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Senate committee hears bill to shift paid-leave premiums to actuarial rate setting
Summary
The Senate Labor & Commerce Committee heard testimony on Senate Substitute Bill 5292, which would require the Employment Security Department to set paid family and medical leave rates using a forward-looking actuarial method and increase target reserves; public testimony was mixed on affordability and solvency.
The Senate Labor & Commerce Committee on Wednesday heard Senate Substitute Bill 5292, a proposal to change how Washington sets premium rates for the state's paid family and medical leave (PFML) program.
Committee staff and the Employment Security Department described the bill as implementing a JLARC recommendation to move from a statutory formula to an actuarial, forward-looking rate. Susan Jones, committee staff, said the proposed substitute eliminates the statutory three-step formula and directs ESD to set the premium based on its annual actuarial report; beginning in 2030 the report must provide for a rate that achieves a four-month…
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