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Bill

Bill

HB 1477

Concerning the Washington saves administrative trust account.

2025-2026 Regular Session Introduced by Kristine Reeves and 1 co-sponsor

HB 1477 creates an administrative trust account to fund and operate Washington's retirement savings program for workers lacking employer-sponsored retirement plans.

Referred to Rules 2 Review.
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Bill Summary · HB 1477

Legislative bill overview

HB 1477 establishes an administrative trust account for the Washington Saves program, which is a state-facilitated retirement savings initiative for private sector workers without employer-sponsored plans. The bill provides the administrative structure and funding mechanism necessary to operate and manage this program, which was previously authorized but lacked a formal account mechanism.

Why is this important

Retirement security is a significant policy concern, as many workers lack access to employer 401(k) plans or similar benefits. The Washington Saves program aims to address this gap by creating an accessible, low-cost savings option. Establishing a dedicated administrative trust account enables the program to function operationally and potentially expand access to retirement savings for thousands of Washington workers.

Potential points of contention

  • Program costs and funding: Questions about how administrative expenses will be funded and whether program participants or the state will bear these costs
  • Participation requirements: Debate over whether the program should be automatic enrollment versus opt-in, which affects worker participation rates and program viability
  • Regulatory burden: Concerns from small businesses about compliance requirements and administrative complexity if the program involves employer participation or payroll integration

Compiled from official sources — confirm details with the bill’s official record.

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