State lawmakers caught in a stand-off on a workers compensation reform agreement should have a proposal from Gov. Chris Gregoire in their hands today.

Gregoire recently presented two alternative ideas to lawmakers. Alternative 1 got dissed while there was interest in Alternative 2.

The governor told reporters Tuesday she is drafting a bill to carry out the ideas contained in that proposal described as the Claims Resolution Option. She estimates it will save $307 million in the 2012 fiscal year.

You can read a bit about both alternatives in the attached PDF. Also, there’s a chart with the potential savings Gregoire estimates can be achieved with each of her alternatives.

Gregoire insisted her idea – to allow voluntary settlements for workers 55 years and older under specific conditions – would save enough money to prevent double digit rate increases planned later this year.