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2022 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Boysko
SB 1: Paid Family and Medical Leave (language only)

Item 370 #7s

Item 370 #7s

Labor
Virginia Employment Commission

Language

Page 401, after line 13, insert:

"I. The Virginia Employment Commission is hereby authorized to request and receive a treasury loan to fund the necessary start-up costs associated with the implementation of a Paid Family and Medical Leave Program for the Commonwealth of Virginia contingent upon the enactment of SB 1 introduced in the 2022 Session of the General Assembly. The treasury loan shall be repaid for these costs from revenues received from premiums assessed to employers and employees beginning in 2024."



Explanation

(This amendment would authorize a Treasury Loan to the Virginia Employment Commission to cover the startup period for the Paid Family and Medical Leave Program for the Commonwealth of Virginia that would be established by SB 1 of the 2022 General Assembly. The estimated loan of $55.6 million would be repaid by premiums assessed to employers and employees, within two years of the start date of the collection of contributions.)