Retirement security bill passes Washington House

OLYMPIA — According to an announcement by the Office of Financial Management, Engrossed Substitute Senate Bill 6069 establishing Washington saves, a new retirement security program, passed the House on March 6 after passing through the Senate Feb. 12.

According to the Washington State Legislature website, the bill establishes Washington Saves, an “automatic enrollment individual retirement savings account program,” in order to improve private Washington workforce retirement security standards. 

The OFM identified this bill as requiring a 10-year projection of increased cost to the taxpayers or affected fee payers, according to the announcement, which OFM releases for all bills that raise taxes or fees.

The statement said the proposed bill requires civil penalties received by the Washington Labor & Industries Department to be deposited in the Supplemental Pension Fund, fund 881. According to the announcement, L&I does not have data to determine how many civil penalties will be assessed; the cash receipts are indeterminate.

The Office of State Treasurer’s projected fee collection for the bill is currently unavailable, according to the statement, so the cash receipt impact is indeterminate. 

The website says the bill also updates the Washington retirement marketplace statute. The Washington Department of Commerce website explains the purpose of the marketplace. 

“Washington’s Retirement Marketplace, operated by the Department of Commerce, is an online marketplace where qualified financial services firms offer low-cost retirement savings plans to businesses and individuals, including sole proprietors, ‘gig’ workers and the self-employed,” the website says. “The Retirement Marketplace simplifies the process of finding a retirement savings plan by making it easy to compare state-approved plans.”