NY A08627

Amends Labor Law Section 581-a to establish the employer contribution rate for the 2022 fiscal year using the fund index at 5% or more, unless the actual fund index would result in a lower rate for the employer.

Creates a new "unemployment insurance solvency reserve fund" in the state treasury to hold moneys for unemployment insurance purposes.

Allows the reserve fund to consist of federal recovery funds during economic downturns, non-recurring state funds from settlement proceeds, and other sources, as well as amounts appropriated or transferred by statute.

Permits the reserve fund to be used when all three conditions are met: the unemployment insurance fund has borrowed from the federal government, the federal government has imposed interest assessments on those loans, and the federal government is recovering principal on the loans.

Takes effect immediately upon enactment.