Paid family and medical leave; authorizing the Department of Labor to contract with a qualified third-party actuary for certain purpose. Effective date.
What changed between versions
Added coverage for self-employed workers who opt into the program and employees of public subdivisions.
Clarified that premium contributions are limited to wages not exceeding the federal Social Security Administration's contribution and benefit base limit.
Added specific administrative cost categories including outreach, education, enforcement, and data collection to the actuarial study requirements.
Added requirement for the actuary to model and compare at least two different program models based on policy parameters.
Added specific reserve calculation requirements requiring reserves to be approximately 135% of benefits paid plus 100% of administration costs.
Added definition for 'qualified third-party actuary' requiring they not be employed by the state and meet American Academy of Actuaries standards.