The bill aims to establish solvency protections for the paid family and medical leave program in Washington State without increasing the maximum premium rate cap or contribution rates. It amends RCW 50A.15.020 to include new provisions that allow the commissioner to reduce weekly benefits if the calculated premium rate exceeds 1.2 percent. Specifically, if the premium rate surpasses this threshold, the commissioner is required to lower the weekly benefits, including the maximum weekly benefit amount, for the following calendar year to ensure the premium rate remains at or below 1.2 percent. Additionally, the commissioner is granted the authority to reduce weekly benefits at any time to maintain the projected balance of the family and medical leave insurance account.

The bill also outlines the conditions under which benefits are payable, the calculation of weekly benefits based on the employee's average weekly wage, and the maximum and minimum benefit amounts. It specifies that the maximum weekly benefit will be $1,000 starting January 1, 2020, with adjustments made annually based on the state average weekly wage. The act is set to take effect on January 1, 2027.

Statutes affected:
Original bill: 50A.15.020