NY A04657

Amends Labor Law section 581-a to set employer contribution rates for fiscal year 2024 using a fund index rate of at least 5 percent, unless the actual fund index would result in a lower rate for the employer.

Establishes the "Unemployment Insurance Solvency Reserve Fund" in the state treasury to hold federal recovery funds, state settlement proceeds, and other designated funds.

Allows reserve fund amounts to be used only when all three conditions are met: the UI fund has borrowed from the federal government, the federal government has imposed interest surcharges on New York, and the federal government is recovering principal on UI loans.

Permits appropriations or transfers to the reserve fund through statute.

Takes effect immediately upon enactment.