ and ‘solvent’ mean that the cumulative amount of contributions collected under the provisions of this chapter [ORS Chapter 657B] and deposited in the fund are sufficient to pay, in full and in a timely manner, the benefits anticipated to be claimed by covered individuals under ORS § 657B.090, grants awarded under ORS § 657B.200 and any costs and expenses associated with processing payments of the benefits and grant awards.
(2) Notwithstanding any other provision under this chapter:
(a) No later than August 11, 2023, the Director of the Employment Department shall determine whether the fund is solvent with respect to the benefits anticipated to be claimed and any grant moneys anticipated to be awarded on or after September 3, 2023.
(b) If, pursuant to paragraph (a) of this subsection, the director determines that the fund is:
(A) Solvent, the director shall commence paying benefits and any grant awards on September 3, 2023.
(B) Insolvent, the director shall delay the start of benefit payments and grant awards until December 3, 2023, and make further quarterly determinations of the solvency of the fund under subsection (3) of this section.
(3) Notwithstanding any other provision of this chapter:
(a)(A) If, pursuant to subsection (2) of this section, the director determines that the fund is insolvent, the director shall, on a quarterly basis, determine whether the fund is solvent with respect to the benefits anticipated to be claimed and any grants anticipated to be awarded beginning with the first week of the last month of the current calendar quarter.
(B) Each quarterly determination shall be made no later than two weeks immediately following the date on which the combined quarterly reports are due under ORS § 657B.150 (12).
(b) If, pursuant to paragraph (a) of this subsection, the director determines that the fund is:
(A) Solvent, the director shall commence paying benefits and any grant awards in accordance with paragraph (c) of this subsection.
(B) Insolvent, the director shall continue making quarterly determinations of the solvency of the fund, as provided under paragraph (a) of this subsection, until the fund is determined to be solvent.
(c) The director shall commence benefit payments and grant awards under this subsection beginning with the first week of the last month of the current calendar quarter or 30 days following the notice provided to employers and covered individuals under subsection (4) of this section regarding the commencement of benefits or grants, whichever is later.
(4) The director shall provide at least 30 days’ advance notice to employers and covered individuals before commencing benefit payments or grants under subsection (3) of this section. [2023 c.66 § 2]
Section 2 of this 2023 Act is repealed on September 3, 2026. [2023 c.66 § 3]
MISCELLANEOUS PROVISIONS