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HB 2244

Improving retirement security for Washingtonians by establishing Washington saves, an automatic enrollment individual retirement savings account program, and updating the Washington retirement marketplace statute.

2023-2024 Regular Session Introduced by Mike Chapman and 11 co-sponsors

Overview: HB 2244 - Improving retirement security for WashingtoniansPurpose and Intent: This bill aims to enhance retirement savings opportunities for Washington residents by estab

Executive session scheduled, but no action was taken in the House Committee on Consumer Protection & Business at 1:30 PM.
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Bill Summary · HB 2244

Overview: HB 2244 - Improving retirement security for Washingtonians
Purpose and Intent: This bill aims to enhance retirement savings opportunities for Washington residents by establishing a new state-facilitated individual retirement account (IRA) program and updating the existing Washington Retirement Marketplace.

Key Provisions:
- Creates the "Washington Saves" program, which will automatically enroll private-sector employees in a state-administered Roth IRA unless they opt out
- Requires employers without a qualifying retirement plan to facilitate employee enrollment in Washington Saves
- Expands the Washington Retirement Marketplace to include more diverse investment options and educational resources

Affected Parties and Impacts:
- Private-sector employees without access to an employer-sponsored retirement plan will be automatically enrolled in the new Washington Saves program
- Employers will be required to facilitate employee enrollment in Washington Saves or provide an alternative qualifying retirement plan
- Washington residents will have improved access to retirement savings tools and investment options through the updated Retirement Marketplace

Procedural and Timeline Considerations:
The bill is currently in the House Committee on Consumer Protection & Business, where an executive session was scheduled but no action was taken. Further legislative action is pending.

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

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