Section 657B.NEW - [Newly enacted section not yet numbered](1) As used in this section: (a) "Family leave for parental bonding" means the family leave described under ORS 657B.010 (18)(a)(A).(b) "Grant" means a grant described under ORS 657B.200.(c) "Projected expenses" means benefits anticipated to be claimed by covered individuals under ORS 657B.090, anticipated grant awards, any anticipated costs and expenses associated with processing payments of the benefits and grant awards and any other expenses anticipated to be incurred by the Employment Department in carrying out the provisions of this chapter.(d) "Solvency of the fund" and "solvent" means that the cumulative amount of contributions collected under the provisions of this chapter and any other moneys deposited in the fund are sufficient to pay, in full and in a timely manner, not less than six months of projected expenses.(2) The Director of the Employment Department shall periodically assess the Paid Family and Medical Leave Insurance Fund established under ORS 657B.430 to make determinations regarding the solvency of the fund. The director shall use actuarial calculations in making such determinations and may consider any relevant information including, but not limited to: (a) The total cost of administrative expenses incurred by the department during the six-month period immediately preceding a periodic assessment of the fund.(b) The number of grant applications received by the department in the calendar year immediately preceding a periodic assessment of the fund.(c) The total grants awarded in the calendar year immediately preceding a periodic assessment of the fund.(d) The average amount of weekly benefits paid in the calendar year immediately preceding a periodic assessment of the fund.(e) Annual predictable birth rate data.(3) Notwithstanding any other provision under this chapter, if, pursuant to subsection (2) of this section, the director determines that the fund is or may be insolvent, the director may take any of the following actions to maintain or restore the solvency of the fund: (a) Adjust the maximum weekly benefit amount provided under ORS 657B.050 (2)(a) so that the maximum weekly benefit amount is less than 120 percent but not less than 100 percent of the average weekly wage.(b) Adjust the weekly benefit amount available to eligible employees under ORS 657B.050 (1)(b) such that the employee's weekly benefit amount is the sum of: (A) 65 percent of the average weekly wage; and(B) Not less than 40 percent of the employee's average weekly wage that is greater than 65 percent of the average weekly wage.(4) Notwithstanding any other provision under this chapter:(a) Except as provided in paragraph (b) of this subsection, if, after taking both of the actions authorized under subsection (3)(a) and (b) of this section, it is apparent to the director that the fund is or may be insolvent, the director may reduce the number of weeks that would otherwise be available to a covered individual under ORS 657B.020 (1) to reflect that a covered individual may qualify for 10 weeks of family and medical leave insurance benefits per benefit year for family leave, medical leave and safe leave taken individually or in any combination.(b) Nothing in this subsection authorizes the director to reduce the number of weeks that would otherwise be available to a covered individual under ORS 657B.020 (1) for family leave for parental bonding taken individually or in combination with:(A) Other family leave, medical leave or safe leave; and(B) The leave for which a covered individual may qualify under ORS 657B.020 (3).(5)(a) Whenever an adjustment to benefits occurs as a result of any action taken by the director pursuant to subsections (3) and (4) of this section, the adjustment shall remain effective for not more than five calendar years from the date on which the action was taken.(b) The director shall discontinue the use of this section to determine appropriate benefits and shall resume determining benefits in accordance with ORS 657B.020 and 657B.050 not later than whichever of the following first occurs: (A) Upon the director's determination that resuming determinations in accordance with the provisions of those sections will not cause volatility in the fund or with respect to the administration of the family and medical leave insurance program.(B) The date described under paragraph (a) of this subsection.(6) Any action taken by the director under this section shall apply to benefits to be claimed in benefit years beginning on or after the first day of the first calendar quarter following the date on which the action was taken.(7) The director shall provide at least 30 days' advance notice to the public of any changes to benefits resulting from any action taken by the director under this section, including the effective date of such changes. The director shall give notice to the public by posting the information on the website maintained by the department.Added by 2024 Ch. 19,§ 2, eff. 3/20/2024.