The Washington state Legislature on Wednesday fast-tracked a delay of the implementation of a long-term care program — and the payroll tax that pays for it — to address solvency concerns and other issues raised about the first-in-the-nation defined benefit.
“But with such an important and impactful program and especially one that is so innovative, it makes sense to take the time to get it exactly right,” he said. “We’ve been listening. And what we’ve heard are a lot of good ideas on how to make this program better.”
The benefit is not portable, so people who pay into the program but later move out of state will not be able to access it, and it only covers the taxpayer, not a spouse or dependent. “The math doesn’t work,” said Republican Sen. John Braun. “This is not political. This is just a good idea that doesn’t work.”
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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