The Washington Saves Program, created by the Legislature in 2024, requires covered employers to offer employees an option to contribute to a state-facilitated IRA through an automatic payroll deduction. 

Covered employers are those who:

• have been in business for at least two years and maintain a physical presence in Washington State;
• have had employees working a combined minimum of 10,400 hours during the previous calendar year; and
• do not offer a qualified retirement plan to their covered employees who have had continuous employment of one year or more.

A governing board will design and administer the Washington Saves Program. The board will begin meetings in 2025, and the program will launch by July 1, 2027.

The Washington Saves Administrative Treasury Trust Account was created to be used for administrative and operating expenses of the Washington Saves Program. It receives revenues through appropriations and from penalties related to unauthorized release of confidential information. 

 The Washington Saves Administrative Treasury Trust Account is renamed as the Washington Saves Administrative Trust Account.