(a) There is established as a special fund the Universal Paid Leave Fund ("Fund"), which shall be administered by the Chief Financial Officer in accordance with subsections (b), (c), (d), (e), (f), (g), (h), (i), and (m) of this section.
(b) Money in the Fund shall be used to:
(1) Pay benefits provided under subchapter IV of this chapter ; and
(2) Fund each fiscal year the Universal Paid Leave Administration Fund established pursuant to § 32-551.02(a) in the following amounts:
(A) For the purposes described § 32-551.02(c)(1) , no more than the following amounts:
(i) In Fiscal Year 2024, no more than the greater of 15% of the money estimated to be deposited in the Fund or $24.05 million;
(ii) In Fiscal Year 2025, no more than the greater of 15% of the money estimated to be deposited in the Fund or $26.96 million;
(iii) In Fiscal Year 2026, no more than the greater of 15% of the money estimated to be deposited in the Fund or $27.47 million;
(iv) In Fiscal Year 2027, no more than the greater of 15% of the money estimated to be deposited in the Fund or $27.98 million;
(v) In Fiscal Year 2028 no more than the greater of 15% of the money estimated to be deposited in the Fund or $28.53 million;
(vi) In Fiscal Year 2029, $25,812,158; and
(vii) In Fiscal Year 2030 and each subsequent fiscal year, no more than 15% of the money estimated to be deposited in the Fund;
(B) No more than .75% of the money estimated to be deposited in the Fund for the purposes described in § 32-551.02(c)(2) ; and
(C) No more than 0.5% of the money estimated to be deposited in the Fund for the purposes described in § 32-551.02(c)(3) .
(b-1) For the purposes of subsection (b) of this section, the phrase "money estimated to be deposited in the Fund" means the amount of revenue that the Chief Financial Officer estimates will be deposited in the Fund, as indicated in the certification provided by the Chief Financial Officer pursuant to § 32-541.04a(b) , during the fiscal year in which the money in the Fund will be used to fund the Universal Paid Leave Administration Fund.
(1) The money deposited into the Fund, and interest earned, shall not revert to the unrestricted fund balance of the General Fund of the District of Columbia at the end of the fiscal year, or at any other time.
(2) Subject to authorization in an approved budget and financial plan, any funds appropriated in the Fund shall be continually available without regard to fiscal year limitation.
(d) There shall be deposited into the Fund $20,039,000 of local funds in Fiscal Year 2016.
(e) Revenue from the following sources shall be deposited into the Fund:
(1) Monies collected pursuant to § 32-541.03(b-1) ;
(2) Annual appropriations, if any;
(3) Interest earned upon the money in the Fund; and
(4) All other money received for the Fund from any other source.
(f) Money in the Fund may not be used other than for the purposes of the paid-leave program established pursuant to subchapter IV of this chapter .
(g) Beginning with October 1, 2017, and quarterly thereafter, the Chief Financial Officer of the District of Columbia shall certify the balance of the Fund.
(h) Claims paid pursuant to subchapter IV of this chapter shall not be administered from the Fund until:
(1) At least one year after April 7, 2017; and
(2) After the Chief Financial Officer of the District of Columbia certifies that the Fund will remain solvent for at least one year after claims have begun to be paid from the Fund.
(i) The balance in the Fund shall not fall below the equivalent of 9 months of benefits provided pursuant to subchapter IV of this chapter , at any time during a fiscal year. If the Chief Financial Officer determines that the balance in the Fund will fall below the equivalent of 9 months of benefits during a fiscal year, the Chief Financial Officer shall promptly notify the Mayor and the Council and present a plan, including recommended legislative changes, if any, to address the shortfall. If the balance in the Fund falls below the equivalent of 6 months of benefits, the District shall immediately cease any further payments of benefits. If payment of benefits is ceased in accordance with this section, payment of benefits shall not resume until the Fund balance is equal to the equivalent of 12 months of benefits.
(j) By December 30, 2017, the Mayor, in coordination with the Office of the Chief Financial Officer, shall provide an update to the Council as to the funds that have thus far been deposited into the Fund and the expected timeline for beginning to make payment of claims under subchapter IV of this chapter .
(k) By October 1, 2018, and annually thereafter, the Mayor shall submit a report to the Council about the financial management, claim management, operation, and use of the Fund and the paid-leave program established pursuant to subchapter IV of this chapter .
(l) As of December 31, 2021, and as of the last day of each quarter thereafter, the Chief Financial Officer shall compare its estimated costs of each type of paid-leave benefit with the actual cost of such leave during the most recently completed calendar quarter. If, on the basis of such comparison, the estimated cost of any type of paid-leave benefit was 3 or more times greater than the actual cost of such leave, then the Chief Financial Officer shall promptly deliver a letter to the Council disclosing the extent to which costs were overestimated, whether funds are sufficient to implement all or any portion of the paid-leave benefit expansions and the employer contribution rate change in the order set forth in § 32-541.04a(c) , and the earliest point at which the benefits could be expanded or the employer contribution rate could be reduced.
(m) After benefits begin to be paid pursuant to subchapter IV of this chapter , no funds from any contingency fund or any other local funds shall be transferred to the Fund to be used for the paid-leave program established pursuant to subchapter IV of this chapter .
(n) The cost of the benefits authorized under subchapter IV of this chapter shall be payable solely from the Fund. Nothing contained in subchapter IV of this chapter or this subchapter shall be construed to create an obligation on the part of the District to pay benefits from any source other than the Fund.