1. A. Payroll contributions to the Fund shall be authorized in order to finance the payment of benefits under and the administration of the paid family and medical leave insurance program.

2. B. Beginning on April 1, 2028, each employer shall remit to the Fund contributions in the form and manner determined by the Commission. No later than October 1, 2027, and annually thereafter, the Commissioner shall fix the contribution rate for the coming calendar year in the manner described in this subsection, taking into account the repayment requirement provided for in subsection D of § 60.2-805. For calendar years 2028 and 2029, the Commissioner shall fix such contribution rate based on sound actuarial principles. For calendar year 2030 and thereafter, the Commissioner shall first certify and publish the following information:

   1. 1. The total amounts of the previous fiscal year's expenditures for (i) family and medical leave benefits paid and (ii) the administration of the paid family and medical leave insurance program;
   2. 2. The total amount remaining in the Fund at the close of such fiscal year; and
   3. 3. The amount by which the contribution rate shall be adjusted to ensure that the projected balance of the Fund as a percentage of total program expenditures does not fall below 40 percent. The contribution rate adjustment, if any, made as the result of the Commissioner's certification and report under this subsection shall supersede the rate previously set forth and shall become effective on January 1 of the following calendar year.
3. C. A self-employed person electing coverage under § 60.2-815 shall be responsible for the employer's share of contributions set forth in subsection B on that individual's income from self-employment. Such self-employed person shall provide documentation to the Commission demonstrating that such self-employed person is authorized to work in the United States when beginning payroll contributions.
4. D. Each employer of more than 10 employees shall (i) deduct from each employee's wages an amount equal to 50 percent, or such lesser percentage as may be agreed upon by such employer and employee, of the contribution required per employee pursuant to subsection B and (ii) remit the full contribution required per employee pursuant to subsection B to the Commission for deposit into the Fund.
5. E. Each employer of 10 or fewer employees shall deduct from each employee's wages an amount equal to 50 percent of the contribution per employee required of an employer of more than 10 employees pursuant to subsection B. Such employer of 10 or fewer employees shall remit such deducted amount to the Commission for deposit into the Fund and shall not be required to make additional contributions.
6. F. No deduction made pursuant to this section shall cause an employee's wage, after such deduction, to fall below the minimum wage required to be paid to such employee by any applicable statute, regulation, rule, or ordinance. This subsection shall not be construed to reduce any employee's rights, benefits, protections, or privileges under this chapter.
7. G. Contributions under this section shall not be required for an employee's wages or an individual's income from self-employment above the contribution and benefit base limit established annually by the Social Security Administration for purposes of the federal Old-Age, Survivors, and Disability Insurance Benefits program limits pursuant to 42 U.S.C. § 430.

2026, cc. 981, 1093.