IL SB1698

Creates two operative scenarios for unemployment insurance changes based on whether state treasury funds are appropriated by January 31, 2023 to pay outstanding federal advances to the unemployment trust fund.

If state funds are NOT appropriated: reduces maximum weekly unemployment benefit eligibility from 26 weeks to 23 weeks for benefit years 2025-2026, lowers benefit calculation percentages to 40.6%, increases wage base maximums to $13,271-$14,592 for 2023-2027, and implements a 0.350% employer surcharge for 2025.

If state funds ARE appropriated: implements alternative changes including a 20% increase to state experience factor for 2024, 10% annual transfers of appropriated funds to the Budget Stabilization Fund (capped at $1,200,000,000 trust fund balance), and adjusted solvency thresholds ranging from $525,000,000 to $2,975,000,000.

Updates target balances for state experience factor calculations to $1,750,000,000 starting in 2023 under both scenarios.

Takes effect January 1, 2023.