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 of the program, including startup and administrative costs, premium contributions for solvency, and trends in claim experiences. It will also evaluate program parameters such as eligibility standards, coverage for self-employed workers, wage replacement rates, and maximum leave duration. The actuary is required to model at least two different program models and utilize relevant state data to inform their analysis.

Additionally, the bill outlines that the actuarial study must be completed and made public within 30 days of its completion. The Department of Labor, in collaboration with the actuary and a public stakeholder working group, will identify the necessary program parameters for the study. The Department is also tasked with promulgating any rules needed for the implementation and administration of the program. The bill is set to take effect on November 1, 2025.