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Committee hears bill to shift PFML premium-setting to actuarial approach, retain 1.2% cap
Summary
The Labor & Workplace Standards Committee on March 18 heard substitute Senate Bill 52-92, which would replace the PFML statutory premium formula with an actuarial rate-setting process while keeping the 1.2% cap and requiring a three-month reserve by 2030.
The Labor & Workplace Standards Committee on March 18 heard substitute Senate Bill 52-92, which would remove the program's current statutory premium formula and require the Employment Security Department to set the state's paid family and medical leave (PFML) premium annually based on an actuarial report.
Kelly Leonard, staff to the committee, told lawmakers that PFML is administered by the Employment Security Department and is funded by premiums remitted by employers and employees. Leonard said the premium is imposed on each employee's taxable wages up to the Social Security maximum taxable earnings cap, which staff said is $176,000 for 2025, and that the department currently sets a total premium rate using a statutory formula that considers prior-year expenses, taxable wages and the account balance.
The bill would remove that statutory formula…
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