The bill establishes the "Washington Saves" program, an automatic enrollment individual retirement savings account initiative designed to improve retirement security for employees in Washington. This program operates as a public-private partnership, encouraging participation among employees who work for qualifying employers that do not offer a qualified retirement plan. Covered employees will have the option to contribute to an Individual Retirement Account (IRA) through automatic payroll deductions, while employers are required to facilitate the program by registering and assisting employees with their participation. A governing board will oversee the program's design and implementation, ensuring it meets the needs of both employees and employers, with a focus on minimizing costs and maximizing accessibility.

Key provisions of the bill include the establishment of two new trust accounts—the Washington Saves Administrative Treasury Trust Account and the Washington Saves Investment Account—designed to manage administrative expenses and participant funds, respectively. The bill also emphasizes the importance of outreach and education initiatives to promote participation, particularly among socially vulnerable communities, and allows non-covered employees to participate. Additionally, it outlines the responsibilities of the investment manager and the Department of Labor and Industries in managing funds and ensuring compliance. The bill includes provisions for confidentiality of records, penalties for violations, and the establishment of a Washington small business retirement marketplace, all aimed at enhancing the financial management of retirement savings in the state.

Statutes affected:
Original Bill: 43.330.730, 43.330.735
Substitute Bill: 43.330.730, 43.330.735
Engrossed Substitute: 43.330.730, 43.330.735
Bill as Passed Legislature: 43.330.730, 43.330.735
Session Law: 43.330.730, 43.330.735