SENATE BILL REPORT
SB 5616
As Reported by Senate Committee On:
Ways & Means, February 28, 2025
Title: An act relating to the Washington saves administrative trust account.
Brief Description: Concerning the Washington saves administrative trust account.
Sponsors: Senators Hasegawa, Stanford and Nobles; by request of Department of Financial Institutions.
Brief History:
Committee Activity: Ways & Means: 2/13/25, 2/28/25 [DP].
Brief Summary of Bill
  • Renames the Washington Saves Administrative Treasury Trust Account to be the Washington Saves Administrative Trust Account.
SENATE COMMITTEE ON WAYS & MEANS
Majority Report: Do pass.
Signed by Senators Robinson, Chair; Stanford, Vice Chair, Operating; Trudeau, Vice Chair, Capital; Frame, Vice Chair, Finance; Gildon, Ranking Member, Operating; Torres, Assistant Ranking Member, Operating; Schoesler, Ranking Member, Capital; Dozier, Assistant Ranking Member, Capital; Boehnke, Braun, Cleveland, Conway, Dhingra, Hansen, Hasegawa, Kauffman, Muzzall, Pedersen, Riccelli, Saldaña, Wagoner, Warnick, Wellman and Wilson, C..
Staff: Kimmy Eide (786-7471)
Background:

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. 
Summary of Bill:

 The Washington Saves Administrative Treasury Trust Account is renamed as the Washington Saves Administrative Trust Account.
Appropriation: None.
Fiscal Note: Not requested.
Creates Committee/Commission/Task Force that includes Legislative members: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Staff Summary of Public Testimony:

PRO: This bill was requested by Department of Financial Institutions, and it is an uncontroversial bill.
Persons Testifying: PRO: Senator Bob Hasegawa, Prime Sponsor.
Persons Signed In To Testify But Not Testifying: No one.