SB 1970 Summary

• Establishes the Shared Work Unemployment Compensation Program in Oklahoma, a voluntary program allowing employers to reduce employee hours by 20-40% instead of laying off workers, with affected employees eligible for partial unemployment benefits.

• Requires participating employers to have at least 100 employees, maintain employee fringe benefits at pre-plan levels, apply the plan to at least 10% of affected unit employees (minimum 50 employees), and receive Commission approval within 30 days of submission.

• Prohibits employers with experience tax rates of 5.4% or greater from participating and requires written approval from collective bargaining agents if unionized employees are involved.

• Allows eligible employees to receive weekly shared work benefits calculated as their regular benefit amount multiplied by the percentage reduction in hours, with benefits payable for maximum 26 weeks during the 12-month plan period.

• Shared work benefits become effective January 1, 2011, with the act taking effect July 1, 2010, and an emergency declaration included for immediate implementation.