The bill amends existing laws regarding paid family and medical leave in Washington State, specifically RCW 50A.10.030 and RCW 50A.05.050. Key changes include the annual setting of premium rates based on an annual report from the office of actuarial services, rather than the previous method of calculating rates based on prior fiscal year expenses. The bill also clarifies that the maximum limit on wages subject to premium assessment will align with the maximum wages subject to Social Security taxation. Additionally, it specifies that employers with fewer than 50 employees are not required to pay the employer portion of premiums, but if they choose to do so, they can receive assistance under a specific provision.

Furthermore, the bill mandates that the office of actuarial services report annually on the financial condition of the family and medical leave insurance account, focusing on maintaining solvency and limiting fluctuations in premium rates. It also introduces a quarterly reporting requirement for the department to provide updates on premium collections, benefit payments, and the insurance account balance. The language of the bill emphasizes the importance of maintaining a three-month reserve to ensure the program's sustainability.

Statutes affected:
Original Bill: 50A.10.030, 50A.05.050