Washington Gov. Jay Inslee on Thursday signed into law an 18-month delay of the state’s new long-term care program that creates a defined benefit to help offset the costs of such care.
has an emergency clause, it takes effect immediately. The payroll tax that pays for the benefit — which was supposed to start being collected by employers this month — is now delayed until July 1, 2023, and employers are required to refund any premiums that have been collected to date.
The lifetime maximum of the benefit is $36,500, with annual increases to be determined based on inflation, and the program is funded by workers, who will pay a premium of .58% of total pay per paycheck. Modeling by the consulting firm Milliman in December 2020 showed various scenarios of opt-out structures, with the baseline one finding that 3% of wage earners responsible for about 10% of wages in 2022 would opt out at the start of the program. Under that scenario, a premium assessment of .66% would be required to keep the program solvent through 2096.
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