Washington State
House of Representatives
Office of Program Research
BILL
ANALYSIS
Appropriations Committee
SB 5616
Brief Description: Concerning the Washington saves administrative trust account.
Sponsors: Senators Hasegawa, Stanford and Nobles; by request of Department of Financial Institutions.
Brief Summary of Bill
  • Changes the name of the "Washington Saves Administrative Treasury Trust Account" to "Washington Saves Administrative Trust Account."
Hearing Date: 3/19/25
Staff: Xianyu Li (786-7094).
Background:

Washington Saves is a state-facilitated automatic enrollment individual retirement savings account program, established in 2024.  The Department of Financial Institutions provides staff support for the Washington Saves' governing board.  The Washington Saves Administrative Treasury Trust Account was created in the custody of the State Treasurer.  This account is a nonappropriated and nonallotment account.  It may be used only for the purposes of administrative and operating expenses of the Washington Saves program.
Summary of Bill:

This bill changes the name of the "Washington Saves Administrative Treasury Trust Account" to "Washington Saves Administrative Trust Account."
Appropriation: None.
Fiscal Note: Not requested.
Effective Date: The bill contains multiple effective dates. Please see the bill.