This bill provides that an employer that has owned and operated a covered establishment for less than 2 years prior to the termination or relocation of that establishment owes severance pay if the employer, its predecessors or the covered establishment received significant public benefits in the 5 years before the termination or relocation. As an alternative to paying severance pay, the employer may pay over to the Department of Labor the value of all significant public benefits provided to the employer or the covered establishment in the past 5 years. The department would use those funds to make severance payments to employees of the covered establishment. Any funds remaining would be paid to the municipality or other public entity that provided the significant public benefit to the employer or the covered establishment.