Starting January 1, 2028, the commissioner sets paid leave premiums using an annual report, with the total rate capped at 1.20 percent.
The commissioner sets the program’s total premium rate using an annual report from the office of actuarial services. The rate cannot exceed 1.20 percent.
The office reports on the account’s finances and the lowest future rates needed to keep it solvent. Its projections must include rates for a four-month reserve by the end of 2030.
If the office projects that the next quarterly premium collections will not recover an account deficit, it reports that projection to the advisory committee and legislative committees.
The commissioner sets the total premium rate based on the annual report from the office of actuarial services. The rate applies to premiums for Washington’s paid family and medical leave insurance program. The total premium rate must not exceed 1.20 percent. This law takes effect January 1, 2028.
The office of actuarial services reports on the insurance account’s finances and future premium rates. The office reports to the paid leave advisory committee about the family and medical leave insurance account. The report identifies the lowest future rates needed to keep the account solvent over the next four years while limiting rate swings. By the end of rate collection year 2030 and each year after, the report must include rates needed for the account to close the year with a four-month reserve, based on projected average monthly costs. The four-month reserve direction applies by the end of rate collection year 2030 and each year after.
The office of actuarial services reports a projected unrecovered deficit to the advisory committee and legislative committees. The reporting duty applies to the office of actuarial services and the family and medical leave insurance account. A report is required if the office projects that the next quarterly premium collections will not recover the account’s deficit. The office must report within 10 business days after making the projection. This law takes effect January 1, 2028.
No hearings or votes scheduled.