Senate Bill No. 254 mandates the Oklahoma Department of Labor to contract a qualified third-party actuary by January 1, 2027, to conduct an actuarial study for a paid family and medical leave insurance program. The study will assess various aspects, including startup and administrative costs, premium contributions for program solvency, and trends in claim experiences. It will also evaluate program parameters such as eligibility standards, coverage for different employee categories, wage replacement rates, and maximum leave duration. The actuary is required to model at least two different program models and provide a comprehensive report to the public within 30 days of completion.

Additionally, the bill outlines the qualifications for the actuary, the necessity for collaboration with a public stakeholder working group, and the requirement for the Department to promulgate rules for implementation. The actuarial study must adhere to the relevant Actuarial Standards of Practice and will inform the fiscal planning and funding of the proposed insurance program. The bill is set to take effect on November 1, 2025.