SB 585 - This act shall be known as the "Rewarding Workforce Readiness in Institutions of Higher Education Act". This act establishes funding allocation calculations for institutions of higher education. The Department of Higher Education and Workforce Development shall allocate funding to each institution as a proportion of the institution's Enrollment-Weighted Score compared to the total Enrollment-Weighted Scores of all two- or four-year institutions, depending on the type of institution. The Enrollment-Weighted Score shall be the institution's full-time enrollment weighted by the institution's Rewarding Workforce Readiness Score, which shall be calculated by adding base measures based on the additional earnings the institution's graduates experience compared to high school earnings in the long-term and short-term and based on the additional earnings and enrollment of Pell Grant recipients. This act provides timetables for the phasing-in of the act's funding allocation calculations. For two-year institutions, in years starting on or before January 1, 2024, funding calculations will be determined based on any allocation mechanism in place before such date. In 2025, the funding allocation calculation in the act shall make up 50% of the calculation, while the remaining 50% shall be based on the old allocation mechanism. In 2026 and each subsequent year, the act's funding allocation calculation shall make up 100% of the calculation. For four-year institutions, in years starting on or before January 1, 2024, funding calculations will be determined based on any allocation mechanism in place before such date. In 2025, the funding allocation calculation in the act shall make up 20% of the calculation, while the remaining 80% shall be based on the old allocation mechanism. In 2026, the act's calculation shall make up 40%, and the old mechanism shall make up 60%. In 2027, the act's calculation shall make up 60%, and the old mechanism shall make up 40%. In 2028 and each subsequent year, the act's funding allocation calculation shall make up 100% of the calculation. For purposes of the calculations required under the act, the Department may determine earnings data for state residents by reference to unemployment insurance earnings records. For non-residents, the Department may reference records shared with the State Wage Interchange System administered by the U.S. Department of Labor. This act shall become effective on January 1, 2022. MATT KIMMINAU