Committee hears support and concerns for PFML actuarial rate-setting bill
Second Substitute SSB 5292 would shift paid family and medical leave premium-setting from a statutory 'lookback' to an actuarial, forward-looking method and require a 4-month reserve by 2030 while retaining a 1.2% cap; labor, business, and policy groups testified both for the change and voiced concerns about reserve-related rate pressure.
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Committee staff briefed members on second substitute Senate Bill 5292, which would remove the statutory lookback formula for the state-paid family and medical leave (PFML) program and instead require the Employment Security Department (ESD) to set the total premium annually based on an Office of Actuarial Services report. The bill retains the statutory premium cap of 1.2% and includes a requirement to establish a four-month reserve in the PFML account by the end of the 2030 rate collection year.
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