Seattle Retirement Savings Plan
City of Seattle IRA program
Year enacted |
2017 |
Status |
Not currently active and may not be implemented
The ordinance established a target deadline of January 1, 2021, for contributions to begin, but in 2018, the board decided to delay implementation of the program pending possible action by the Washington State Legislature on proposals to establish a statewide auto-IRA program. A bill was introduced in 2019 and 2020 but failed both times, and no bill(s) were reintroduced during the state's 2021 legislative session. |
Employers affected |
Mandatory for employers that don’t provide their own plan or participate in a multiple employer plan, with a two-year deferral for new businesses. |
Type of account |
Roth or traditional IRA |
Automatic enrollment |
Yes |
Auto-escalation |
Yes (but % and maximum to be determined) |
Default contribution rate |
To be determined by the program’s board |
Employer contributions |
Not permitted |
Investment options |
Proposed—At least three core investment funds and one or more "non-core investment funds,” as deemed appropriate by the program’s board; the board may designate a default investment fund. |
Fees |
Not specified; however, the ordinance provides that the program must keep administration fees low, but sufficient to ensure the program’s sustainability. |
Website |
None |
Source: Most of the information is from “State-Facilitated Retirement Savings Programs: A Snapshot of Plan Design Features,” Georgetown University Center for Retirement Initiatives, 10/31/21. It is subject to change without notice. Please contact the city of Seattle to learn more.
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John Hancock Investment Management Distributors LLC is the principal underwriter and wholesale distribution broker dealer for the John Hancock mutual funds. Member FINRA, SIPC.
John Hancock Retirement Plan Services LLC offers administrative or recordkeeping services to sponsors and administrators of retirement plans. John Hancock Trust Company LLC provides trust and custodial services to such plans. Group annuity contracts and recordkeeping agreements are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, New York. Product features and availability may differ by state. Securities offered through John Hancock Distributors LLC. Member FINRA, SIPC.
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