WA SB5292

Replaces the existing formula for calculating paid family and medical leave premium rates with a requirement that the commissioner set rates based on annual actuarial reports from the office of actuarial services

Maintains the maximum total premium rate cap at 1.20 percent of wages subject to assessment

Requires the office of actuarial services to report on the lowest premium rates necessary to maintain four-year solvency while limiting rate fluctuation, and to achieve a three-month reserve by the end of rate collection year 2030

Defines "three-month reserve" using actuarial projections for the following calendar year rather than historical 12-month averages

Takes effect January 1, 2027