Year enacted

2024 (S.B. 6069)

Status

Signed on March 28, 2024

Expected to be launched by July 1, 2027, with staggered stages of implementation

Employers affected

Any person or entity in a business or other enterprise in Washington, whether for profit or not for profit, that:

• Has been in business in Washington for at least 2 years;
• Maintains a physical presence;
• Does not offer a qualified retirement plan to employees who are at least age 18 and have had continuous employment of 1 year or more and;
• Employ, and at any point during the immediately preceding calendar year employed, employees working a combined minimum of 10,400 hours (that is approximately 5 full-time or full-time equivalent employees).

Type of account

Automatic enrollment payroll deduction IRA (type to be determined by the Program’s governing board (“Board”))

Automatic enrollment

Yes

Auto-escalation

Yes, 1% per year up to 10%

Default contribution rate

3% (maximum of 7%)

Employer contributions

Not permitted

Investment options

To be determined by the Board

Fees

Board instructed to minimize costs to participants, covered employers, and the state.

If Board enters into an interstate partnership, the administrative fees may not be greater than the rate charged to participants in another state participating in the partnership

Website

Washington Saves Retirement Program