If I create my own equivalent plan, what happens to the funds my employee contributed when they quit and go to work for another organization that is participating in Paid Leave Oregon?

When your employee leaves, their contributions remain in the equivalent plan fund for the payment of benefits to other employees. Employers with an equivalent plan hold employee contributions in trust for the payment of benefits to employees covered under the plan and for plan administration. You or your plan administrator can’t use those funds for anything else. If your employee’s new employer participates in Paid Leave Oregon, they will be eligible for benefits through that program.