Amends existing law to revise the unemployment benefit formula.

This legislation streamlines and simplifies unemployment insurance calculations to help ensure the State Unemployment Insurance Trust Fund remains solvent. It does that by changing the employment security benefitformulainemploymentsecuritylawstosimplifytheminimumandmaximumamountofunemployment insurance benefits for which a person is eligible. The bill does keep in place the State's index tying the amount of benefits people receive to the overall health of the economy, but reduces the maximum number of weeks of unemployment benefits from 26 weeks to 20 weeks. This legislation will have the added benefit of making it easier for someone to understand the number of weeks of unemployment benefits for which he or she is eligible. Finally, there is a sunrise provision so that the bill takes effect on July 1, 2022 in order to account for federal pandemic unemployment funding. As with Medicaid funding, there were strings attached to the supplemental federal funding for unemployment insurance. The effective date of this bill accounts for the federal funding timeline and strings.