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Pension Funding Council keeps WA Cares premium at 0.58% after OSA valuation shows modest actuarial margin
Summary
OSA presented Milliman's 06/30/2024 valuation showing a small positive actuarial balance under base assumptions and wide sensitivity to adverse experience. OSA recommended no change to the statutory 0.58% premium during the program's learning phase; the council voted to maintain the current 0.58% premium rate.
The Pension Funding Council reviewed an OSA summary of Milliman's 06/30/2024 actuarial valuation of the WA Cares Long-Term Services and Supports Trust during its Oct. 8 meeting.
Ben Vecti, director of the WA Cares Fund at the Department of Social and Health Services, outlined the program's social-insurance design, benefit pathways (10-year career credit; near-retiree credit for those born before 1968; and a 3-of-6-year look-back misfortune pathway), the $36,500 base benefit indexed to inflation, and implementation timing (pilot IT/business processes, account opening, and July 1 benefits availability next year).
Luke Maselink summarized Milliman's valuation results, explaining that the firm projects…
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