Establishing solvency protections for the paid family and medical leave program that do not increase the maximum premium rate cap or contribution rates.

This bill establishes two mechanisms to maintain solvency for Washington's paid family and medical leave program without increasing the maximum premium rate cap or contribution rates. If the calculated premium rate exceeds 1.2%, the commissioner must reduce weekly benefits (including the maximum) to ensure the rate stays under that threshold. Additionally, the commissioner may further reduce benefits if actuarial analysis shows the fund's balance may fall below a sustainable level. These adjustments directly affect employees receiving benefits by potentially lowering their weekly payment amounts if solvency measures are triggered. The changes take effect January 1, 2027.