WHAT IS PAID FAMILY & MEDICAL LEAVE? - What does Paid Family Medical Leave do?

PFML Legislator 2 pager 2024 WHAT IS PAID FAMILY & MEDICAL LEAVE? What does Paid Family Medical Leave do? Pays the employee up to twelve weeks (amount of time determined by a health care professional and must be approved by NMDWS) of partial wage replacement for workers who have paid into the fund for at least six of the last 12 months and who are: Welcoming a new child through birth or adoption M. [...] Department of Labor and UNM Bureau of Business and Economic Research have conducted independent analyses and both determined that the fund will remain solvent based on the parameters in the current bill. [...] The bill protects solvency by: Including a requirement for the NMDWS to contract with an actuarial firm to conduct an actuarial study within six months of bill passage. [...] Requiring the NMDWS Secretary to conduct an annual financial analysis using a solvency adjustment formula and to report the findings to the legislature. [...] The bill protects employers and the Fund by: Capping contribution increases at an annual rate of 0.1% of wages ($1/$1000) Solidifying the 45% employer to 55% employee total contribution ratio Delaying implementation of the employee benefits until 2027, with a year-long rule-making process and a 6-month period for employer technical support Requiring employees to have worked for at least 90 days be.