Establishes solvency protections for Washington's paid family and medical leave program without increasing premium rates or contribution rates.

Washington SB6140 amends the state's paid family and medical leave program to include solvency protections. These protections allow the commissioner to reduce weekly benefits to prevent the insurance account balance from falling below a specific balance or other actuarially sound measure. This reduction can occur without exceeding a 1.2 percent premium rate cap. The changes take effect on January 1, 2027.

Establishes solvency protections for Washington's paid family and medical leave program without increasing premium rates or contribution rates.

Washington SB6140 amends the state's paid family and medical leave program to include solvency protections. These protections allow the commissioner to reduce weekly benefits to prevent the insurance account balance from falling below a specific balance or other actuarially sound measure. This reduction can occur without exceeding a 1.2 percent premium rate cap. The changes take effect on January 1, 2027.